Portland, May 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global GaN Power device market was estimated at $110.3 million in 2019 and is expected to hit $1.24 billion by 2027, registering a CAGR of 35.4% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Decrease in prices of GaN devices, increase in demand for GaN devices for wireless charging, and rise in adoption of GaN devices in electric vehicle have boosted the growth of the global GaN power device market. In addition, increase in requirement of GaN devices for commercial RF applications augments the growth of the market. On the other hand, lack of availability of GaN material hampers the market growth to some extent. Moreover, government initiatives in HVDC and smart grid are expected to create an array of opportunities in the industry.
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COVID 19 scenarios:
- The increase in storage demand from data centers due to remote working boosted the growth of the market.
- In addition, the supporting sectors including healthcare and medical devices, and telecommunications fuel the market growth amid COVID 19.
Based on product, the GaN power modules segment contributed to nearly half of the total market revenue in 2019, and is anticipated to rule the roost by the end of 2027. Whereas, the GaN power ICs segment is projected to manifest the fastest CAGR of 38.6% throughout the forecast period.
Based on end user, the IT and telecommunication segment accounted for around one-third of the global market share in 2019, and is expected to dominate during the study period. At the same time, the automotive segment would portray the fastest CAGR of 38.7% through 2027.
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Based on geography, North America held the lion’s share in 2019, accounting for nearly half of the total market share and is anticipated to lead the trail from 2020 to 2027. Simultaneously, Asia-pacific would showcase at the fastest CAGR of 37.5% during the period. The report also analyzes the market across Europe and LAMEA.
The key market players analyzed in the global GaN power device market report are GaN Systems, Efficient Power Conversion Corporation (EPC), Panasonic Corporation, On Semiconductors, Texas Instruments Inc., VisIC, Fujitsu Limited, Toshiba Corporation, Taiwan Semiconductor Manufacturing Company, and Infineon Technologies AG. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their stand in the industry.
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