Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Compound Semiconductor Materials Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global compound semiconductor materials market is forecast to achieve revenues of US$ 35 billion in 2024 and is poised to double, reaching US$ 64 billion by 2031. The Asia Pacific region is projected to lead the global market throughout the forecast period.
The Impact of 5G Technology: The global compound semiconductor materials market is anticipated to witness significant growth, largely driven by the telecom industry, despite its widespread use in various applications such as military systems, wind turbines, and sensor systems. Compound semiconductor materials are particularly promising in the telecom sector, benefiting from the surge in demand for radio frequency (RF) semiconductor devices as the telecom industry rapidly expands worldwide, both in developed and developing nations. As the transition from 3G to 4G/LTE and now 5G connectivity continues, there is a rising need for compound semiconductor materials to meet the specifications for 4G and 5G networks. This trend is expected to fuel substantial growth in the global compound semiconductor materials market.
The Role of LED Applications: The increasing adoption of Light Emitting Diodes (LEDs) is driving the use of compound semiconductor materials. LEDs are replacing traditional lighting solutions in applications such as automotive lighting, signage displays, and general lighting. LEDs are manufactured using compound semiconductor materials, including gallium phosphide (GaP), gallium arsenide (GaAs), and gallium nitride (GaN). This shift toward LEDs is expected to contribute significantly to the growth of the global compound semiconductor materials market.
Asia Pacific Dominance: Asia Pacific is set to dominate the global compound semiconductor materials market, driven by the presence of key industry players like Rohm, Nichia, San'an, and Samsung Electronics. The commercialization of 5G services in emerging economies such as Japan, South Korea, and China, along with rapid urbanization and the growth of the consumer electronics market, is expected to boost demand for compound semiconductor materials in the region.
Growth Strategies of Market Players: The global compound semiconductor materials market is highly competitive, with companies striving to differentiate themselves through product offerings and value-added services. Market players are actively pursuing strategies such as mergers and acquisitions, vertical integration, and strategic alliances to expand their capabilities and offerings throughout the value chain. For instance, IQE plc has formed a strategic alliance with Porotech to develop and commercialize unique wafer technology, PoroGaN. GlobalFoundries and IQE plc have collaborated to develop gallium nitride on silicon technologies for mobile and wireless infrastructure.
Product Overview: Compound semiconductor materials consist of elements from more than two different groups in the periodic table and can exist in binary, ternary, or quaternary forms. These materials include III-Vs, II-Vis, IV-IVs, and sapphire, offering various bandwidth options and outperforming elemental semiconductors like silicon and germanium in terms of electron mobility, band gap, and thermal noise. Compound semiconductor materials find applications in optoelectronics devices, wireless technologies, mobile devices, light-emitting diodes (LEDs), lasers, space applications, sensors, and optical data storage devices.
Key Market Players:
- Cree Inc.
- Air Products and Chemicals, Inc.
- Galaxy Compound Semiconductors Inc.
- Dow Corning Corporation
- Nichia Corporation
- Momentive
The global compound semiconductor materials market is on an upward trajectory, driven by the telecom sector's adoption of 5G technology and the increasing prominence of LED applications. Asia Pacific is poised to lead the market, with players in the industry actively pursuing growth strategies to remain competitive.
Compound Semiconductor Materials Industry Research Segmentation
By Type:
- Group IV-IV
- Group III-V
- Group II-VI
- Sapphire
By Application:
- Electronics & Consumer Goods
- Aerospace & Defense
- Telecommunication
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/1ki4dm
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