Wilmington, Delaware, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global GaN epitaxial wafers market was valued at US$ 267.8 Mn in 2022 and is projected to expand at a CAGR of 7.8% from 2023 to 2031 to reach US$ 525.2 Mn by the end of 2031.
Rise in demand for energy-efficient power electronics and surge in adoption of GaN-based RF devices are fueling the GaN epitaxial wafers market.
Growth of the data center sector and development of larger-bandgap power electronics are augmenting market size. Furthermore, rise in demand for consumer electronics and government investments for the development of 5G networks in developing economies are boosting market development.
Leading manufacturers are engaging in product development activities to meet the evolving industry demand. This includes enhancing crystal quality, expanding size, and decreasing cost of products. Moreover, they are focusing on achieving higher reproducibility, uniformity, and yield along with tailored solutions for specific applications.
GaN is a wide-bandgap semiconductor material with superior properties compared to conventional semiconductor material such as silicon. It displays high excellent thermal conductivity, electron mobility, and high breakdown voltage. These properties make GaN desired for various applications, which, in turn, is fueling market demand.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 267.8 Mn | |
| Estimated Value | US$ 525.2 Mn | |
| Growth Rate - CAGR | 7.8% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 195 Pages | |
| Market Segmentation | By Product, By Wafer Size, By Application, By End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | HG Semiconductor Limited, Homray Material Technology, Infineon Technologies AG, IQE PLC, Mitsubishi Electric Corporation, NTT Advanced Technology Corporation, Qorvo, Inc., Siltronic AG, Sumitomo Electric Industries, Ltd., SweGaN, Xiamen Powerway Advanced Material Co., Ltd. | |
Key Findings of Study
Rise in Demand for Energy-efficient Power Electronics to Boost Market Value – GaN power devices display an array of superior electrochemical properties. They are resistant to high voltages, high frequencies, and high temperatures, which helps make compact and energy-efficient products. Therefore, GaN power electronics are suitable for applications such as electric vehicles, power supply, data centers, and renewable energy systems.
GaN power electronics exhibit superior functional and mechanical properties. They exhibit higher efficiency that translates into reduced heat generation, lower power losses, and increased energy savings. Therefore, rise in focus of various industries on energy efficiency has led to steady increase in demand for GaN epitaxial wafers.
Advancements in GaN epitaxy techniques and manufacturing processes have led to the development of improved GaN power electronics, and thus steering market progress.
Significant Applications in GaN-based Radio Frequency (RF) Devices Augmenting Market Statistics – GaN has emerged as a superior material for RF applications due to its distinctive properties and performance characteristics. GaN-based radio frequency (RF) devices provide several advantages over traditional devices such as gallium arsenide.
Demand for increased bandwidth, data transfer rates, and improved efficiency in wireless communication systems is a key driver of the adoption of GaN-based RF devices. These devices enable faster data transfer, improved power efficiency, and better signal quality, hence are suitable for 5G networks, IoT, and emerging technologies such as autonomous vehicles.
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Increase in Demand for Homogeneous GaN Epitaxial Wafers in LED Industry – In terms of product, the homogeneous GaN epitaxial wafers segment is anticipated to witness significant growth during the forecast period. This is ascribed to the extensive demand for GaN-based LEDs and other optoelectronic devices.
Homogeneous GaN epitaxial wafers are extensively used in the LED industry due to their superior electrical and optical properties. Growth of the LED industry to meet the increase in demand for energy-efficient lighting solutions is likely to fuel the homogeneous GaN epitaxial wafer segment in the near future.
Growth Drivers
- Superior properties of GaN power devices suitable for diverse applications such as electric vehicles, power supply, data centers, and renewable energy systems are fueling the GaN epitaxial wafers market
- Rise in demand for consumer electronics and increase in investment in 5G networks is driving market growth
Regional Landscape
Asia Pacific is anticipated to lead the global market during the forecast period. The region held significant global GaN epitaxial wafers market share in 2022. Rapid growth of the telecommunications, consumer electronics, and automotive sectors in China, Taiwan, South Korea, and Japan support growth of GaN epitaxial wafers market in the region.
The GaN epitaxial wafers market in North America is anticipated to expand in the near future, attributed to rise in demand for advanced consumer electronics and presence of key semiconductor manufacturers in the region.
Competitive Analysis
As per the GaN epitaxial wafers market analysis, the competition landscape is fragmented with the presence of several global and regional players. Key players are following the latest market trends in order to broaden revenue streams.
Prominent players in the GaN epitaxial wafers market include HG Semiconductor Limited, Infineon Technologies AG, Mitsubishi Electric Corporation, Qorvo, Inc., and NTT Advanced Technology Corporation.
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The GaN epitaxial wafers market is segmented as follows;
Global GaN Epitaxial Wafers Market, by Product
- Homogeneous GaN Epitaxial Wafers
- Heterogeneous GaN Epitaxial Wafers
Global GaN Epitaxial Wafers Market, by Wafer Size
- 2-Inch wafers
- 4-Inch Wafer
- 6-Inch Wafers
- 8-Inch Wafers
- Others
Global GaN Epitaxial Wafers Market, by Application
- Power Devices
- Radio Frequency (RF) Devices
- Optoelectronics Devices
Global GaN Epitaxial Wafers Market, by End-use Industry
- Telecommunications
- Automotive
- Consumer Electronics
- Industrial
- Aerospace & Defense
- Healthcare
- Others
Global GaN Epitaxial Wafers Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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