Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Following the recent announcement by the United States Department of Commerce’s Bureau of Industry and Security (BIS) to further tighten export controls of artificial intelligence (AI) chips to China, the global semiconductor industry has been abuzz with discussions on the future of chip technology. In this context, ResearchAndMarkets.com has announced the addition of the "GaN Semiconductor Device Market by Type (Opto-semiconductor, RF Semiconductor, Power Semiconductor), Device (Discrete, Integrated, HEMT, MMIC), Application (Lighting and Lasers, Power Drives), Voltage Range, Vertical and Region - Global Forecast to 2028" report to its offering. This comprehensive study delves into the escalating importance of GaN semiconductor devices and their potential implications for business entrepreneurs and managers.
The GaN semiconductor device market is anticipated to reach a staggering USD 28.3 billion by 2028, growing from USD 21.1 billion in 2023, marking a Compound Annual Growth Rate (CAGR) of 6.1% over the forecast period. A host of factors contribute to this robust growth, including the burgeoning adoption of GaN semiconductor devices across consumer and business enterprises. The surge in government initiatives to bolster the adoption of these devices, coupled with an evolving demand for more compact systems, further propels the market forward.
One segment poised to make significant headway is Consumer & Business Enterprises, which is predicted to hold the largest market share in the GaN semiconductor device market. With GaN opto-semiconductor devices finding their way into a myriad of consumer electronics such as laptops, displays, and mobile devices, their market share is expected to receive a substantial boost.
Moreover, Integrated Semiconductors, encompassing GaN MMICs and amplifiers, are set to register the highest CAGR during the forecast period. The integration of GaN transistors with essential components like gate drivers and temperature sensors presents a slew of benefits, including enhanced power density and accelerated switching speeds.
North America, with its burgeoning electric and hybrid electric vehicle (EV and HEV) market, is predicted to secure the second-largest market share. GaN semiconductor devices have significantly transformed the electronic system landscape of these vehicles, resulting in lightweight, compact systems that optimise battery management.
Key market players shaping the North American GaN semiconductor device landscape include GaN Systems (Canada), Wolfspeed, Inc. (US), Qorvo, Inc. (US), and Analog Devices (US). These industry giants, along with other major players such as Sumitomo Electric Industries, Ltd. (Japan) and Infineon Technologies AG (Germany), play a pivotal role in steering the GaN semiconductor device market to new heights.
The report segments the GaN semiconductor device market based on type, device, application, vertical, voltage range, and region. It provides a holistic view of the drivers, restraints, opportunities, and challenges influencing market growth. This report is an invaluable resource for stakeholders, offering insights into key market drivers, comprehensive market analysis, and the competitive landscape.
Business entrepreneurs and managers will find the report particularly beneficial, as it not only elucidates the market pulse but also furnishes information on the competitive positioning of key players. In light of the recent BIS export controls and the ever-evolving semiconductor landscape, understanding the GaN semiconductor device market becomes paramount for informed decision-making.
For a deeper dive into the GaN Semiconductor Device Market and to explore the myriad opportunities it presents, visit https://www.researchandmarkets.com/r/782t8a
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