Pune, July 15, 2024 (GLOBE NEWSWIRE) -- The Compound Semiconductor Market Size is composed of notable growth, with a projected market size of USD 76.73 billion by 2032, reflecting a CAGR of 6.60% over the forecast period (2024-2032).
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Market Players Covered in this Report:
The key players in the compound semiconductor market are Infineon Technologies, Nichia Corporation, Samsung Electronics, Renesas Electronics Corporation, NXP Semiconductor, Skyworks, Taiwan Semiconductor, QORVO, CREE, GaN Systems, Stmicroelectronics, Texas Instruments Incorporated, OSRAM AG, Wolfspeed Inc., Canon Inc., Mitsubishi Electric, and others.
Increasing demand for advanced consumer electronics such as smartphones, tablets, and wearables has been boosting the need for more efficient and powerful components. Compound semiconductors such as gallium nitride and silicon carbide exhibit higher performance compared to conventional silicon-based devices, making compound semiconductors ideal for consumer electronics and other similar applications. Innovations in technologies for displays and lighting, including LED and laser, also bring new changes within the market. According to warehouse lighting, by 2030, LEDs are going to replace any other options rapidly, with a forecast of up to 87% unit share of lighting sources. The main purpose for making such a change bring both economic and environmental benefits. For instance, it requires up to 75% less energy than glowing bulbs and can save consumers a lot of money in the long term.
Moreover, with high-capacity data transmission becoming more of a reality every single day, 5G technology is fueling the growth in the compound semiconductor market. 5G services require very high-frequency and high-power components to ensure smooth data capacity. Silicon devices are not as efficient in such conditions as are compound semiconductor devices. On the other hand, compound semiconductors shine when it comes to the production of such high-frequency, high-power electronic components. Additionally, the spread of electric vehicles is increasingly fueling the growth in the compound semiconductor market as these cars heavily rely on compound semiconductor power electronics capable of driving high voltages and currents efficiently.
Compound Semiconductor Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 43.17 billion |
| Market Size in 2032 | USD 76.73 billion |
| CAGR (2024-2032) | 6.60% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segment Analysis
By Product
Power Electronics segment dominates the compound semiconductor market, holding the highest market share of over 40.99% in 2023. The growing adoption of smart home appliances and advanced consumer electronics drives this dominance. GaN technologies play a crucial role in enhancing the performance of wireless consumer electronics, leading to their widespread implementation.
The LED segment also shows significant growth, with LED technology expanding in lighting and display applications.
By Type
Gallium Nitride (GaN) continues to dominate with a market share of more than 39.78% in 2023. Its high bandgap and excellent thermal conductivity make it ideal for high-speed switching and miniaturization, crucial for modern electronic devices.
By Application
Telecommunication is leading the market with a share of more than 33.12% in 2023, the telecommunication segment benefits from the expanding 5G infrastructure and the need for high-performance communication systems.
Key Regional Developments
In 2023, the Asia Pacific region dominated the market with a share of above 36.99%. The dominance is the result of the active adoption of products in the region and a dynamic development of consumer electronics production. The growth is further supported by rapid urbanization and increasing disposable income. Besides, people in the region have a strong preference for new innovative, smart products.
During the forecast period, the North American region is expected to register the highest CAGR. The growth is spurred by the rising demand in the United States, Canada, and Mexico, while the increasing capacity of foreign suppliers and their active market entries contribute to regional proliferation.
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Future Growth
- Integration with future technologies: The compound semiconductors will be used in the automotive industry to mass-produce autonomous vehicles, as well as for the creation of various devices that use artificial intelligence and the Internet of Things (IoT). Compact devices are difficult to assemble if standard-size semiconductors are used. Meanwhile, by using compound semiconductors and salvaging small, low-energy devices, both AI and IoT industries can envision a much broader range of possible devices.
- Miniaturization trends: As the use of compound semiconductors becomes more common, it can be expected that the demand for low-voltage, low-capacity, and thus small devices will also increase. These devices will also be used in consumer electronics goods, as well as in wearables.
Recent Developments
- In April 2024, IIT Bhubaneswar reportedly launches new MTech courses in semiconductor technology and chip design to meet the increasing demand for professionals.
- In May 2024, the UK Semiconductor Institute was established to help the UK be a leader in the manufacture of semiconductor compound semiconductors.
- In June 2024, Rohm utilized its most variant technical innovations in power efficiency products through the EcoSiC brand acronym of Eco and SiC-using ROHM Power Electronics to mean Environmental Devices made of Silicon Carbide.
Key Takeaways
- Get a clear understanding of the market size at present and reports for the growth of the market in the future of different segments and regions of the compound semiconductor market.
- Analyze the present trends and learn about new applications that can rise and can be beneficial in the future.
- Understand the market of competition at all levels by understanding the products being offered by the firms in the market.
- Learn the future of the compound semiconductor market by knowing where the market is going to be in 5 years based on its revenue and new advancements over that period.
- The report can be used to take action in preparation for your company’s future moves.
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