Global Gallium Nitride (GaN) Semiconductor Devices Market to Grow at Over 17% CAGR to Reach US$ 3.43 Bn by 2024
GaN has excellent properties as a semiconductor, including durability, flexibility in terms of temperature, and high breakdown voltage. These properties have meant that manufacturers supplying defense equipment to governments are preferring this type of semiconductor.
The global gallium nitride (GaN) semiconductor devices market is likely to witness robust growth during the forecast period 2016-2024 on account of rise in end-use applications of GaN globally. Traditionally used in the defense sector, demand for GaN has witnessed a steady spike from the consumer electronics industry, where it is used in manufacturing a range of items. Use of GaN in building LED bulbs has also created market opportunities for manufacturers, and further inroads can be made in this sector. On back of rising demand from various end-use industries, the global GaN semiconductor devices market is likely to grow at a CAGR of over 17% and reach nearly US$ 3.43 Bn in terms of revenues. These insights are according to a new research report titled “GaN Semiconductor Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024” that has been added to the comprehensive repository of Market Research Reports Search Engine (MRRSE).
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GaN has excellent properties as a semiconductor, including durability, flexibility in terms of temperature, and high breakdown voltage. These properties have meant that manufacturers supplying defense equipment to governments are preferring this type of semiconductor. It is highly likely that surging demand from the defense sector will continue to create growth opportunities to manufacturers during the forecast period. According to the report, defense and aerospace industry account for a revenue share of nearly 40% of the overall market.
In addition to the defense and consumer electronics sector, the opportunity for manufacturers lies in the medical device manufacturing. The demand from the medical device manufacturing has remained quite limited, however, increasing adoption of GaN in manufacturing biomedical implants is likely to provide impetus to the growth of the market.
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North America remains the most lucrative region for GaN semiconductor devices globally. On account of strong demand from the US defense forces, the GaN market in the region is likely to grow at a robust CAGR during the forecast period. North America accounts for nearly 30% revenue share of the market, and demand for GaN semiconductor devices in the region is likely to strong in the region. In addition to North America, the other key region is Europe, and it is expected that strong adoption in the consumer electronics landscape is likely to provide an impetus to manufacturers.
Some of the leading companies profiled in the report include Toshiba Corporation, Fujitsu Limited, GaN Systems Inc., Efficient Power Conversion Corporation, NXP Semiconductors N.V., Cree Inc. Mersen S.A., Avogy, Inc., and Renesas Electronics Corporation.
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