A recent study by Fact.MR expects the global gallium nitride semiconductor devices market to accrue significant gains, flourishing at a CAGR of 23% from 2022 to 2032, reaching nearly US$ 12 Bn by the end of the aforementioned forecast period. Extensive applications across key end uses, including manufacturing of fast chargers, will drive market growth.
During the historical period from 2015 to 2021, gallium nitride semiconductor device sales surged at a CAGR of 18%. During the height of the COVID-19 pandemic, growth prospects appeared sluggish, as factory shutdowns led to contractions in the demand-supply dynamics. However, growth projections have been recovering since the past year, with the easing of restrictions.
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Companies providing GaN Radio Frequency (RF) are continuously improving their product offerings, thereby driving the market. The enhanced-mode version of GaN is widely used in the development of space applications and this is further driving the market. Demand for commercial GaN power devices is high among businesses as these devices offer high performance compared to traditional silicon technology-based Rad Hard devices. GaN power devices are used in applications such as drones, satellites, spacecraft, and robotics.
Key Takeaways from the Market Study
- Global gallium nitride semiconductor device sales to be valued at US$ 1.23 Bn in 2022
- By product, opto-semiconductors to accumulate a revenue share exceeding 35%
- Over 1/3rd of overall market demand to be stimulated by GaN semiconductor transistors
- Demand for 4-inch gallium nitride semiconductor devices to reign supreme, capturing 35% revenue
- 20% of gallium nitride semiconductor device sales to be across the ICT industry
“Rising investments in furthering electric vehicle infrastructure, as well as increased usage of consumer electronics, are collectively expected to widen future growth prospects for gallium nitride semiconductor devices,” says a Fact.MR analyst.
Competitive Landscape
Some prominent manufacturers of gallium nitride semiconductor devices are Cynosure Inc., Sciton Inc., Wells Johnson Co, YOLO Medical Inc., Apyx Medical, Alma Lasers, InMode Ltd., Genesis Biosystems, Inc., and Hologic Inc. Frontrunners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- In October 2020, Alma unveiled its new Alma HybridTM platform, during a worldwide LIVE launch event, which was broadcasted from a state-of-the-art studio that was built especially at Alma’s headquarters for this event.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the gallium nitride semiconductor devices market providing historical data for the period of 2015-2021 and forecast statistics for the period of 2022-2032.
The study gives critical insights into the gallium nitride semiconductor devices market on the basis of product type (GaN radio frequency devices, opto-semiconductors and power semiconductors), component (transistor, diode, rectifier, power IC and others), wafer size (2-inch, 4-inch, 6-inch and 8-inch) and end use (automotive, consumer electronics, defense & aerospace, healthcare, industrial & power, information & communication technology and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Key Market Segments in Gallium Nitride Semiconductor Devices Industry Research
· By Product
- GaN Radio Frequency Devices
- Gallium Nitride Opto-semiconductor Devices
- Gallium Nitride Power Semiconductor Devices
· By Component
- Gallium Nitride Semiconductor Transistor
- Gallium Nitride Semiconductor Diode
- Gallium Nitride Semiconductor Rectifier
- Gallium Nitride Semiconductor Power IC
- Other Gallium Nitride Semiconductor Components
· By Wafer Size
- 2-inch Gallium Nitride Semiconductor Devices
- 4-inch Gallium Nitride Semiconductor Devices
- 6-inch Gallium Nitride Semiconductor Devices
- 8-inch Gallium Nitride Semiconductor Devices
· By End Use
- Gallium Nitride Semiconductor Devices for Automotive
- Gallium Nitride Semiconductor Devices for Consumer Electronics
- Gallium Nitride Semiconductor Devices for Defense & Aerospace
- Gallium Nitride Semiconductor Devices for Healthcare
- Gallium Nitride Semiconductor Devices for Industrial & Power
- Gallium Nitride Semiconductor Devices for Information & Communication Technology
- Gallium Nitride Semiconductor Devices for Other End Uses
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
