According to the new research report "Compound Semiconductor Market by Type (GaN, GaAs, InP, SiGe, SiC, GaP), Product (LED, RF, Optoelectronics, Power Electronics), Application (Telecommunications, General Lighting, Military & Defense, Datacom, Automotive), Geography - Global Forecast to 2024", The compound semiconductor market is expected to grow from USD 37.2 billion in 2019 to USD 53.0 billion by 2024, at a compound annual growth rate (CAGR) of 7.3%.
Increasing adoption of compound semiconductors, including GaN, GaAs, and InP, is expected to drive the growth of the compound semiconductor market during the forecast period.
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GaN to hold major share of compound semiconductor market during forecast period
Based on type, GaN is expected to hold the largest market share for the compound semiconductor market. Gallium nitride (GaN) is among the most prominent compound semiconductor materials. GaN has its major application in LEDs, which are widely used in general lighting and commercial lighting. GaN is clubbed in structures such as GaN-on-Si and GaN-on-sapphire that are used in lighting applications. GaN has been increasingly used in LED, semiconductor power devices, and radio frequency (RF) devices. GaN LEDs are used in applications such as general lighting, consumer devices, commercial, and automotive. Therefore, rising adoption of GaN is expected to provide market opportunities. GaN devices will have ample opportunities once 5G deployment becomes the mainstream. In the military segment, GaN application varies from electronic warfare to radar to communications. GaN technology is helping designers meet reduced size, weight, and power requirements for the EW system. Power electronics is another important area for GaN. GaN-based power devices will play a key role in the power conversion market. GaN offers similar performance benefits as that of SiC but at low cost. This price and performance advantage is possible because GaN power devices can be grown on silicon substrates that are larger and less expensive than SiC.
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Telecommunications application to dominate compound semiconductor market during forecast period
The telecommunications application is expected to hold the largest market share of the compound semiconductor market owing to increased usage of compound semiconductors such as GaAs, GaN, InP, and SiGe. 5G provides a huge opportunity for compound semiconductors for telecom applications. For power amplifiers and low noise amplifiers GaAs is the choice as it offers advantages in meeting the strict linearity requirements. To meet all the requirements for 4G and 5G, including saturated and linear efficiency, GaN is also expected to gain importance in telecommunications application in the coming years. Recently, Qorvo launched 28 GHz gallium nitride (GaN) front-end module (FEM) to reduce overall system cost for base station equipment.
APAC to hold major share of compound semiconductor market by 2024
APAC is leading market for compound semiconductors. APAC presents huge opportunities for the compound semiconductor device market owing to the growing demand for these devices in numerous verticals including telecommunications, lighting, automotive and military, and aerospace and defense in Asian countries such as China, Japan, and South Korea. Leading application of RF is telecom while for GaN it is LED. LED and RF are major products for the compound semiconductor market in APAC, while power electronics exhibit high potential for the market in APAC. LEDs are expected to dominate the overall compound semiconductor market owing to the high adoption in lighting applications in APAC. China and Japan are leading countries for consumption of LEDs; however, developing countries in APAC are also expected to exhibit growth potential during the forecast period. Automotive lighting is the fastest-growing application of the LED market. Increasing penetration of LEDs in various types of vehicles is expected to drive the growth of automotive LEDs. Telecommunication is among the most important applications of the compound semiconductor market in APAC. The market is driven by increasing adoption of compound semiconductors in telecom infrastructure, as well as in devices such as smartphones.
Nichia (Japan), Samsung Electronics (South Korea), OSRAM (Germany), Qorvo (US), Skyworks (US), Cree (US), GaN (Canada), Infineon (Germany), Mitsubishi Electric (Japan), NXP Semiconductors (Netherlands), ON Semiconductor (US), Analog Devices (US), Broadcom (US), Efficient Power Conversion (US), Lumentum (US), NeoPhotonics (US), San’an Optoelectronics (China), and STMicroelectronics (Switzerland) are among the major players in the compound semiconductor market.
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