CHICAGO, Sept. 4, 2023 /PRNewswire/ -- The GaN Semiconductor Device Market is expected to reach USD 28.3 billion by 2028 from USD 21.1 billion in 2023, at a CAGR of 6.1% during the 2023–2028 period according to a new report by MarketsandMarkets™. The major factors driving the market growth of the GaN semiconductor device market include rising application in energy & power industry and growing need for compact designs in various industries. Additionally, the ongoing technological advancements in GaN semiconductor devices provide growth opportunities to the market players.
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194 – Tables
65 – Figures
254 – Pages
GaN Semiconductor Device Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 21.1 billion |
Estimated Value by 2028 | $ 28.3 billion |
Growth Rate | Poised to grow at a CAGR of 6.1% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million) and Volume (Thousand Units) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, Device, Application, Voltage Range, Vertical and Region |
Geographies Covered | Asia Pacific, Europe, North America and Rest of World |
Key Market Challenge | Manufacturing complexities associated with GaN semiconductor devices |
Key Market Opportunities | Growing integration of GaN semiconductor devices in automotive industry |
Key Market Drivers | Growing adoption of GaN semiconductor devices in consumer and business enterprises |
Lighting & lasers application is expected to account for the largest share of the GaN semiconductor device market during the forecast period.
Increasing demand for high-powered GaN based opto-semiconductor devices such as laser diodes, optocouplers, photodiodes, and opto-detectors contribute to the market growth of GaN semiconductor devices. As GaN based opto-semiconductor devices deliver high-intensity and brightness of light emission, it is used in mobile phones, televisions, large displays, digital cameras, automobiles, and other monitor displays. Therefore, as the growing market of consumer electronics is a major factor that fuels the market growth of GaN semiconductor devices, it further increases the adoption of GaN semiconductor devices in lighting & lasers applications.
Power Semiconductor segment is projected to register the highest CAGR in GaN semiconductor device market during the forecast period.
GaN based power semiconductor devices are a recent addition to the market and are currently manufactured by a few companies. These devices entered the commercialization phase later than other GaN semiconductor counterparts. They can deliver high breakdown voltage and low conduction resistance characteristics which enables high-speed switching at smaller sizes, offering a distinct advantage over conventional silicon transistors that need larger chip areas to reduce on-resistance. Major companies manufacturing power semiconductor devices are Efficient Power Conversion (US), GaN Systems (Canada), and Transphorm (US). Therefore, the increasing need for high-speed switching systems is expected to contribute to market growth in the future.
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Asia Pacific is expected to register the highest CAGR during the forecast period.
The Asia Pacific market is expected to register the highest CAGR during the forecast period. The increasing integration of RF GaN semiconductor devices in consumer electronics is primarily fueling the market growth in Asia Pacific. The increasing adoption of GaN semiconductor devices in various verticals, such as automotive, industrial, telecommunications, and consumer & business enterprises, is also expected to drive the growth of the GaN semiconductor device industry in Asia Pacific.
The report profiles key players in GaN semiconductor device companies such as Wolfspeed, Inc. (US), Qorvo, Inc. (US), MACOM Technology Solutions Holdings, Inc. (US), Infineon Technologies AG (Germany), Sumitomo Electric Industries, Ltd. (Japan), Mitsubishi Electric Group (Japan), NexGen Power Systems. (US), GaN Systems (Canada), Efficient Power Conversion Corporation (US), Odyssey Semiconductor Technologies, Inc. (US), ROHM Co., Ltd. (Japan), STMicroelectronics N.V. (Switzerland), and NXP Semiconductors N.V. (Netherlands).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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