PORTLAND, Ore., Nov. 11, 2020
Rise in demand for miniaturization of devices and enhanced system performances & optimization of compound semiconductor packaging fuel the growth of the packaging market for compound semiconductor.
PORTLAND, Ore., Nov. 11, 2020 /PRNewswire/ -- Allied Market Research published a new report, titled, "Packaging Market For Compound Semiconductor By Packaging Platform (Flip Chip, Embedded Die, Fan-In WLP, and Fan-Out WLP), Application (CS Power Electronics, CS RF/Microwave, CS Photonics, CS Sensing, and CS Quantum), and End User (Digital Economy, Industrial and Energy & Power, Defense/Security, Transport, Consumer Electronics, Healthcare, and Space): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global packaging market for compound semiconductor was estimated at $11.63 billion in 2019, and is expected to hit $25.61 billion by 2027, registering a CAGR of 10.4% from 2020 to 2027.
Drivers, Restraints and Opportunities
Rise in demand for miniaturization of devices, enhanced system performances & optimization of compound semiconductor packaging, and emerging trends toward semiconductor wafers in the automotive industry fuel the growth of the packaging market for compound semiconductor. On the other hand, high cost of compound semiconductor packaging impedes the growth to some extent. However, emerging usage of compound semiconductors in smart technologies and ongoing trends of fan-out wafer level packaging are expected to create multiple opportunities in the industry.
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The Flip Chip Segment to Dominate By 2027
Based on packaging platform, the flip chip segment accounted for more than half of the global packaging market for compound semiconductor in 2019 and is expected to retain its dominance by the end of 2027. Rise in need for circuit miniaturization and increase in trend of Internet of Things (IoT) drives the growth of the segment. The fan-out WLP segment, on the other hand, would grow at the fastest CAGR of 13.1% throughout the forecast period. This is because fan-out WLP is a highly efficient method of manufacturing and removes the size constraints of a standard procedure.
The CS Power Electronics Segment to Lead the Trail
Based on application, the CS power electronics segment contributed to nearly one-third of the global packaging market for compound semiconductor in 2019 and is projected to maintain the lion's share till 2027. Growth in demand for efficient energy management in high-voltage power electronics, such as solar inverters and hybrid vehicles, propels the need for incorporation of compound semiconductors such as SiC and GaN. This factor has boosted the segment growth.
At the same time, the CS sensing segment would register the fastest CAGR of 12.6% from 2020 to 2027. Semiconductor sensors are indispensable components in the future Internet of Things (IoT), robotics, industrial testing, spectroscopy, imaging and other applications. Thus, rise in adoption of wearable devices and various innovative applications in biomedical are projected to increase the demand for compound semiconductor packaging in sensing applications.
China Garnered the Highest Share in 2019
Based on geography, China held the major share in 2019, garnering nearly one-third of the global packaging market for compound semiconductor. This is due to the vast presence of fabrication facilities in the country and extensive research & development by the key players such as Amkor, Fujitsu amongst others. Simultaneously, the US would portray the fastest CAGR of 10.5% by 2027, due to growth in the semiconductor industry, paired with the rise in trends in data processing and power transmission.
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