Gallium Nitride Market Demand, Size, Growth, Emerging Trend And Strong Application Scope By 2030
Market Analysis
The
gallium
nitride market is projected to
grow from USD 21.20 billion in 2020 to USD 28.42 billion in 2030 at a CAGR of
4.30% in the 2021-2030 period., according to the new report by Market Research
Future (MRFR). Gallium nitride or GaN, simply put, is a wide bandgap
semiconductor material. It is widely used to manufacture semiconductor devices
like high electron mobility transistor, light-emitting diodes, and others. The
performance benefits of gallium nitride over its silicon counterparts like higher
operating voltage, high power density, high frequency, and higher temperature,
which has increased its demand manifold. It has extensive applications,
including industrial and power, healthcare, defense and aerospace, consumer
electronics, automotive, and others.
Various
factors are adding to the gallium nitride market growth. According to the new
MRFR report, such factors include increasing use in different end user
industries like defense and aerospace, consumer electronics, automotive, and
others, demand for lightweight automotive having improved efficiency, booming
consumer electronics industry, and increased use in television, laptops,
smartphones, and others. Gallium nitride LEDs are highly favored over
conventional lights for the various benefits that it offers, such as power
efficiency, consumption of energy, concerns for the environment, and
luminosity.
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On
the contrary, high cost and limited availability are factors that may restrict
the gallium nitride market growth over the forecast period.
Market Segmentation
The
MRFR report gives an inclusive segmental analysis of the global gallium nitride
market report based on end use industry and type.
By
type, the gallium nitride market is segmented into n-type and p-type. Of these,
the n-type segment will lead the market over the forecast period for cheap cost
and easy availability.
By
end user, the gallium nitride market is segmented into industrial and power,
healthcare, defense and aerospace, consumer electronics, automotive, and
others. Of these, the automotive industry will dominate the market over the
forecast period for its excessive use in traffic signals, locomotives, and
electric cars.
Regional Analysis
Based
on the region, the global gallium nitride wafer market report covers the growth opportunities and recent trends
across North America, Europe, the Asia Pacific (APAC), Latin America, and the
Middle East and Africa (MEA). Of these, North America will dominate the market
over the forecast period. Burgeoning demand for LEDs in various consumer goods,
including gaming devices, laptops, computers, television, and others are adding
to the gallium nitride market growth in the region. Canada & the US have a
maximum share in the region for the sophisticated lifestyle and fast-paced
life.
The
global gallium nitride market in Europe is predicted to have the second-largest
share over the forecast period. Growing technological advances in space
science, military, and defense are adding to the gallium nitride market growth
in the region.
The
global gallium nitride market in the APAC region is predicted to grow at a fast
pace over the forecast period. Growing end-user industries in Australia,
Taiwan, and South Korea, high sales & revenue in India, Japan, and China,
easy availability of suppliers offering raw materials, and burgeoning demand
for cheap, high performance, and efficient RF electronics are adding to the
gallium nitride market growth in the region.
The
global gallium nitride market in Latin America & the MEA is predicted to
have sound growth over the forecast period.
Key Players
Eminent
players that are profiled in the gallium nitride market report include
Telephone Corporation (Japan), Nippon Telegraph, VisIC (Israel), TOSHIBA
CORPORATION (Japan), Texas Instruments Incorporated (the U.S), Panasonic
Corporation (Japan), Taiwan Semiconductor Manufacturing Company (Taiwan), ON
Semiconductor (the U.S), Mitsubishi Chemical Corporation (Japan), Infineon
Technologies Ag (Germany), Koninklijke Philips N.V. (the Netherlands), IQE plc
(U.K), Efficient Power Conversion Corporation (the U.S), FUJITSU (Japan), GaN systems
(Canada), and Cree Inc. (the U.S).
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