Portland, OR -- (SBWIRE) -- 06/13/2017 -- According to a new report published by Allied Market Research, titled; GaN Power Devices Market: Global Opportunity Analysis and Industry Forecast, 2014-2022,"the global GaN power devices market was valued at $16 million in 2015, and is projected to reach $273 million by 2022, growing at a CAGR of 49.8% from 2016 to 2022. The GaN power modules segment contributed over 45% of the share among other GaN power devices in 2015.
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In power electronics, a power device is a semiconductor device that is used as a switch or rectifier; for instance, a switch-mode power supply (SMPS). The power devices, which use gallium nitride (GaN) as the semiconductor material, are known as GaN power devices. GaN power devices diminish the overall energy loss of the system. Unlike the conventional transistors that need larger chip area to decrease on-resistance, GaN devices offer compact sizes and hence, provide high-speed switching and size contraction of the overall system.
Factors that assist the market growth include decline in prices, better performance as compared to silicon carbide (SiC) devices, rise in demand for GaN devices for wireless charging, increase in adoption of GaN devices in electric vehicles, and growth in requirement of GaN devices in commercial RF applications. However, lack of availability of GaN material restrains the market growth. Government initiatives for high-voltage direct current (HVDC) and smart grid are anticipated to provide numerous opportunities for market growth during the forecast period.
In 2015, GaN power modules contributed over 45% share in the market, and is expected to maintain its dominant position throughout the forecast period, owing to the vast demand of power modules that run on high voltage with the priority of minimum current loss. Moreover, North America region is the major revenue contributor, owing to large IT & Telecommunication industry, rise in sale of consumer electronic products, and increase in demand for electric vehicles utilizing power devices for energy transaction on wide scale.
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IT & telecommunication segment dominated the overall market with nearly 30% share in GaN power devices market in 2015. This high share attributed by the ability of GaN power devices to be used for high voltage as well as low voltage switches in DC-DC converters, which are incorporated in power supplies for equipment used for data communications systems, servers, and other devices. The swift rise in sale of consumer electronic equipment globally drive the need for GaN power devices market.
Key Findings of the GaN Power Devices Market:
In terms of revenue, GaN power modules held the maximum market share, and are expected to maintain its lead throughout the forecast period.
GaN power ICs are expected to grow at the higher CAGR during the forecast period.
In 2015, the IT & telecommunications industry vertical held nearly one-third market share, which was the highest among all the industry verticals.
North America is expected to continue dominating the market in the future. In 2015, the region accounted for over 45% share globally.
In 2015, North America accounted for nearly half of the GaN power devices market, and is expected to retain its dominant position, owing to the presence of well-established telecommunication industry, rise in demand of electric vehicles, and increase in sale of consumer electronic devices.
The major companies profiled in the report include Efficient Power Conversion Corporation (EPC), GaN Systems, On Semiconductors, Panasonic Corporation, VisIC, Texas Instruments Inc., Toshiba Corporation, Fujitsu Limited, Infineon Technologies AG, and Taiwan Semiconductor Manufacturing Company.