Albany, NY -- (SBWIRE) -- 01/05/2018 -- GaN Power Devices Market's Robust Rise Enabled by Steady Growth of Electric Vehicles Industry, finds TMR
The global GaN power devices market comprises several large as well as mid-level vendors, due to the proliferation of lucrative opportunities in the market. Efficient Power Conversion Corporation, NXP Semiconductors N.V., GaN Systems Inc., Texas Instruments, and Infineon Technologies AG are among the leading players in the GaN power devices market. The market is expected to witness the entry of a significant number of GaN power device vendors in the coming years, intensifying the competition. Other significant players in the market include Fujitsu Limited, Transphorm Inc., Cree Incorporated (Wolfspeed), OSRAM Opto Semiconductors GmbH, and Qorvo, Inc., among others.
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According to Transparency Market Research (TMR), the global GaN power devices market is expected to exhibit a robust 17.5% CAGR from 2017 to 2025. The GaN power devices market's revenue valuation is likely to rise from US$223.5 mn in 2015 to more than US$1.4 bn by 225.
The GaN power devices market has been studied in five geographical segments, namely North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America was the largest segment in terms of revenue and held more than 35% of the market in 2015.
Rising Demand in Automotive, Consumer Electronics Sectors Drives GaN Power Devices Market
The booming automotive industry and the rising prominence of electric vehicles in the global automotive sector is likely to consistently remain a prime driver for the GaN power devices market in the coming years. Electric vehicles have come into the spotlight in the global automotive industry due to their environmental benefits. The GaN power devices market has benefited from the electric vehicle industry boom due to the high power density offered by GaN power devices, which has proved a key step in bridging the gap towards the conventional automotive industry. The rising awareness about the improving performance characteristics of electric vehicles is likely to remain a key driver for the global GaN power devices market.
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The GaN power devices market is largely driven by expansion in the application areas for GaN-based devices due to flourishing consumer electronics industry. Moreover, increase in requirement of GaN devices for commercial RF applications and rise in demand for GaN devices for wireless charging are expected to further bring significant growth in the overall market. However, high procurement cost and processing complexity might create challenge for the overall growth of this market.
The consumer electronics sector is also a major consumer in the global GaN power devices market. The growing demand for smartphones in developing regions and the importance of solid battery support for consumers in the region has led to the GaN power devices industry becoming a key part of the smartphone industry boom. Growing adoption of IoT and remote sensing technology in the consumer electronics sector is likely to provide the GaN power devices market with a steady sales outlet in the coming years.
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By type, GaN power discrete devices and GaN power modules are likely to dominate the global GaN power devices market in the coming years. The GaN power modules segment is expected to exhibit a steep rise at a 19.5% CAGR in the 2017-2025 forecast period.