GaN Semiconductor Devices Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 05/01/2018 -- The four leading players in the global gallium nitride (GaN) semiconductor devices market hold a substantial share in the market, making it a consolidated one, according to a report by Transparency Market Research (TMR). In 2015, roughly 65% of the market's share was held together by XP Semiconductors N.V., Efficient Power Conversion Corporation, Cree Inc., and GaN Systems Inc. Despite its consolidated nature, the global gallium nitride semiconductor devices market is marked by healthy competition amongst the players. The market participants are expected to focus on further research and development in the arena to improve their product and survive the competition.
According to TMR's report, the global GaN semiconductor devices market was estimated to be at US$870.9 mn in 2016. With an impressive 17.4% CAGR over the forecast duration of 2016 to 2024, the market is expected to reach US$3,438.4 mn by 2023.
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GaN semiconductor devices find a multitude of applications in the defense sector. In aerospace and defense, GaN technology is used to increase the performance reliability and bandwidth in electronic warfare, communications, and radar. The components used in radar boards that comprise of GaN provide improved real-time air traffic control, help reduce collisions, and result in effective navigation. These factors have catapulted the application segment of defense and aerospace to the top. Currently, North America holds the top regional market spot with nearly 30% of the market as held in 2015. This could be ascribed to the high adoption of GaN technology in their military applications as well as large scale manufacture and solid sales of consumer electronics such as laptops, mobiles, and gaming devices.
Automotive Sector to Present Immense Market Opportunity
The emergence of autonomous vehicles is paving the way for the rise of the GaN semiconductor devices market. These automobiles use LiDAR systems, which are outfitted with GaN chips in them. GaN chips and devices are essentially utilized in LiDAR systems to sense the environment around the vehicle. GaN chips are comparatively much more accurate than silicon chips, while providing a greater range, which is why they are preferred over silicon chips. Self-driving cars and wireless charging are thus expected to adopt the GaN technology, and provide a rich market opportunity.
Desirable Features of Product to Drive Market Growth
Gallium nitride has highly unique characteristics such as a high-speed switching capacity, high current density, low resistance, high dielectric strength, and a high operating temperature. Furthermore, gallium nitride semiconductors offer irrefutable mobility to carriers, triply efficient band gap and higher electric breakdown capacity. On account of these highly efficient operational features, GaN semiconductor devices are widely used as diodes, transistors, power amplifiers, power supply and inverters, switching systems, lighting and laser.
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