Albany, NY -- (SBWIRE) -- 10/13/2016 -- The global gallium nitride (GaN) semiconductor devices market is dominated by four key players, namely NXP Semiconductors N.V., Cree Inc., Efficient Power Conversion Corporation, and GaN Systems Inc. According to Transparency Market Research (TMR), these companies accounted for a whopping 65% of the global GaN semiconductor devices market in 2015, with Efficient Power Conversion establishing a firm lead. In the coming years, the key players in the global GaN semiconductor devices market are likely to focus on improving the reliability of their products, as that has been a key restraint on the market in recent years.

Consumer Electronics Industry to Overtake Defense and Aerospace as Leading Application

The defense and aerospace sector was the leading end user of GaN semiconductor devices by revenue in 2015, with a dominant 42.14% share in the global market. While it is likely to remain one of the leading contributors to the GaN semiconductor devices industry, the consumer electronics industry is expected to emerge as the market leader in the coming years, overtaking the declining share of the defense and aerospace sector by 2024. The consumer electronics industry is expected to account for 34.78% of the global GaN semiconductor devices market by 2024.

Geographically, North America and Europe were the leading regional markets for GaN semiconductors in 2015, with the former just trailing the latter. However, Asia Pacific is expected to rise to the fore as the leading market for GaN semiconductors over the 2016-2024 forecast period, with the regional market's valuation expected to rise to more than US$1 bn by 2024.

Widening Application Spectrum Beneficial for GaN Semiconductor Devices Market

In comparison to gallium arsenide and silicon, gallium nitride offers significant advantages such as high electron mobility, high breakdown voltage, and high thermal conductivity. Due to this, GaN devices are being used on a large scale in RF devices and LEDs, the demand for both of which is growing steadily. "GaN semiconductors are also being used in electric and hybrid vehicles, which comprise a booming segment of the automotive market thanks to their environmental benefits," says TMR's lead analyst.

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The importance of electronics in modern warfare has also ensured a steady demand for GaN semiconductor devices from the defense and aerospace sector. The high breakdown voltage and rapid heat dissipation offered by GaN semiconductor devices have been particularly beneficial in military applications.

On the other hand, the high cost of GaN semiconductor devices is the key restraint acting on the global GaN semiconductor devices market. There are multiple components of the manufacturing process of gallium nitride that require more expenditure than the manufacture of other conventional semiconductor materials such as silicon carbide. As a result, while larger players can afford large-scale adoption of GaN semiconductor devices, their high costs are a notable constraint on widespread adoption.

The global GaN semiconductor devices market was valued at US$870.9 mn in 2015 and is expected to rise to a value of US$3.4 bn by the end of 2024, exhibiting a robust 17% CAGR from 2016 to 2024.

The information in this preview comes from a Transparency Market Research titled 'GaN Semiconductor Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.'

Report - http://www.transparencymarketresearch.com/gallium-nitride.html

The global GaN semiconductor devices market is segmented as follows:

Global GaN semiconductor devices market, by Products

Power Semiconductors
GaN Radio Frequency Devices
Opto-semiconductors

Global GaN semiconductor devices market, by Wafer Size:

2 inch
4 inch
6 inch
8 inch

Global GaN semiconductor devices market, by Application:

Information and Communication Technology
Automotive
Consumer Electronics
Defense and Aerospace
Others