Compound Semiconductor Market Expected to Reach $142,586 Million by 2023, By Top Key Players: Cree Inc., International Quantum Epitaxy PLC., Freescale Semiconductor Inc., LM Ericsson Telefon AB, Taiwan Semiconductor Manufacturing Company Ltd., Renesas Ele

At present, Asia-Pacific lead the compound semiconductor market and are expected to maintain dominance over the next few years. Moreover, owing to manufacturing of advanced electric vehicles in Europe and increase in the usage of compound semiconductor-based transistors in the defense operations in North America are expected to help the compound semiconductor market to gain traction in the upcoming years.

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Compound Semiconductor Market by Type, Deposition Technology, Product, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global compound semiconductor market accounted for $66,623 million in 2016, and is expected to reach $142,586 million by 2023, growing at a CAGR of 11.3% from 2017 to 2023. In 2016, Asia-Pacific dominated the global market, in terms of revenue, accounting for more than 50% share of the global market, followed by North America.

Increase in demand for optoelectronic device, compound semiconductor’s significant features, such as less power consumption, low price, and reduced heat dissipation, are some of the key factors driving the market growth. However, this technology is much more primitive when compared to silicon, which is a restraint for the market. Rise in usage of optical devices, photovoltaic cells, and modules & wireless communication products is expected to provide attractive opportunity for the compound semiconductor market.

The chemical vapor deposition (CVD) segment dominated the global market, owing, to the growing demand for semiconductor devices used in electronic products such as, consumer electronics, industrial equipment, automotive, and healthcare equipment. The power semiconductor segment generated the highest revenue in 2016, This is attributed to increase in need for efficient energy management in high-voltage power electronics, such as in solar inverters and hybrid vehicles, fuel the demand for compound semiconductors power devices.

Asia-Pacific is expected to dominate the compound semiconductor market during the forecast period due to the established semiconductor & electronics industry in China & India and increase in adoption of compound semiconductor devices in automotive & transportation industries. Moreover, technological advancement and owing to rise in investment in aerospace & defense and IT & telecommunication industries are expected to boost the North America market growth.

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The competitive analyses and profiles of major market players, such as Cree Inc., International Quantum Epitaxy PLC., Freescale Semiconductor Inc., LM Ericsson Telefon AB, Taiwan Semiconductor Manufacturing Company Ltd., Renesas Electronics Corporation, Texas Instruments, Inc., STMicroelectronics NV, Infineon Technologies AG, and Toshiba Corporation are provided in this report.

Analyst Review:

Compound semiconductor has gradually emerged as an alternative of silicon in power electronic converters, owing to its beneficial properties, such as wide bandgap and ability to form heterostructures, which ensure optimal utilization of power. Even though compound semiconductor power devices are in the early phase of development, they have replaced the use of silicon counterparts. Compound semiconductor is used in optical and high-speed electronic devices, and has gained significant impulse for power electronics applications in the recent years. Over the past decade, the performance of compound semiconductor power devices has notably improved.

The preference for compound semiconductor materials has increased due to enhanced characteristics offered by them at a feasible price as compared to silicon. In addition, advantageous properties of compound semiconductors, such as high frequency switching and compact size, fuel their demand in the market. The use of compound semiconductor switching devices is anticipated to surpass silicon-based MOSFETs in most of the switching power supply applications in the near future. Asia-Pacific is the major revenue contributor to the global market, followed by North America. The market growth in Europe and LAMEA regions is expected to significantly increase during the forecast period.

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