GaN Power Devices Market to Grow Over a High CAGR of 57.4% By 2030

Global GaN Power devices market is expected to grow at an exponential CAGR of 57.4% during the forecast period (2022-2030). The global GaN Power device market is primarily driven by growing demand of GaN in commercial radio frequency application, high adoption of GaN in electric vehicle, escalating demand for wireless charging and reduction in prices of GaN devices.

The escalating demand of GaN power devices in wireless charging is also proven to be the major driving element of global GaN power device market. The trend of wireless charging is paving the way for GaN power devices. Wireless charging is highly adopted in smartphones and electric vehicles. Moreover, there are various initiatives across the globe regarding the up surge of wireless charging.

Discrete power devices led the type segment of the global GaN power device market by capturing largest market share of over 50% in 2021. Discrete GaN power devices market is anticipated to rise at a CAGR of 22.4% during the forecast period. The discrete power devices include transistor, field effect transistors, MOSFETS, and others. The primary reason for the dominance of discrete GaN power devices is the ease of fabrication of these devices compared to integrated circuits and modules. Further, discrete power devices also offer more design flexibility in power systems. The presence of large number of companies manufacturing the discrete devices compared to companies involved in IC and module manufacturing have also aided the growth of discrete power devices market. The gallium nitride power discrete devices have negligible charge storage, low on-resistance and allows switching efficiencies excess of current silicon devices. Further, the companies are also engaged in development of new discrete devices further injecting growth opportunities in the discrete GaN power devices market.

Automotive in the vertical segment of GaN power device market is expected to rise at a highest CAGR of 23.4% in the forecast period. The primary reason for the wide adoption of GaN power device in the automotive sector is the ability of the wideband gap materials such as GaN to cut electricity losses of up to 66% during vehicle battery recharging as per Institute of Electric and Electronics Engineer spectrum. Further, GaN based power devices offers high efficiency in terms of converting AC to DC power and also help in improving vehicular operating in the electric traction drive. With rising electric vehicle market and high funding to the startups manufacturing GaN based power devices, the automotive based GaN power devices is expected to grow substantially over the forecast period.

Browse full report at: https://www.atlanticmarketresearch.com/gan-power-devices-market

North America leads the global GaN power device market by capturing largest market share of over 37% in 2021. North America GaN Power device market is anticipated to rise at a CAGR of 23% during the forecast period of 2022 to 2030. North America GaN Power device market is primarily driven by high investments in the development of Gallium nitride power devices. According to Power America, the U.S. For instance, Department of Energy, US launched Power America program in 2014 with a goal that by 2030, 80% of all U.S. electricity will flow through power electronics. To achieve this goal Power America will work to make wide band gap semiconductors such as GaN, Silicon Carbide (SiC) cost competitive with silicon based power devices aiding the adoption of GaN power devices in energy sector in US. The market is also driven due to large pool of gallium nitride power device manufacturers in North America that are continuously committed to innovation of new products related to GaN power devices and have captured a large share in the global GaN power device market. The key players operating in North America region are Efficient Power Conversion (US), GaN Systems (Canada), Texas instruments (US) and Cree Inc. (US).

Asia Pacific GAN power device market is expected to rise at a highest CAGR of 24.3% during the forecast period 2022-2030. Asia Pacific GaN power device market is primarily driven by funding for development of GaN based power devices. Further, the surge in the number of electric vehicles in Asia Pacific is also expected to positively influence the growth of gallium nitride power device market. As it is expected that GaN based inverters would replace silicon based power semiconductor devices used in electric vehicles owing to efficient power conversion in term of AC to DC. Asia Pacific gallium nitride power device market is also influenced due to the presence of key players in the region such as Taiwan Semiconductor Manufacturing Company (Taiwan), Panasonic Corporation (Japan), Fujitsu (Japan), Toshiba Corporation (Japan), Mitsubishi Chemical Corporation (Japan) and others

Product launch is the primary strategy adopted by companies in GaN power device market. New and advanced products help to improve company’s market visibility while competing effectively with key competitors already present in the market. Merger and acquisition is the secondary strategy adopted by companies in the global GaN power device market. The companies increase their dominance and market share by acquiring other companies to increase their product portfolio. M&A also enables the companies to expand their market in unexplored regions. Merger and acquisition is the secondary strategy adopted by companies in the global GaN power device market. The companies increase their dominance and market share by acquiring other companies to increase their product portfolio. M&A also enables the companies to expand their market in unexplored regions. Top companies in the market include Efficient Power Conversion Corporation, On Semiconductor, Infineon Technologies AG, GAN Systems, Panasonic Corporation and Others.

More from Electronics Category: https://www.atlanticmarketresearch.com/category/electronics-market-research

KEY MARKET MOVEMENTS

Global GaN Power devices market is expected to grow at an exponential CAGR of 57.4% during the forecast period (2022-2030).
Discrete power devices led the type segment of the global GaN power device market by capturing largest market share of over 50% in 2021.
Discrete GaN power devices market is anticipated to rise at a CAGR of 22.4% during the forecast period.
Asia Pacific GAN power device market is expected to rise at the highest CAGR of 24.3% during the forecast period 2022-2030.
Product launch is the primary strategy adopted by companies in GaN power device market.
Top companies in the market include Efficient Power Conversion Corporation, On Semiconductor, Infineon Technologies AG, GAN Systems, Panasonic Corporation and Others.

Atlantic Market Research
Address: 911 Central Ave #268
Albany, NY 12206, USA
Contact No: 1-518-730-1569
Email: sales@atlanticmarketresearch.com
Website: https://www.atlanticmarketresearch.com

About Us
Atlantic Market Research is the largest provider of market research and consulting services.
Research and consulting services of Atlantic Market Research help businesses across the globe navigate the challenges in a rapidly growing marketplace with confidence. Our customized and syndicated market research reports deliver sufficient insights that drive sustainable growth.
Contact Us
Atlantic Market Research
Address: 911 Central Ave #268
Albany, NY 12206, USA
Contact No: 1-518-730-1569
Email: sales@atlanticmarketresearch.com
Website: https://www.atlanticmarketresearch.com

This release was published on openPR.