With 6.6 % CAGR, Compound Semiconductor Market Growth to Surpass USD 55.8 billion

The global compound semiconductor market size is estimated to be USD 40.5 billion in 2022 and is projected to reach 55.8 billion by 2027, at a CAGR of 6.6% during the forecast period. Rise in demand and implementation of GaN and SiC in semiconductor industry and the growing demand for SiC devices in power electronics are expected to drive the market growth for compound semiconductor market.

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The compound semiconductor market has promising growth potential due to several factors, including the rising innovations and advancements in compound semiconductors, and growing focus of market players on R&D activities. Emerging compound semiconductor technology such as GaN-on-Silicon and the increased adoption of next-generation communication technology (5G) has enhanced compound semiconductors.

In the forecasted year, the SiC segment accounted for a larger size of the compound semiconductor market. The increasing demand for SiC-based devices in the power electronics industry; SiC-based devices facilitating size reduction; and increasing government, private organizations, research institutes, and industry player investments to increase SiC production are the key factors driving the growth of the silicon carbide segment.

The market for power electronics is projected to exhibit the highest CAGR during the forecast period. This is due to the increasing demand for SiC and gallium nitride GaN power semiconductors in applications such as hybrid and electric vehicles, power supplies, and photovoltaic (PV) inverters. The market is driven by increasing sales of hybrid and electric vehicles. China is among the potential countries for this market, with demand for Schottky barrier diodes, MOSFETs, junction gate field-effect transistors (JFETs), and other SiC discrete. Increasing demand for battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) will increase significantly in the coming years as many global governments aim to reduce air pollution.

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The market for power supply applications is expected to grow at the highest CAGR during the forecast period. This is due to the increasing importance of GaN and SiC devices in the power electronics market. SiC-based power devices can operate at higher temperatures with higher thermal conductivity, higher breakdown voltage at lower on-stage resistance, faster-switching speed, lower conduction and switching on-state loss, with exceptional radiation hardness. Power electronics modules are used in smart home appliances, which are expected to grow with the increased purchase of advanced consumer electronics

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