Press release
Global Compound Semiconductor Market Share To worth USD 55.8 billion by 2027 | CAGR of 6.6%
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. Increasing use of compound semiconductors in LED applications and the rising demand for high-speed and advanced devices in datacom applications play a key role in driving the growth of compound semiconductor market in near future.Nichia Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), ams OSRAM AG (Austria), Qorvo, Inc. (US), Skyworks Solutions, Inc. (US), Wolfspeed, Inc. (US), GaN Systems (Japan), Canon Inc. (Canada), Infineon Technologies AG (Germany), Mitsubishi Electric Corporation (Japan), are some of the key players in the compound semiconductor market.
Browse 168 market data Tables and 52 Figures spread through 241 Pages and in-depth TOC on "Compound Semiconductor Market"
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Compound Semiconductor Market Dynamics:
Driver: Growing demand for SiC devices in power electronics
Compared with silicon-based devices, SiC devices have 10 times the breakdown electric field strength and three times the thermal conductivity. This property reduces device complexity and cost, thereby improving reliability and making them suitable for different high-voltage applications, such as solar inverters, power supplies, and wind turbines. The growing demand for power electronics drives the growth of the SiC power device market. Power electronics ensure the control and conversion of electrical power effectively and efficiently. The rising demand for power electronics across verticals, such as aerospace, medical, and defense, is crucial in increasing the adoption of SiC power devices.
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Restraint: High material and fabrication costs associated with compound semiconductors
The major factor restraining the growth of the compound semiconductor market is the high expenditure involved in the complete industry processes in the supply chain. The total average expenditure per compound semiconductor device of all the supply chain processes put together (including expenditure from both complete upstream and downstream) is much more than the average expenditure per pure silicon semiconductor device. The primary reason is that all processes are complex, new, employ advanced technologies, and require high-priced state-of-the-art equipment. Also, they lack familiarity and required expertise in manufacturing processes among the engineering community and executives of compound semiconductor industry players.
Opportunity: Potential use of GaN in 5G infrastructure development
5G wireless base stations are required to incorporate technologies that deliver efficiency, performance, and value. GaN solutions are vital components to deliver these features. Compared to Laterally Diffused Metal-Oxide-Semiconductor (LDMOS), GaN-on-SiC offers significant 5G base station efficiency and performance improvements. Other benefits offered by GaN-on-SiC include improved thermal conductivity, high robustness and reliability, better efficiency at higher frequencies, and similar performance in a smaller size MIMO array. Power amplifiers for all transmission cells in the network (micro, macro, pico, and femto/home routers) are expected to benefit from GaN and could, therefore, significantly impact next generation 5G deployment.
Challenge: Complexity in design of compound semiconductors
There is a high level of design complexity in designing compound semiconductor devices. The major challenge for designers is to achieve better efficiency while keeping the cost low and the structure less complex. Also, the varying requirements of different applications further increase the design complexities of the power and RF device. The efficiency surge increases the operating time in battery-powered products, reducing the electricity consumption of wireless base stations and similar applications.
Nichia Corporation is involved in the development, manufacturing, and sale of fine chemicals, particularly inorganic luminescent materials (phosphors). It was the first company to invent and commercialize blue LEDs in 1993 and then developed the world's first white LED by combining yellow phosphor and blue LED, followed by the successful development of a blue-violet semiconductor laser. Further, the invention of nitride-based LED and laser diodes led to the technological innovation of light sources in display, general lighting, automotive, industrial equipment, and medical care and measurement.
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The market in North America is expected to grow at the second highest CAGR during the forecast period. The growing electric and hybrid vehicle market in North America is expected to support the growth of the compound semiconductor market. North America is a regional hub for many renowned OEMs that deliver quality and high-performance vehicles. OEMs in North America, such as Tesla and GM, focus on developing faster, cleaner, and high-performance electric vehicles.
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