Press release
Gallium Market Report 2024: Strategies And Recent Developments | ArcelorMittal SA, BHP Group Limited, Rio Tinto Corp., Thermo Fisher Scientific Inc.,
Gallium Market Growth
The Business Research Company offers in-depth market insights through Gallium Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The gallium market size has grown exponentially in recent years. It will grow from $1.85 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 25.5%. The growth in the historic period can be attributed to electronics industry, medical applications, solar energy, aerospace and defense.
The gallium market size is expected to see exponential growth in the next few years. It will grow to $5.38 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to renewable energy, electric vehicles, advanced materials, nanotechnology. Major trends in the forecast period include gallium nitride (gan) dominance, recycling and sustainability, hybrid solar cells, healthcare innovations.
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Market Segmentation:
The main types of products in gallium are gallium nitride (GaN) radio frequency devices, opto-semiconductors and power semiconductors. GaN (Gallium Nitride) radio frequency devices are semiconductor devices that amplify and process radio frequency signals by utilizing the characteristics of gallium nitride. The various components are transistors, diodes, rectifiers, power integrated circuits and others with wafer sizes such as 2-inch, 4-inch, 6-inch and 8-inch. The end users are automotive, consumer electronics, defense and aerospace, healthcare, industrial and power, information and communication technology and others.
Major Driver - Solar Panel Surge Boosts Demand For Gallium As Key Component In Photovoltaic Technology
The increasing adoption of solar panels is expected to propel the growth of the gallium market going forward. Solar panels, also known as photovoltaic (PV) panels, convert sunlight into energy via a process known as the photovoltaic effect that generates electricity directly from sunlight. Gallium is an essential element in manufacturing thin-film solar panels, which convert a more significant proportion of the sun into energy than other solar cells and provide a flexible and lightweight alternative to standard silicon-based solar panels. For instance, in September 2021, according to the Energy Information Administration, a US-based energy organization, the United States added 13.2 gigawatts (GW) of utility-scale solar power in 2021, an annual record and 25% higher than the 10.6 GW added in 2020. Furthermore, small-scale solar capacity installation in the United States climbed by 5.4 GW in 2021, a 23% increase over 2020 (4.4 GW). Therefore, the increasing adoption of solar panels will drive the gallium market.
Competitive Landscape:
Major players in the gallium market are ArcelorMittal SA, BHP Group Limited, Rio Tinto Corp., Thermo Fisher Scientific Inc., Vale SA, Aluminium Corp of China Ltd., Glencore PLC, Sharp Corporation, CMOC Group Limited, Sigma-Aldrich Corporation, Materion Corporation, Nalco Chemical Company, DOWA HOLDINGS CO. Ltd., Indium Corporation, Umicore N.V., China Minmetals Rare Earth Co. Ltd., 5N Plus Inc., Nanjing Jinmei Gallium Co. Ltd., Strem Chemicals Inc., GEO Specialty Chemicals, American Elements Corporation, Zhuzhou Keneng New Material Co. Ltd. Inc., SMI Ltd., Fortis Metals Ltd., Nippon Rare Metal Inc.
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Top Trend - Innovative Gan Control Integrated Circuits Transforming The Gallium Market
Major companies operating in the gallium market are focused on innovating advanced product solutions such as gallium nitride (GaN) control integrated circuits to strengthen their position in the market. A gallium nitride (GaN) power integrated circuit (IC) consolidates many power electronics tasks into a single GaN chip to increase speed, efficiency, reliability and cost-effectiveness. For instance, in March 2023, Navitas Semiconductor Corporation, a US-based power-semiconductor company, launched GaNSense Control ICs, a series of gallium nitride (GaN) control integrated circuits with enhanced performance for rapid chargers, consumer appliances and server and data center supplies. It is uniquely designed to offer significant benefits over typical high-voltage silicon (Si) processors by squeezing more performance into a smaller package. According to the company, gallium nitride (GaN) is up to 20 times quicker and offers three times the charging capacity in half the size and weight.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gallium Market Characteristics
3. Gallium Market Trends And Strategies
4. Gallium Market - Macro Economic Scenario
5. Gallium Market Size And Growth
…..
27. Gallium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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