Gallium Market Key Trends And Strategies For Expansion 2024-2033

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.

Market Overview -
Gallium is a chemical element that is a soft, silvery metal with a melting point that is slightly above room temperature. Its characteristics make it useful in a variety of applications, including semiconductors and light-emitting diodes in the electronics sector, photovoltaic cells for solar panels and heat management systems.

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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.

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.

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Key Segments -
The gallium market covered in this report is segmented -
1) By Product: Gallium Nitride (GaN) Radio Frequency Devices; Opto-Semiconductors; Power Semiconductors
2) By Component: Transistors; Diodes; Rectifiers; Power Integrated Circuits; Other Components
3) By Wafer Size: 2-Inch; 4-Inch; 6-Inch; 8-Inch
4) By End-User: Automotive; Consumer Electronics; Defense And Aerospace; Healthcare; Industrial And Power; Information And Communication Technology; Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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