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Compound Semiconductor Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Compound Semiconductor Market
According to The Business Research Company's, The compound semiconductor market size has grown strongly in recent years. It will grow from $73.91 billion in 2023 to $80.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to renewable energy sector, military and defense applications, industrial automation needs, growth in medical device industry, automotive electronics advancements..
The compound semiconductor market size is expected to see strong growth in the next few years. It will grow to $113.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to space and satellite technology advancements, medical device innovations, automotive technological shift, ai and machine learning integration, iot and wearable technology growth.. Major trends in the forecast period include 5g technology and connectivity demand, electric vehicle (ev) revolution, data centers and cloud computing, renewable energy expansion, advancements in optoelectronics..
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Market Drivers and Trends:
Significant growth in the electronics industry is expected to boost the demand for the compound semiconductors market going forward. The electronics industry refers to the industry that makes electrical components for a range of goods in addition to electronic equipment and consumer electronics. Compound semiconductors are necessary for making chips and microchips for electronic devices, hence, the growing electronics market is expected to boost the compound semiconductors market. For instance, according to an article published by Uswitch Limited, a UK-based company that offers switching and comparison services via the phone and internet, there were 71.8 million mobile connections in the UK at the beginning of 2022, which is 4.2 million more than the country's population and a rise of 3.8% from 2021 (around 2.6 million). The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. In the UK, there were 83.25 million active mobile subscriptions as of the end of March 2022, excluding machine-to-machine (M2M) subscriptions. The increase from March 2021 was roughly 2%. Therefore, significant growth in the electronics industry is driving the growth of the compound semiconductor market.
Product innovations have emerged as the key trend gaining popularity in the compound semiconductor market. Major companies operating in the compound semiconductor market are developing innovative products to strengthen their position in the market. For instance, in August 2022, Qorvo, a US-based provider of innovative and high-performance RF solutions for advanced wireless devices, defense radar, and communications, launched a 100-watt L-band (1.2-1.4 GHz) compact solution, an application-specific GaN-on-SiC power amplifier module (PAM) for commercial and military radar. The QPA2511 GaN-on-SiC PAM has unique features, such as an integrated two-stage amplifier solution that provides 60% power-added efficiency in a circuit size 70% lower than comparable two-stage systems. This exceptional performance greatly lowers the system's overall power consumption.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Nichia Corporation; Samsung Electronics Co Ltd; Qorvo Inc; Wolfspeed Inc; WIN Semiconductors Corp; Infineon Technologies AG; Telefonaktiebolaget LM Ericsson; NXP Semiconductors NV; Sumitomo Electric Industries Ltd; Renesas Electronics Corporation; Cree Inc; Mitsubishi Electric Corporation; Skyworks Solutions Inc; Texas Instruments Incorporated; Taiwan Semiconductor Manufacturing Company Ltd; Advanced Wireless Semiconductor Company; Analog Devices Inc; Broadcom Inc; GaN Systems Inc; Microchip Technology Inc.; Semiconductor Components Industries LLC; ams-OSRAM AG; STMicroelectronics NV; Aixtron SE; Applied Materials Inc; ASML Holding NV; CVD Equipment Corporation; IQE PLC; KLA Corporation; Lumentum Holdings Inc
Compound Semiconductor Market 2024 Key Insights:
• The compound semiconductor market will grow to $113.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Growing Electronics Industry Propels Demand For Compound Semiconductors
• Innovation Drives Compound Semiconductor Market
• Asia-Pacific was the largest region in the compound semiconductor market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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