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GaN Semiconductor Devices Market-Global Analysis, Size, Share, Growth, Trends and Forecast - 2024
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GaN semiconductor devices are being heavily used in light emitting diodes (LEDs), power electronics, and radio frequency (RF) amplifiers owing to their unique properties. With advancement in the GaN technology and reduction in costs, the use of GaN semiconductors is expected to substantially rise across an increasing number of commercial application areas in the near future.
Transparency Market Research pegs the growth opportunity of the global GaN semiconductor devices at US$3,438.4 mn by 2024. The market, which had a valuation of US$870.9 mn in 2015, is expected to exhibit an exponential CAGR of 17.0% over the period between 2016 and 2024 to achieve this feat.
Defense and Aerospace Industries Continue to Dominate; Healthcare Industry to Present Novel Growth Opportunities
Of the key end-use industries utilizing GaN semiconductor devices, applications across the defense and aerospace industry are the dominant contributor to the overall market revenue presently. In 2015, this end-use segment accounted for a share of more than 40% of the overall market. GaN-based transistors find enormous demand across a variety of applications in the defense industry. Applications such as electronic warfare, radar communication, and improvised explosive device (IED) jammers are expected to lead to a sustainable rise in demand for GaN semiconductor devices in the sector in the next few years as well. Consistently rising defense budgets across developed and developing economies will help fortify the trend.
New application areas and potential markets for the usage of GaN semiconductors are being explored across the globe, which is expected to grant momentum to the market in the near future. The medical industry, for instance, is expected to emerge as an eminent end-user of the market in the near future. Recent discoveries, such as the confirmation that GaN can be safely used in biomedical implants, will aid market’s development in this direction.
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TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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