Compound Semiconductor Market to Reach $347.0 Billion, Globally, by 2031 at 11.6% CAGR: Allied Market Research

The advantages of compound semiconductor wafers over silicon-based wafers, the rise in demand for compound semiconductor epitaxial wafers in consumer electronics, and the emergence of wafer-related trends in the automobile industry drive the growth of the global compound semiconductor market.

PORTLAND, Ore., Jan. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Compound Semiconductor Market by Type (III-V COMPOUND SEMICONDUCTOR, II-VI COMPOUND SEMICONDUCTOR, SAPPHIRE, IV-IV COMPOUND SEMICONDUCTOR, Others), by Product (Power Semiconductor, Transistor, Integrated Circuits, Diodes and Rectifiers, Others), by Deposition Technology (Chemical vapor deposition, Molecular beam epitaxy, Hydride vapor phase epitaxy, Ammonothermal, Atomic Layer Deposition, Others), by Application (IT and Telecom, Industry and Energy and Power, Aerospace and Defense, Automotive, Consumer Electronics, Healthcare): Global Opportunity Analysis and Industry Forecast, 2019-2031". According to the report, the global compound semiconductor industry generated $90.7 billion in 2019, and is anticipated to generate $347.0 billion by 2031, witnessing a CAGR of 11.6% from 2022 to 2031.

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Prime determinants of growth

The advantages of compound semiconductor wafers over silicon-based wafers, the rise in demand for compound semiconductor epitaxial wafers in consumer electronics, and the emergence of wafer-related trends in the automobile industry drive the growth of the global compound semiconductor market. However, rising wafer production costs restrict the market growth. Moreover, the growing IoT adoption in wafers and the use of compound semiconductors in smart technologies are predicted to offer new opportunities in the coming years.

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global compound semiconductor market, owing to a significant impact on prime players operating in the supply chain during the lockdown.
• However, the rise in demand for compound semiconductors such as power semiconductors, transistors, and integrated circuits (ICs) solutions across prime sectors was one of the major factors that propelled the market growth during the COVID-19 pandemic.
• On the contrary, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as a lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdowns, globally.
• Furthermore, the surge in demand for industrial and consumer electronics solutions is expected to strengthen the compound semiconductor market opportunity post-COVID-19. 

The IV–IV compound semiconductors segment to maintain its leadership status in 2019

Based on type, the IV–IV compound semiconductors segment held the highest market share in 2019, accounting for more than one-fourth of the global compound semiconductor market, owing to their important characteristics, including low power consumption, low cost, and reduced heat dissipation. However, the sapphire segment is projected to manifest the highest CAGR of 13.8% from 2022 to 2031. Researchers and semiconductor companies focus on developing silicon on sapphire sensors, which have the capability of monitoring temperature and pressure changes.   

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The power semiconductors segment to maintain its leadership status in 2019

Based on product, the power semiconductors segment held the highest market share in 2019, accounting for more than one-fourth of the global compound semiconductor market. Rising demand for diodes and rectifiers has been witnessed in sectors such as consumer electronics, industrial electronics, automotive, medical applications, defense, and aerospace. This is making it the largest segment of the market. However, the transistors segment is projected to manifest the highest CAGR of 13.26% from 2022 to 2031. A high-electron-mobility transistor (HEMT), also known as heterostructure FET (HFET) or modulation-doped FET (MODFET), is a field-effect transistor incorporating a junction between two materials with different band gaps. This reason is forming it the fastest growing segment.

The IT and Telecom segment to maintain its lead position during the forecast period

Based on application, the IT and Telecom segment accounted for the largest share in 2019, contributing to nearly one-fourth of the global compound semiconductor market, and is projected to maintain its lead position during the forecast period. The ongoing demand for smaller, lighter, and thinner electronic circuitry products from the telecommunication industry has led to increased R&D activities on the usage of compound semiconductors in this industry vertical. The development of the smartphone industry thus promotes telecom operators to set up new towers and repeaters, which in turn, is expected to fuel the segment. However, the industrial and energy & power segment is expected to portray the largest CAGR of 13.81% from 2022 to 2031. The trend of miniaturization and compact electronic circuitry for machinery boosts the incorporation of compound semiconductor devices and technologies, thus making it the fastest growing segment.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2019, accounting for more than half of the global compound semiconductor market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031. This is because organizations across the region are realizing the importance of enhanced semiconductor technologies to ensure efficient power management, owing to an increase in demand for high-voltage operating devices.  

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Leading Market Players: -

• NICHIA CORPORATION,
• Samsung Electronics Co Ltd,
• Texas Instruments Inc.,
• Infineon Technologies AG,
• Qorvo, Inc,
• Taiwan Semiconductor Manufacturing Company Limited,
• NXP Semiconductors.,
• STMicroelectronics,
• Renesas Electronics Corporation.,
• WOLFSPEED, INC

Key Benefits for Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the compound semiconductor market analysis from 2019 to 2031 to identify the prevailing compound semiconductor market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights buyers' and suppliers' potency to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• An in-depth analysis of the compound semiconductor market segmentation assists in determining the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes an analysis of the regional and global compound semiconductor market trends, key players, market segments, application areas, and market growth strategies.

Compound Semiconductor Market Key Segments:

Type

• II-VI COMPOUND SEMICONDUCTOR
• Cadmium Slenenide
• Cadmium Telluride
• Zinc Selenide
• SAPPHIRE
• Others
• Aluminum Gallium Arsenide
• Aluminum Indium Arsenide
• Aluminum Gallium Nitride
• Aluminum Gallium Phosphide
• Indium Gallium Nitride
• Cadmium Zinc Telluride
• Mercury Cadmium Telluride
• III-V COMPOUND SEMICONDUCTOR
• Gallium Nitride
• Gallium Phosphide
• Gallium Arsenide
• Indium Phosphide
• Indium Antimonide

Product

• Power Semiconductor
• Transistor
• HEMT
• MOSFET
• MESFET
• Integrated Circuits
• MMIC
• RFIC
• Diodes and Rectifiers
• PIN Diode
• Zener Diode
• Schokkty Diode
• Light-Emitting Diode
• Others

Deposition Technology

• Chemical vapor deposition
• Molecular beam epitaxy
• Hydride vapor phase epitaxy
• Ammonothermal
• Atomic Layer Deposition
• Others

Application

• IT and Telecom
• Signal amplifiers and Switching System
• Satellite Communication
• Radar
• Radio Frequency
• Industry and Energy and Power
• Industry and Energy and Power
• Smart Grid
• Wind Turbine and Wind Power System
• Photovoltaic Invertors
• Motor Drives
• Aerospace and Defense
• Combat Vehicles
• Ships and Vessels
• Microwave Radiation
• Automotive
• Automotive
• Electric Vehicles and Hybrid Electric Vehicles
• Automotive Braking System
• Rail Traction
• Automobile Motor Drives
• Consumer Electronics
• Inverters
• LED Lighting
• SMPS
• Healthcare
• Implantable Medical Devices
• Biomedical Electronics

By Region

• North America  (U.S., Canada, Mexico)
• Europe  (UK, Germany, France, Rest of Europe)
• Asia-Pacific  (China, Japan, India, Australia, Rest of Asia-Pacific)
• LAMEA  (Latin America, Middle East, Africa)

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