ALBANY, New York, September 27, 2018 /PRNewswire/ --
According to TMR, the global GaN power devices market is projected to expand at 17.5% CAGR during the forecast period between 2017 and 2025. The global GaN power devices market was worth US$0.22 bn in 2015 and is estimated to reach US$1.4 bn by the end of 2025.
The global GaN power devices market includes several large, medium, and small players in the market. Many new entrants are entering the market, as it possesses numerous opportunity for growth in the coming years, observes Transparency Market Research. The report has mentioned some of the leading players such as GaN Systems Inc., Efficient Power Conversion Corporation, Infineon Technologies AG, NXP Semiconductors N.V., and Texas Instruments. It has been observed that these companies have a strong position in the global market. Several leading companies are emphasizing on developing new products and processes to meet the needs of their customers and to improve the reliability and quality of their products.
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Based on component, GaN power discrete devices held approx. 52.6% share in terms of revenue in the global GaN power devices market in 2016. However, over the forecast period GaN power modules segment is projected to hold 49.3% of share in terms of revenue in the global market by the end of the forecast period. The rise of this segment is mainly because of its performance benefits over silicon carbide (SiC) devices. Based on region, North America is leading the global GaN power devices market. The rise of this region is mainly because of increasing development of battery technology and the growing application of GaN power devices in electric vehicles and smartphones market. However, over the forecast period, Asia Pacific is projected to rise at 19.9% CAGR and may emerge as a leading regional player in the market.
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Growing Application of GaN Power Devices in Automotive Industry to Fuel Demand in Market
The application of GaN power devices has increased in various industries, but its high usage is seen in the automotive industries. Globally, the demand for electric vehicles has increased that uses GaN power devices and is acting as a primary driver for the growth of this market. Moreover, growing environmental consciousness has increased the demand for electric vehicles that will definitely favor GaN power devices because it provides high power density that has changed the traditional working in the automotive industry. Growing use of GaN power devices in commercial RF application and wireless charging is likely to boost the demand in the GaN power devices market globally.
Additionally, growing use of solid battery in developing economies and rising penetration of smartphones will help GaN power devices to become an integral part of the smartphone industry. As, the smartphone industry is booming it will also boost the demand for GaN power devices, which will in turn increase the demand in the GaN power devices market.
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Increasing Adoption of IoT and Remote Sensing Technology May Hamper Market Growth
Despite the growing application of GaN power devices, there are certain restraining factors that might deter the market growth in the near future. One of the key factors is the increasing adoption of IoT as well as remote sensing technology in the consumer electronics sector is projected to hamper the demand for GaN power devices and diminish market growth. The lack of availability of GaN material also restricts the GaN power devices market to grow at its full potential. However, growing government initiatives in high voltage direct current and smart grid that have created a high growth opportunity for the global GaN power devices market.
The information presented in this review is based on a TMR report, titled "GaN Power Devices Market (Component - GaN Power Discrete Devices, GaN Power ICs, and GaN Power Modules; Industry Vertical - Consumer Electronics, IT and Telecommunications, Automotive, Aerospace and Defense) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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Global GaN Power Devices Market has been segmented as presented below:
Global GaN Power Devices Market, by Component
- GaN Power Discrete Devices
- GaN Power RF Devices
- GaN Power Non-RF Devices
- GaN Power IC's
- GaN Power Modules
Global GaN Power Devices Market, Industry Vertical
- Consumer Electronics
- IT & Telecommunications
- Aerospace & Defense
Global GaN Power Devices Market: By Geography
- North America
- South America
- Rest of South America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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