ALBANY, New York, Aug. 28, 2019 /PRNewswire/ -- Transparency Market Research has recently published a new research report that gives detailed insights about the workings of the global GaN semiconductor devices market. According to the research report, the GaN semiconductor devices market stood at an initial valuation of US$870.9 mn in 2016. With a massive CAGR of 17.4% expected over the course of the given forecast period of 2016 to 2024, the global GaN semiconductor devices market will reach a valuation of US$3438.4 mn.
The global GaN semiconductor devices market shows a highly consolidated and intensely competitive vendor landscape. Such an environment is because of only a handful of players operating in the industry. Back in 2015, nearly 65% of the overall share of the global market was held by the top four players in the market. The top four companies in the global GaN semiconductors devices market are Cree Inc., GaN Systems Inc., NXP Semiconductors N.V., and Efficient Power Conversion Corporation. Apart from these, some other important players in the global market include names such as Mersen SA, Everlight Electronics Co., Toshiba Corporation, Renesas Electronics Corporation, Avogy Inc., and Fujitsu Limited among others.
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The competition in the market is pretty intense and is only expected to grow as new players are starting to enter in the GaN semiconductor devices market. Major players in the market are looking forward to adopt aggressive strategies such as acquisitions and mergers to stay ahead of their rivals. Some of the companies are opting for strategic collaborations and joint ventures to generate better revenue. Another important trend that is observed in the competitive landscape of the global GaN semiconductor devices market involves a focus towards geographical expansion. Big brands are now trying to leverage the untapped potential of different geographical regions to size up their profits.
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Growing Preference to GaN Semiconductor Devices is Driving Market Growth
The automotive sector is the biggest end-user and growth driver for the global GaN semiconductor devices market. These devices are extensively used in a wide range of vehicles, particularly those with LiDAR systems. Recently, a slump in the automotive sector in some regions has affected the demand of GaN semiconductor devices. However, the introduction of new technologies such as wireless charging and self-driving cars and their gradual integration in both private as well commercial uses is expected to create huge demand for GaN semiconductor devices in the near future. This is going to be a major driving factor for the market development in future.
GaN semiconductor chips are preferred by their end-use verticals as compared to the alternatives. This is because the former possesses a number of qualities such as high electronic mobility, high breakdown voltage, and low consumption of power, high resistance to pressure and temperature, and high stability. In addition to these, the use of GaN semiconductors is more environment-friendly. This has increased demand of the components across a wide range of verticals such as industrial electronics, military and defense, and retail among others in the GaN semiconductor devices market.
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Highly Expensive Production Process is Hampering Market Development
With such bright development prospects and drivers for the development of the global GaN semiconductor devices market, there are however some factors that could slow down the growth rate. One key restraining factor for the market is the high costs associated with the production of the gallium nitride (GaN) semiconductor devices. It is proving to be difficult for companies with less market capital to sustain themselves. Thus, in order to sustain, these companies may turn to cheaper alternatives that will harm the development of the market. Nonetheless, some companies are heavily involved in the research and development activities to develop cost-efficient solutions. This is expected to present some opportunities for growth for smaller companies in the market.
This review is based TMR's report titled, "GaN Semiconductor Devices Market (Product - Power Semiconductors, GaN RF Devices and Opto-semiconductors; Wafer Size - 2 inch, 4 inch, 6 inch and 8 inch; Application - Information and Communication Technology, Automotive, Consumer Electronics, Defence, Aerospace) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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Key segments of the global GaN semiconductor devices market:
- Power Semiconductors
- GaN Radio Frequency Devices
- 2 inch
- 4 inch
- 6 inch
- 8 inch
- Information and Communication Technology
- Consumer Electronics
- Defense and Aerospace
- North America
- Asia Pacific
- Rest of the World
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