Gallium Nitride Market Demand, Growing Trends, Challenges and Opportunity by 2030
Market Analysis
The gallium nitride market is projected to grow from USD 21.20 billion in 2020 to USD 28.42 billion in 2030 at a CAGR of 4.30% in the 2021-2030 period., according to the new report by Market Research Future (MRFR). Gallium nitride or GaN, simply put, is a wide bandgap semiconductor material. It is widely used to manufacture semiconductor devices like high electron mobility transistor, light-emitting diodes, and others. The performance benefits of gallium nitride over its silicon counterparts like higher operating voltage, high power density, high frequency, and higher temperature, which has increased its demand manifold. It has extensive applications, including industrial and power, healthcare, defense and aerospace, consumer electronics, automotive, and others.
Various factors are adding to the gallium nitride market growth. According to the new MRFR report, such factors include increasing use in different end user industries like defense and aerospace, consumer electronics, automotive, and others, demand for lightweight automotive having improved efficiency, booming consumer electronics industry, and increased use in television, laptops, smartphones, and others. Gallium nitride LEDs are highly favored over conventional lights for the various benefits that it offers, such as power efficiency, consumption of energy, concerns for the environment, and luminosity.
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On the contrary, high cost and limited availability are factors that may restrict the gallium nitride market growth over the forecast period.
Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global gallium nitride market report based on end use industry and type.
By type, the gallium nitride market is segmented into n-type and p-type. Of these, the n-type segment will lead the market over the forecast period for cheap cost and easy availability.
By end user, the gallium nitride market is segmented into industrial and power, healthcare, defense and aerospace, consumer electronics, automotive, and others. Of these, the automotive industry will dominate the market over the forecast period for its excessive use in traffic signals, locomotives, and electric cars.
Regional Analysis
Based on the region, the global gallium nitride market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, North America will dominate the market over the forecast period. Burgeoning demand for LEDs in various consumer goods, including gaming devices, laptops, computers, television, and others are adding to the gallium nitride market growth in the region. Canada & the US have a maximum share in the region for the sophisticated lifestyle and fast-paced life.
The global gallium nitride market in Europe is predicted to have the second-largest share over the forecast period. Growing technological advances in space science, military, and defense are adding to the gallium nitride market growth in the region.
The global gallium nitride market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing end-user industries in Australia, Taiwan, and South Korea, high sales & revenue in India, Japan, and China, easy availability of suppliers offering raw materials, and burgeoning demand for cheap, high performance, and efficient RF electronics are adding to the gallium nitride market growth in the region.
The global gallium nitride market in Latin America & the MEA is predicted to have sound growth over the forecast period.
Key Players
Eminent players that are profiled in the gallium nitride market report include Telephone Corporation (Japan), Nippon Telegraph, VisIC (Israel), TOSHIBA CORPORATION (Japan), Texas Instruments Incorporated (the U.S), Panasonic Corporation (Japan), Taiwan Semiconductor Manufacturing Company (Taiwan), ON Semiconductor (the U.S), Mitsubishi Chemical Corporation (Japan), Infineon Technologies Ag (Germany), Koninklijke Philips N.V. (the Netherlands), IQE plc (U.K), Efficient Power Conversion Corporation (the U.S), FUJITSU (Japan), GaN systems (Canada), and Cree Inc. (the U.S).
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