GaN Based Power Device Market Expected to Experience Attractive Growth through 2026
Stratview Research published a new report on the GaN Based Power Device Market that offers detailed segmentation of the market based on Device (GaN Power Discrete Devices, GaN Power ICs, GaN Power Module), By End Use (Automotive, Consumer Electronics, Aerospace & Defense, Medical, Information Communication & Technology, Others), and Region.
According to the report, The GaN Based Power Device Market is estimated to grow from USD 119.3 million in 2020 to USD 719.7 million by 2026 at a healthy CAGR of 35.8% during the forecast period.
The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Covid Impact –
The Corona Virus Pandemic has caused significant losses in nearly every industry all over the world. The pandemic has had a rapid impact on the global economy, affecting the market's manufacturing, demand, and distribution network. The GaN Based Power Device Market has also been influenced by the unprecedented COVID-19 outbreak. The market analysts have thoroughly examined the market and gathered insightful data related to covid impact such as before and after market size, regional impact, financial losses, organic and inorganic growth factors, etc.
Report Findings
Based on end-use, the GaN-based power device market has been classified into automotive, consumer electronics, aerospace & defense, medical, information communication & technology, others. The information communication & technology segment accounted for the largest market share of more than 22% in 2020. This is mainly attributed to the growing adoption of the Internet of Things (IoT) technology. IoT devices demand cost-effective and efficient components which facilitate a constant exchange of information.
By region, the North American GaN Based Power Device market accounted for the largest share of almost 33% in 2020 and is expected to grow at a significant CAGR during the review period. The GaN Based Power Device market growth is mainly propelled by rising investments by the defense & aerospace industry in R&D. Also, the governments in the region are encouraging the adoption of energy-efficient devices and are offering contracts to different companies, further bolstering the regional market growth.
The Asia-Pacific GaN Based Power Device market is expected to grow at the highest CAGR of more than 8% during the review period. The regional growth is ascribed to rapid technological advancements which are resulting in an increased demand for efficient & high-performance RF components. China and Japan are some of the largest manufacturers of consumer electronics, such as smartphones, LED display devices, and gaming consoles, among others, thereby boosting the regional market growth.
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