Gan semiconductor devices are increasingly being used in high power and high-frequency applications due to their wide band gap and ability to operate at high temperature and voltage. They are replacing silicon and gallium arsenide semiconductors in applications such as RF power amplifiers, light emitting diodes, and others owing to the aforementioned advantages.
The global Gan Semiconductor Market is estimated to be valued at US$ 3.36 Billion in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Gallium nitride based RF devices enable faster connectivity and improved signal quality required for 5G networks. Gan semiconductor enables higher power densities, which is a key requirement for 5G systems. The adoption of 5G will drive demand for Gan based RF devices owing to their benefits over other conventional materials. This will significantly drive the growth of the market during the forecast period.
Segment Analysis
The global Global Gan Semiconductor Market Sizeis dominated by the telecommunications and satellite segment. This segment accounts for over 30% of the total market share owing to rise in 5G infrastructure development globally. Gan-based RF semiconductors provide higher power efficiencies and capabilities to transmit signals over long ranges required for telecommunications and satellite. The automotive segment is expected to witness the fastest growth during the forecast period due to increasing adoption of Gan power devices in electric vehicles for fast charging capabilities.
Key Takeaways
The global Gan Semiconductor market is expected to witness high growth, exhibiting CAGR of 26.% over the forecast period, due to increasing adoption for power electronics applications and transition towards green energy. The market size for 2023 is US$ 3.36 Bn.
Regional analysis –
North America region currently dominates the global Gan Semiconductor market owing to presence of major players and early adoption of advanced semiconductors. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising electronics manufacturing industry and government initiatives for green energy sources in countries like China and India.
Key players - Key players operating in the Gan Semiconductor market are Infineon Technologies AG, Cree, Inc., Qorvo, Inc., and Efficient Power Conversion Corporation (EPC). These players are focusing on new product launches, partnerships and mergers & acquisitions to gain more market share and expand their global presence. For instance, in 2022 Infineon Technologies AG launched a new 700V Gan power transistor to enable compact and high-power battery chargers for electric vehicles.
For More Insights, Read- https://www.newswirestats.com/gan-semiconductor-market-forecast-outlook-trend-2023-2030/
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