GaN Device Market Worth Over $3.4 Billion By 2024
Asia-Pacific region is expected to witness the fastest growth for GaN semiconductor devices during the period from 2016 to 2024
In a new report, Acumen Research and Consulting, a market research firm based in Pune India, estimates that the global GaN semiconductor devices market will witness significant growth at a CAGR of around 17 percent during the period from 2016 to 2024, reaching a market value of $3.4 billion in 2024.
Advancement in GaN technology and growing application areas of GaN semiconductor devices are expected to growth of GaN market.
The report 'Gallium Nitride (GaN) Semiconductor Devices Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2015-2024' it puts North America as the largest market for GaN semiconductor devices closely followed by Europe.
The growth in North America is mainly spurred by wider use of GaN based transistors in military applications. Also, growing demand of LEDs in consumer electronic products such as televisions, laptops, gaming devices, personal computers, and tablet PCs has further fuelled the growth of this market in North America. The North America market for GaN semiconductor devices was valued at around $266 million in 2015 and is projected to witness a growth of over 18 percent during the period from 2016 to 2024.
Asia-Pacific region is expected to witness the fastest growth for GaN semiconductor devices during the period from 2016 to 2024, at a CAGR of over 19 percent attributed by the presence of large number of raw material suppliers in the region. Japan, China, and Korea are the key demand centers for GaN semiconductor devices in Asia-Pacific region. The lower labor and production cost in this region is another important factors fuelling the growth of this market. Some of the major players in Asia-Pacific include Fujitsu Limited (Japan), Shanghai Microsemi Semiconductor Co. Ltd. (China) and Nichia Corporation (Japan).
Among different types of GaN based device types, opto semiconductor accounted for the largest share of around 59 percent in 2015 and is anticipated to continue dominating the market throughout the analysis period. The electronics industry has witnessed an increased adoption of GaN LEDs for lighting at offices, homes, hospitals, shops and industrial applications. Growing demand for power efficient and compact LEDs is propelling the growth of GaN semiconductors market.