GaN Sector Growing At Nearly 30 Percent CAGR
Global device market to be worth $1890.2 million by 2023
The GaN power device market is expected to be worth $1890.2 million by 2023 from $408.3 million in 2017, at a CAGR of 29.1 percent between 2017 and 2023, according to new market research available from Markets&Markets.
The major factors driving the growth of the GaN power device industry include huge revenue generation from the consumer electronics and automotive verticals, wide bandgap property of GaN material encouraging innovation, success of GaN in RF-power electronics, and increasing adoption of GaN RF power device in military, defence, and aerospace verticals.
However, the preference of SiC in high-voltage power devices is expected to be a potential restraint in the overall GaN power device market. This factor is expected to limit the market growth over the next few years.