GaAs wafer market growing at 14 percent CAGR
Technavio forecasts that from 2020 and 2024 the market will grow by 2.27 million tonnes
Technavio has been monitoring the GaAs wafers market and it is poised to grow by 2.27 million tonnes during 2020-2024, progressing at a CAGR of 14 percent during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Advanced Wireless Semiconductor, AXT, Freiberger Compound Materials GmbH, GCS Holdings, IntelliEPI, IQE Plc, OMMIC SAS, Qorvo, WIN Semiconductors, and Xiamen Powerway Advanced Material are some of the major market participants.
Although the increasing adoption of smartphones will offer immense growth opportunities, the high production cost of GaAs wafers will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Increasing the adoption of smartphones has been instrumental in driving the growth of the market. However, the high production cost of GaAs wafers might hamper the market growth.