Global Gallium Nitride Semiconductor Devices Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
Gallium nitride semiconductor devices refer to the manufacturing of semiconductor devices such as transistors and diodes for the conversion of energy to power using gallium nitride material. Gallium nitride semiconductor devices have dynamic electric and chemical properties that are used to develop electronic power devices that are very hard, mechanically stable, high voltage, and have a high frequency. Gallium nitride semiconductors are on the rise as a replacement for silicon-based semiconductors because they can meet growing demands for improved power system efficiency, performance, and system cost.

Sizing and Forecast
The gallium nitride semiconductor devices market size has grown rapidly in recent years. It will grow from $8.82 billion in 2023 to $10.51 billion in 2024 at a compound annual growth rate (CAGR) of 19.1%.  The growth in the historic period can be attributed to increased government funding, emerging markets growth, increasing demand for semiconductor equipment, increased usage in automotives, increasing demand for consumer electronics.

The gallium nitride semiconductor devices market size is expected to see rapid growth in the next few years. It will grow to $19.81 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%.  The growth in the forecast period can be attributed to  rising use of gan-based components in defense industry, high proliferation of electric vehicles, increased venture capital funding, rising urbanization and increasing demand for portable electronic devices (ped). Major trends in the forecast period include gan 5g multi-modules, product innovation, technological advancement, application in electric vehicles (evs) and hybrid evs and increasing investment in semiconductor market.

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Segmentation & Regional Insights
The gallium nitride semiconductor devices market covered in this report is segmented –
1) By Component: Transistor, Diode, Rectifier, Power IC
2) By Device Type: Opto-Semiconductors, Power Semiconductors, RF Semiconductors
3) By Application: Automotive, Consumer Electronics, Defense And Aerospace, Healthcare, Industrial And Power, Information And Communication Technology, Other Applications
4) By Wafer Size: 2 Inch, 4 Inch, 6 Inch, 8 Inch

North America was the largest region in the gallium nitride semiconductor device market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gallium nitride semiconductor devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing demand for consumer electronics is expected to propel the growth of the gallium nitride semiconductor devices market. Gallium Nitride is 1,000 times quicker than silicon in terms of mobility. It is less expensive to produce than regular semiconductors, hence it is more widely used in consumer electronics. For instance, in January 2023, according to the annual financial report 2022 published by LG, a South Korea-based consumer electronics company, the sales for 2022 witnessed a growth of 12.9% compared to the previous year, when sales surpassed approximately $52.70 billion. Further, the LG Home Appliance & Air Solution Company also recorded another record-breaking year with a revenue of $22.5 billion in 2022, marking a 10.3% increase from the previous year. Therefore, the increasing demand for consumer electronics is driving the growth of the gallium nitride semiconductor devices market.

Key Industry Players
Major companies operating in the gallium nitride semiconductor devices market report are Texas Instruments Incorporated, Toshiba Corporation, Infineon Technologies AG, Fujitsu Limited, NXP Semiconductors N.V. ams-OSRAM AG, Wolfspeed Inc, Qorvo Inc., Panasonic Holdings Corporation, NTT Advanced Technology Corporation, Enkris Semiconductor Inc, Sanan Integrated Circuit, Navitas Semiconductor, Cypress Semiconductor Corp, ARM LTD, Renesas Electronics Corporation, Saankhya Labs, ASM Technologies, CDIL, Hyundai Electric, STMicroelectronics, Exagan, GaN Systems, UnitySC, Dialog Semiconductor Plc, Cree Inc., Efficient Power Conversion Corporation

The gallium nitride semiconductor devices market report table of contents includes:
1. Executive Summary
2. Gallium Nitride Semiconductor Devices Market Characteristics
3. Gallium Nitride Semiconductor Devices Market Trends And Strategies
4. Gallium Nitride Semiconductor Devices Market - Macro Economic Scenario
5. Global Gallium Nitride Semiconductor Devices Market Size and Growth
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32. Global Gallium Nitride Semiconductor Devices Market Competitive Benchmarking
33. Global Gallium Nitride Semiconductor Devices Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Gallium Nitride Semiconductor Devices Market
35. Gallium Nitride Semiconductor Devices Market Future Outlook and Potential Analysis
36. Appendix