Gallium Nitride Device Market Share and Size Forecast 2024-2032

According to a recent study titled "Gallium Nitride Device Market Size and Regional Forecast, 2024-2027" by Fortune Business Insights™, the global gallium nitride (GaN) device market is expected to experience significant growth due to the increasing demand for fast chargers worldwide. The global gallium nitride (GaN) device market size was USD 20.56 billion in 2019 and is projected to grow from USD 21.18 billion in 2020 to USD 39.74 billion in 2032 at a CAGR of 5.20% in the 2020-2032 period.

A list of all the prominent Gallium Nitride Device Market Key Players:

Infineon Technologies AG (Germany)

Efficient Power Conversion Corporation. (The U.S.)

EPISTAR Corporation (Taiwan)

GaN Systems (Canada)

MACOM (The U.S.)

Microsemi (The U.S.)

Mitsubishi Electric Corporation (Japan)

NICHIA CORPORATION (Japan)

Northrop Grumman Corporation (The U.S.)

NXP Semiconductors. (Netherland)

Qorvo, Inc (The U.S.)

Texas Instruments Incorporated. (The U.S.)

Toshiba Corporation (Japan)

Drivers & Restraints-

Expansion of Telecommunications Domain to Accelerate Growth

The demand for energy efficient GaN devices is surging rapidly owing to the expansion of the telecommunications domain. Most of the internet service providers are nowadays focusing on providing lower latency with optical cable wires, ubiquitous connectivity, and network with higher capacity. Apart from that, the rising utilization of GaN devices in the 5G infrastructure is likely to propel the gallium nitride device market growth in the near future. However, the high cost associated with the maintenance and development of gallium nitride devices may hinder growth.

Segmentation- Gallium Nitride Device Market

Opto-semiconductor Device Segment to Grow Rapidly Backed by Increasing Usage in Lasers

Based on device type, the opto-semiconductor device segment procured the highest gallium nitride device market share in 2019. This growth is attributable to their increasing usage in various aerospace applications, such as Light Detection and Ranging (LiDAR) and pulsed lasers. Besides, they are used in optoelectronics, LEDs, lasers, photodiodes, and solar cells.

Regional Insights- Gallium Nitride Device Market

High Demand for Wireless Devices to Favor Growth in Europe

Geographically, North America generated USD 7.38 billion in 2019 because of the presence of numerous prominent manufacturers, such as MACOM, Cree, Inc., Northrop Grumman Corporation, Efficient Power Conversion Corporation, Microsemi, and others in this region.

Europe, on the other hand, is anticipated to grow significantly on account of the rising demand for wireless devices in Germany, France, and the U.K. In Asia Pacific, the rising demand for gallium nitride devices from emerging nations, such as India and China would aid growth.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/gallium-nitride-gan-devices-market-103367

Competitive Landscape-

Key Companies Focus on Winning New Contracts to Intensify Competition

The global gallium nitride device market is highly fragmented with the presence of numerous reputed manufacturers. Most of them are focusing on achieving new contracts from significant governments, as well as private agencies to deliver their in-house products. Below are the two latest industry developments:

June 2020: Raytheon Missiles & Defense provided a contract worth USD 2.3 billion to the U.S. Missile Defense Agency (MDA). The latter will deliver seven GaN-based Army Navy/Transportable Radar Surveillance (AN/TPY-2) units. It is a part of the company’s Terminal High Altitude Area Defense (THAAD) system.

July 2019: Transphorm announced a new contract worth USD 18.5 million from the U.S. Department of Defense (DoD) Office of Naval Research (ONR). It includes a Base Program that is aimed at commercializing nitrogen polar GaN.