The global Gallium Nitride Semiconductor Devices Market is experiencing rapid growth, with a projected market size of $22.36 billion by 2029. This growth is driven by factors such as increased government funding, emerging markets growth, rising demand for semiconductor equipment, expanded usage in the automotive sector, and the growing demand for consumer electronics.
One of the key drivers of this growth is the surging demand for consumer electronics. Gallium Nitride, which offers significantly faster mobility than silicon, is also cheaper to produce, making it a popular choice for consumer electronics manufacturers. For example, LG, a leading consumer electronics company based in South Korea, reported a 12.9% growth in sales in 2022, surpassing $52.70 billion in revenue. The LG Home Appliance & Air Solution Company also achieved record-breaking revenue of $22.5 billion, marking a 10.3% increase from the previous year. This increasing demand for consumer electronics is fueling the expansion of the gallium nitride semiconductor devices market.
Key players driving the growth of the Gallium Nitride Semiconductor Devices Market include 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, and many more.
Notable trends in the Gallium Nitride Semiconductor Devices Market include the development of GaN 5g multi-modules, product innovation, technological advancements, increased application in electric vehicles (EVs) and hybrid EVs, and growing investments in the semiconductor market.
The global Gallium Nitride Semiconductor Devices Market is segmented by component (transistor, diode, rectifier, power IC), device type (opto-semiconductors, power semiconductors, RF semiconductors), application (automotive, consumer electronics, defense and aerospace, healthcare, industrial and power, information and communication technology, other applications), and wafer size (2 inch, 4 inch, 6 inch, 8 inch).
While North America currently leads the Gallium Nitride Semiconductor Devices Market, Asia-Pacific is expected to be the fastest-growing region in the forecast period. This region includes Western Europe, Eastern Europe, South America, the Middle East, and Africa.
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This article was originally published on openPR.