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The compound semiconductor market is driven by various factors, such as increase in government and stakeholder funding, rise in demand and implementation of GaN and SiC in the semiconductor industry, and high use of compound semiconductors in LED applications. The compound semiconductor market is expected to grow from USD 37.2 billion in 2019 to USD 53.0 billion by 2024, at a CAGR of 7.3%.
The compound semiconductor market comprises major players, namely, Nichia (Japan), Samsung Electronics (South Korea), OSRAM (Germany),Qorvo (US), Skyworks (US), Cree (US),GaN Systems (Canada), Infineon (Germany), Mitsubishi Electric (Japan), NXP Semiconductors (Netherlands), ON Semiconductor (US), Analog Devices (US), Broadcom (US), Efficient Power Conversion (US),Lumentum (US),NeoPhotonics (US),San’an Optoelectronics (China),and STMicroelectronics (Switzerland).
Power electronics possess high growth rate in the compound semiconductor market during the forecast period. This is mainly due to increasing demand for SiC and gallium nitride (GaN) power semiconductors in applications such as hybrid and electric vehicles, power supplies and photovoltaic (PV) inverters. The market is driven by increasing sales of hybrid and electric vehicles. China is among the potential country for this market with demand for Schottky barrier diodes, MOSFETs, junction gate field-effect transistors (JFETs), and other SiCdiscretes.
The Compound Semiconductor Market report defines, describes, and forecasts the compound semiconductor market based ontype, product, application, and geography. Increasing demand for both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) will increase significantly in the coming years as governments of various countries aim to reduce air pollution. China, India, France, and other countries have already announced plans to ban cars with internal combustion engines in the coming decades, replacing them with cleaner vehicles. It results in high growth potential for compound semiconductor-based power electronics.
Power supply and automotive is expected to grow at a higher rate than other applications. This is mainly due to the increasing importance of GaN and SiC devices in the power electronics market. SiC-based power devices can operate at higher temperatures with higher thermal conductivity, higher breakdown voltage at lower on-stage resistance, faster switching speed, lower conduction and switching on-state loss. GaN is also gaining importance in power electronics. Many players are taking efforts to introduced GaN devices. For instance, Power Sphyr, and GaN Systems have entered a strategic agreement to bring GaN-based wireless power systems to market for high powered applications across consumer, industrial, and automotive sectors worldwide.
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Automotive is the fastest growing application for SiC power devices including growth for segments such as charging infrastructure and EV/HEV. Increasing adoption of EV/EHV is driven by factors such as favorable government policies and subsidies, heavy investments from automakers in EVs, growing concern about environmental pollution, and increased vehicle range per charge. China is among the most important countries for the growth of the EV market. Hence, the growth of the EV market opens doors for GaN and SiC power electronics, which further provides opportunities for SiC and GaN players.
APAC is the leading market for compound semiconductors. APAC has become a global focal point for large investments and business expansions, thereby providing opportunities for compound semiconductors in consumer devices, general lighting, and commercial applications. Growing adoption of compound semiconductor telecommunications and lighting devices in this region would lead to high demand for compound semiconductors. From the industry perspective, APAC has high growth in industry activities in terms of growing number of foundries, wafer, and fabrication, assembly, testing, and packaging facilities in several Asian countries such as China, Taiwan, and South Korea.Telecommunication and general lighting applications currently dominate the market in APAC; however, power supply and automotive are the fastest growing application for the compound semiconductor market in APAC.
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In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the compound semiconductor market place.
- By Company Type, Tier 1=50%, Tier 2= 29%, and Tier 3=21%
- By Designation, C-Level Executives=62%, Directors=25%, and Others=13%
- By Region, North America=33%, Europe=12%, APAC=45%,and RoW =10%
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