Global Compound Semiconductor Market Size Booming to Cross USD 65.3 Billion by 2029

Published | 03 May 2023

Global compound semiconductor market is flourishing because of a growing demand for compound semiconductors in various applications, increasing adoption of compound semiconductor-based devices in the automotive industry, and a spurring demand for compound semiconductor-based photovoltaic cells for power generation from solar energy.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global compound semiconductor market size at USD 41.5 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global compound semiconductor market size to grow at a CAGR of 6.7% reaching a value of USD 65.34 billion by 2029. Major growth factors of global compound semiconductor market include increasing demand for high-performance electronic devices across various applications, high adoption of LEDs and photovoltaics, and the rising demand for electric vehicles and renewable energy. The growing need for high-speed and energy-efficient electronic devices is increasing the demand for compound semiconductors. These semiconductors provide better performance than traditional silicon-based semiconductors and are widely used in power electronics, RF electronics, and optoelectronics applications. Additionally, the optoelectronics segment of the compound semiconductor market is experiencing growth due to the rising demand for LEDs and photovoltaics. LEDs are commonly used in lighting, automotive, and display applications, while photovoltaics are used to generate solar power. Furthermore, compound semiconductors like SiC and GaN offer exceptional performance and efficiency in power electronics applications, making them ideal for use in renewable energy systems and electric vehicles. This is driving the growth of the power electronics segment of the compound semiconductor market during the forecast period. However, excessive cost of production and limited availability of raw materials and complexity in manufacturing processes and challenges in achieving high yields are anticipated to restrain the growth of global compound semiconductor market.

Global Compound Semiconductor Market – Overview

Compound semiconductors are created by combining two or more elements from the periodic table using deposition techniques like atomic layer and chemical vapor deposition. They offer properties such as heat resistance, high frequency, magnetism sensitivity, optoelectronic features, and fast operation, making them highly desirable. The decreasing cost of manufacturing is driving the use of compound semiconductors in electronic and mobile devices. Their ability to emit and sense light, especially through LEDs and lasers, is contributing to their demand. LEDs have become more widely used due to cost reductions and government investment in infrastructure development and energy-efficient lighting sources.

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Impact of COVID-19 on Global Compound Semiconductor Market

The COVID-19 negatively impacted the global compound semiconductor market due to supply chain disruptions and factory shutdowns. This led to a decline in demand and production during the initial phase of the pandemic. However, the pandemic also spurred an increased demand for compound semiconductors in certain applications such as medical equipment and devices, remote working, and communication technologies. The adoption of technologies, such as telemedicine, distance learning, and remote working, has accelerated due to the pandemic, leading to a surge in demand for related electronic devices and equipment that use compound semiconductors. The demand for compound semiconductor-based optoelectronic devices used in barcode scanners, mobile payment terminals, and e-commerce platforms has also increased.

Global Compound Semiconductor Market – By Type

Based on type, the global compound semiconductor market is divided into Gallium Nitride (GaN), Silicon Carbide (SiC), Indium Phosphide (InP), and Gallium Arsenide (GaAs). The Gallium Nitride (GaN) segment held the highest market share. GaN is utilized in lighting and power transistor applications, as it has the capability to emit UV and visible light, along with withstanding high temperatures and voltages. GaN is being preferred by numerous firms due to its faster and easier production in comparison to silicon chips, among other benefits. GaN is gaining traction because of its ability to provide significantly enhanced performance across various applications while consuming less energy and physical space as opposed to traditional silicon technologies. Gallium nitride technologies have become critical in some applications, where silicon as a power conversion platform has reached its physical limits, while in others, the advantages of efficiency, switching speed, size, and high-temperature operation all combine to make GaN increasingly attractive.

Competitive Landscape

Major players operating in global compound semiconductor market include Cree, Inc., Qorvo, Inc., Taiwan Semiconductor Manufacturing Company Limited, Skyworks Solutions, Inc., Infineon Technologies AG, NXP Semiconductors N.V., Analog Devices, Inc., Broadcom Inc., Mitsubishi Electric Corporation, STMicroelectronics N.V., MACOM Technology Solutions Holdings, Inc., Renesas Electronics Corporation, Texas Instruments Incorporated, Broadcom Limited, and Samsung Electronics Co., Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Compound Semiconductor Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Compound Semiconductor Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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