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Gallium Nitride Market - A Global and Regional Analysis

Focus on Application, Substrate Type, and Country-Wise Analysis - Analysis and Forecast, 2021-2031

 
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The global gallium nitride market was valued at $270.00 million in 2020 and is expected to reach $2,956.03 million by 2031, growing at a CAGR of 24.65% between 2021 and 2031.

The top market players are Wolfspeed, Inc., Furukawa Co., Ltd., IQE PLC, Infineon Technologies AG, Mitsubishi Chemical Corporation, SOITEC, FUJITSU, Qorvo, Inc., Semiconductor Components Industries, LLC, American Elements, Taiwan Semiconductor Manufacturing Company Limited, DOWA Electronics Materials Co., Ltd., Kyma Technologies, Inc., Powdec K.K., Shanghai Famous Trade Co., Ltd.

Factors driving the growth of the gallium nitride market are GaN technology propelling the growth of electric vehicles efficiency, the continuous emergence of technologies in the GaN ecosystem, suitability of GaN in RF applications, increasing adoption of GaN RF semiconductor devices for defense and aerospace applications, and glass-like material and GaN holding the potential to sweep off silicon from the market.

Some of the main challenges restricting the growth of the gallium nitride market are higher efficacy of GaN alternatives such as silicon carbide for high-voltage semiconductor applications, and limited production of GaN may act as a hindrance to the growth of GaN.

The potential opportunities that are likely to boost the growth of the gallium nitride market are the potential use of GaN in 5G infrastructure development, and GaN technology strikes a ray of advancement for the space industry.

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