Compound Semiconductor Market Analysis
The global compound semiconductor market is likely to touch USD 4,465.2 million at a 6.53% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. A compound semiconductor, simply put, is a semiconductor that is composed of elements from two or more different groups of the periodic table, and is synthesized through deposition technologies.
Various factors are fuelling the global compound semiconductor market share. As per the recent MRFR market estimates, such factors include the growing investments in the development of electric cars, rising government initiatives for adoption of 5G, growing need for high-speed transceivers in the data center, increasing demand and implementation of SiC and GaN in the semiconductor industry, high use of compound semiconductors in LED applications, and growing demand in aerospace, defense, and military.
On the contrary, design complexity and high fabrication and material costs may limit the global compound semiconductor market growth over the forecast period. Besides, the impact of the COVID-19 pandemic owing to disruption of supply chain, limited supply of parts, halt or shut down of production lines, shortage of required parts, and trade and legal restrictions may also limit market growth.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global compound semiconductor market based on application, product, and type.
By type, the global compound semiconductor market is segmented into Indium Antimonide (InSb), Gallium Phosphide (GaP), Silicon Germanium (SiGe), Indium Phosphide (InP), Silicon Carbide (SiC), Gallium Arsenide (GaAs), Gallium Nitride (GaN), and others. The others segment include Mercury Cadmium Telluride (MCT), Cadmium Zinc Telluride (CdZnTe), Aluminum Indium Arsenide (AlInAs), Zinc Selenide (ZnSe), Cadmium Telluride (CdTe),and Cadmium Selenide (CdSe). Of these, the silicon carbide (SiC) segment will lead the market over the forecast period while the Gallium Nitride (GaN) segment will grow at a high CAGR.
By product, the global compound semiconductor market is segmented into power electronics, RF devices, and optoelectronics. The optoelectronics segment is again segmented into photovoltaic cells, optocouplers, laser diode, image sensors, and LED. The RF devices are again segmented into RF switching and RF power. The power electronics segment is again segmented into power IC, power modules, transistor, and diode. Of these, the optoelectronics segment will dominate the market over the forecast period while the LED segment will grow at the highest CAGR.
By application, the global compound semiconductor market is segmented into consumer display, automotive, aerospace and defense, telecommunication, lighting, and others. Of these, the lighting segment will spearhead the market over the forecast period while the telecommunication segment will grow at a high CAGR.
Key Players
The notable players profiled in the global compound semiconductor market report include ON Semiconductor (US), NXP Semiconductors NV (Netherlands), Mitsubishi Electric Corporation (Japan), Infineon Technologies AG (Germany), GaN Systems, Inc. (Canada), Cree Inc. (US), Skyworks Solutions, Inc. (US), Qorvo, Inc. (US), AMS AG (Austria), Samsung Electronics (South Korea), and Nichia Corporation (Japan), among others.
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Regional Analysis
By region, the global compound semiconductor market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will remain domineer in the market over the forecast period. The presence of high-tech technology, the presence of a developed infrastructure, the presence of leading companies, the growing need for high speed internet, the need to maintain data traffic in two-way communication, incorporation of technological advances in the product portfolio, and increased disbursements of enterprises in RD are adding to the global compound semiconductor market growth in the region.
In the APAC region, the global compound semiconductor market is predicted to grow at a fast pace over the forecast period. Commercialization of 5G services in major countries coupled with the increasing demand from various industries such as defense, automotive and aerospace, and telecommunication are adding to the global compound semiconductor market growth over the forecast period.