Penetration of 5G Multi-Chip Modules to Push Gallium Nitride Semiconductor Devices Market Past US$ 11.99 Bn by 2032
In the latest market report, Fact.MR explicates the key factors propelling the growth of the gallium nitride semiconductor devices market. It also comprehensively explains the key trends and opportunities & challenges through the leading segments including product, component, wafer size, end-use, and regions.
NEW YORK, March 16, 2022 /PRNewswire/ -- The overall sales of gallium nitride (GaN) semiconductor devices are estimated to reach US$ 1.23 Bn in 2022. The gallium nitride (GaN) semiconductor devices market is anticipated to reach US$ 11.99 Bn, registering staggering growth at 23% CAGR during the forecast period (2022-2032).
Growing demand for lower costs, higher energy efficiency, and faster device speed in industrial and power industry is projected to create prolific opportunities for gallium nitride semiconductor devices over the silicon devices.
Apart from this, gallium nitride is extensively used for reducing vehicle charging time, cost-effectiveness, and to boost driving range in electric vehicles. This is likely to boost the sales in automotive industry.
Increasing venture capital funding for the development and advancements of GaN technology across the automotive, consumer, industrial, and enterprise markets is another factor bolstering the sales in the market.
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For instance, Cambridge GaN Devices, a fabless semiconductor company, raised US$ 9.5 million in February 2021 in a Series A round. A slew of such initiatives is anticipated to aid the growth in the gallium nitride semiconductor devices market.
In addition to this, growing adoption of 5G multi-chip modules by various semiconductor companies for energy-efficient mobile networks is likely to drive the market in the coming years.
Demand for gallium nitride semiconductor devices in servo drives for robotics and motion control will further create growth prospects for the market.
Also, increased funding provided by the government bodies, defense, and aerospace industry in research & development (R&D) activities conducted in semiconductor companies is expected to spur the sales in the market.
Estimated Year Value (2022E)
US$ 1.23 Bn
Projected Year Value (2032F)
US$ 11.99 Bn
Global Growth Rate (2022-2032)
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Key players operating in the global gallium nitride semiconductor devices market are strengthening their global footprints by focusing capacity enhancements to gain a competitive edge in the market.
Key Companies Profiled by Fact.MR
More Valuable Insights on Gallium Nitride Semiconductor Devices Market
Fact.MR, in its report, offers a market analysis on the global gallium nitride semiconductor devices market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the gallium nitride semiconductor devices market with detailed segmentation as follows:
By Wafer Size
By End Use
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Key Questions Covered in the Gallium Nitride Semiconductor Devices Market Report
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