According to Precedence Research, the compound semiconductor market size is expected to be worth around US$ 44.52 bn by 2027 with a CAGR of 6.2% from 2020 to 2027.
OTTAWA, June 30, 2021 (GLOBE NEWSWIRE) -- The global compound semiconductor market size was accounted US$ 32.5 bn in 2019. The compound semiconductor is formed as a result of linking two or more elements of the different or same group of the periodic table. It is manufactured by using deposition technologies that include chemical vapor deposition, atomic layer deposition, and many others. Compound semiconductors are referred as semiconductors that are made from two or more elements from different groups in the periodic table, and are synthesized using various deposition technologies. Devices made from semiconductors are an essential component of various electronic circuits, as they possess unique features such as high current & voltage holding capacity, high operational temperatures, wide band gap, and ability to generate microwave signals.
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Compound semiconductors offer significant performance advantages over silicon semiconductors that are highly essential for a growing range of technology applications. Compound semiconductors such as InP and GaAs can operate at speeds that have higher magnitudes compared to silicon. Additionally, compound semiconductors can receive and generate broad range of electromagnetic spectrum ranging from high frequency ultraviolet visible light to long wavelength infrared light. Other properties offered by the compound semiconductor material include communications (lasers and receivers for fiber-optics) and ability to sense and emit light in the form of general lighting (LEDs).
Growth Factors
Increasing demand for high speed and efficiency products has prominently driven the market growth for compound semiconductors in the recent past. Integration of high-end technologies such as artificial intelligence, machine learning, and Internet of Things (IoT) in the communication sector to enhance its performance is the other prime factor that boosts the market growth. Further, increasing usage of compound semiconductor in various electronic applications that include electronic wafer, film coatings, and integrated circuits expected to drive the market prominently over the next few years. Automotive industry has witness dramatic changes in the recent past due to rising advancement in the electronic products. Automotive innovations such as electric vehicle and autonomous cars have fulfilled the maximum required integration of semiconductor electronics in the automotive sector. The aforementioned factor fuels the market growth prominently.
However, high fabrication and material cost may hamper the market growth in the near future. The prices of compound semiconductor products are much higher as compared to silicon semiconductors due to complex manufacturing processes and usage of high-priced state-of-the-art equipment during fabrication.
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Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the compound semiconductor market and provides them information on key market drivers, restraints, challenges, and opportunities.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the compound semiconductor market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Report Highlights
- In 2020, the Asia Pacific captured maximum revenue share of nearly 52% in the global compound semiconductor market in 2019. In addition, the region analyzed to witness the highest growth over the forecast period. This is mainly due to the escalating demand of consumer electronic products along with significant penetration of wireless communication technologies in the region.
- North America and Europe are the other significant revenue contributors in the global compound semiconductor market. Their growth is mainly attributed to the escalating development of automotive and telecommunication sectors. Advent of electrification of vehicles, artificial Intelligence, and digitalization has significantly propelled the market growth in above mentioned regions.
- By application, IT & Telecom accounted for the major market value share of nearly 46% in 2020 and expected to witness substantial growth over the analysis period. This is attributed to rising demand for semiconductor elements in wireless and mobile communications. However, consumer electronics projected to register the most lucrative growth rate during the forecast period.
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Regional Snapshots
The Asia Pacific region is expected to dominate the compound semiconductor market and is projected to grow at the highest CAGR during the forecast period. Increasing demand for LEDs from various end-use applications, rising adoption of LTE & 5G networks would provide an opportunity for RF compound semiconductors, increasing importance of electric vehicles & HEVs would create opportunity for compound semiconductor power electronics. Also, the development of data centers in these countries by companies such as Google (US), Facebook (US), and Microsoft (US) is projected to fuel the demand for compound semiconductors.
Key Players & Strategies
The global compound semiconductor market is highly competitive and fragmented with the presence of numerous market players. These players are largely focused towards product development and enhancement to cater the rapidly changing consumer need. For instance, in May 2020, OSRAM launched a new 24V TEC Flex family that provides uniform illumination over a broad range of outdoor and indoor applications. TEC Flex Tunable White (TW) can be implemented for continuous modulation of color temperature ranging from 2700K to 6500K during maintenance of high color yield. Some of the market participants are also looking towards inorganic growth strategies such as merger & acquisition, partnership, and collaboration with other players in the value chain. For instance, in February 2020, Qorvo acquired Decawave, a Ireland-based company that is a pioneer in ultra-wideband (UWB) technology and offer UWB solutions for automobile, mobile, and IoT applications.
Some of the key players operating in the market are Nichia Corporation, Cree Inc., Qorvo, Samsung Electronics, Taiwan Semiconductor Manufacturing Company Ltd., STMicroelectronics NV, NXP Semiconductor N.V., Texas Instruments Inc., Renesas Electronics Corporation, and Infineon Technologies AG among others.
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