Market Leader - GaN Power Device Market
In this research report, the GaN power device market has been segmented on the basis of device type, voltage range, application, vertical, and geography. The market is expected to be worth USD 1,890.2 Billion by 2023, and register a CAGR of 29.1% between 2017 and 2023. The major factors driving the growth of the GaN power device industry include huge revenue generation from the consumer electronics and automotive verticals, wide bandgap property of GaN material encouraging innovation, success of GaN in RF-power electronics, and increasing adoption of GaN RF power device in military, defense, and aerospace vertical.
With the recent developments in 5G technology, it is most likely to be commercialized in the late 2020 or early 2021, mainly in developed economies such as the US, Germany, the UK, Japan, and South Korea. The spending on its infrastructure is likely to start approximately two years before its expected launch, which has been considered as 2019. Thus, 5G technology would have a positive impact on the telecommunications sector from 2019 and is expected to increase between 2021 and 2022, which, in turn, would boost the growth of the GaN power device market. In March 2016, Navitas Semiconductor (US) invented the industry’s first GaN power ICs that are capable of increasing the switching speed to a hundred times, with three times more energy savings.
The market for power devices is estimated to register the highest CAGR during the forecast period. This is attributed to its characteristics such as high breakdown voltage and low conduction resistance characteristics that enable high-speed switching and miniaturization. Moreover, the large total addressable markets such as power distribution systems, industrial systems, heavy electrical systems, turbines, heavy machinery, advanced industrial control systems, and electromechanical computing/computer systems, as well as several new power applications (clean-tech) such as high-voltage direct current (HVDC), smart grid power systems, wind turbines, wind power systems, solar power systems, and electric and hybrid electric vehicles are among the prime reasons for its faster growth.
Asia Pacific (APAC) is expected to hold the largest share of the GaN power device market during the forecast period owing to the growing demand for power devices in the industrial, computing, telecommunications, automotive and military, and aerospace and defense verticals in emerging Asian countries such as China, Japan, Taiwan, the Philippines, and India. Moreover, the EV charging and electric vehicle production markets, as well as increasing renewable energy generation are driving the growth of the GaN power device market in APAC.
Related Reports:
GaN Power Device Market by Device Type (Power, RF Power), Voltage Range, Application (Power Drives, Supply & Inverter, and RF), Vertical (Telecommunications, Consumer, Automotive, Military, Defense, Aerospace), and Geography - Global Forecast to 2023
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