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Market Analysis
The global compound semiconductor market will touch USD 68.62 billion at an 8.1% CAGR by 2030, as per the recent Market Research Future report.
Key Players
Eminent industry players profiled in the global compound semiconductor market report include
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Drivers
Increasing Usage in LEDs to Boost Market Growth
One of the chief drivers of the compound semiconductor industry’s expansion is the rising use of compound semiconductors in LEDs. Halogen bulbs and other traditional lighting sources are being replaced by LEDs. There is a huge need for fluorescent & incandescent lighting in both household and business settings. Additionally, LEDs are frequently employed in the automobile sector since they provide brighter illumination than conventional lighting. The compound semiconductor sector is projected to gain from the growing use of LED lighting.
Opportunities
Growing Demand in Data Centers to offer Robust Opportunities
Compound semiconductor demand in data centers is driving market expansion. Transceivers are often used in data centers to send and receive communications. Compound semiconductors are used in transceivers to increase their speed. In the upcoming years, increasing demand for the high-speed transceivers is projected to drive market growth.
Restraints and Challenges
Shortage of Raw Materials to Remain Market Restraint
The shortage of raw materials, complicated manufacturing procedures, and surging wafer production costs may act as market restraints over the forecast period.
Market Segmentation
The global compound semiconductor market is bifurcated based on application, product, group, and type.
By type, GaN will lead the market over the forecast period.
By group, group III-V will domineer the market over the forecast period.
By products, power electronics will spearhead the market over the forecast period.
By application, telecommunication will spur the market over the forecast period.
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COVID-19 Analysis
Due to a major impact on key participants in the supply chain, the COVID-19 epidemic will have a significant influence on the growth of the market in 2020. However, one of the prime reasons boosting the market expansion in the COVID-19 pandemic is the increase in need for compound semiconductors like transistors, power semiconductors, and integrated circuits solutions across chief sectors. Rather, the COVID-19 epidemic caused a number of challenges for the industry, including a dearth of competent workers & delays/cancellations of projects owing to partial or total lockdowns throughout the world. Additionally, this market opportunity for compound semiconductors post COVID-19 will be strengthened by the spike in need for industrial & consumer electronics solutions.
Regional Analysis
APAC to Head Compound Semiconductor Market
In terms of revenue in 2021, APAC accounted for the highest portion for an increase in the consumer electronics manufacturing demand and high product penetration. Because of the area’s fast urbanization and rising disposable income, it is predicted that consumer electronics will continue to increase in the area. It was also looked at which region saw the greatest growth over the predicted period. Wireless communication technologies indeed are becoming more widely used, and consumer devices are in greater demand. Modern technologies provide great potential for expansion in the area, and changing consumer tastes towards innovative and creative solutions have greatly driven recent regional growth & are predicted to continue doing so in the future.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
