The global Gallium Nitride Power Device Market is estimated to be valued at US$ 345.33 Mn or Mn in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Gallium nitride (GaN) is a compound semiconductor possessing superior power switching and high temperature operation capabilities compared to silicon. GaN power devices are able to operate at higher temperature, voltage, frequency and power density along with higher efficiencies. With their compact size and ability to switch and amplify signals at microwave and millimeter-wave frequencies, GaN power devices have gained adoption in application across various industries such as consumer electronics, automotive, wireless power transmission, renewable energy and military & aerospace.
Market key trends:
Growth in electric vehicles industry is projected to drive the gallium nitride power device market growth over the forecast period. Gallium nitride (GaN) power devices are more efficient and compact than silicon-based semiconductors, making them well-suited for electric vehicle chargers and onboard battery chargers. GaN power devices can increase the driving range of electric vehicles by making chargers and power electronics more compact and efficient. Ongoing innovations to enhance GaN device performance along with declining production costs are further expected to increase their adoption in electric vehicles.
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Market key trends:
The Gallium Nitride Power Device market has been witnessing rising demand from various end-use industries such as automotive, consumer electronics, IT & telecommunication, utilities, etc. GaN power devices offer various advantages over silicon-based devices such as higher switching frequency, faster switching speed, better heat dissipation, smaller size, and lower loss. Owing to these benefits, the adoption of GaN power devices has increased over the past few years. Further, growing demand for electric vehicles and increasing investments in renewable energy sectors are expected to drive the growth of the GaN power device market during the forecast period.
SWOT Analysis
Strength: GaN power devices offer advantages such as higher switching frequency, faster switching speed, better heat dissipation, smaller size, and lower loss compared to silicon-based devices.
Weakness: High initial costs associated with GaN devices limit their adoption.
Opportunity: Growing electric vehicles industry and increasing renewable energy installations present an opportunity for market growth.
Threats: Availability of alternative silicon-based materials can hamper the adoption of GaN.
Key Takeaways
The global Gallium Nitride Power Device market is expected to witness high growth, exhibiting CAGR of 24% over the forecast period, due to increasing demand for EVs and renewable energy installations. Regional analysis The Asia Pacific region dominated the global Gallium Nitride Power Device market in 2023 and is expected to maintain its dominance over the forecast period. Rapid industrialization and presence of key players in the region are major factors driving the growth. Key players Key players operating in the Gallium Nitride Power Device market are Cree Inc., Efficient Power Conversion (EPC) Corporation, Infineon Technologies, GaN Systems Inc., Macom, Microsemi Corporation, Mitsubishi Electric Corporation, Navitas Semiconductor, Qorvo, Inc., and Toshiba Electronic Devices & Storage Corporation.
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