The GaN power device market was valued at USD 327.3 Million in 2016 and is expected to reach USD 1,890.2 Million by 2023, at a CAGR of 29.1% during the forecast period. The base year considered for the study is 2016 and the forecast period is between 2017 and 2023. The objective of the report is to provide a detailed analysis of the market on the basis of device type, voltage range, application, vertical, and geography.
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According to the new market research report on the "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", this market is expected to be worth USD 1,890.2 Million by 2023 from USD 408.3 Million in 2017, at 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 verticals.
Browse 70 market data Tables and 51 Figures spread through 170 Pages and in-depth TOC on "GaN Power Device Market - Global Forecast to 2023"
Power device to grow at the highest rate during the forecast period
GaN power device market for power devices is estimated to register the highest CAGR during the forecast period.
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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.
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Telecommunications expected to hold the largest market share by 2023
The telecommunications vertical is expected to hold the largest share of the GaN power device market during the forecast period. 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 the demand for 5G technology is expected to increase between 2021 and 2022, which, in turn, would boost the growth of the GaN power device market.
APAC likely to hold the largest share of the GaN power device market during the forecast period
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.
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The report also profiles the most promising players in the GaN power device market. The competitive landscape of the market presents an interesting picture of the strategies adopted by a large number of players.
The key players in this industry are Cree (US), Qorvo (US), MACOM (US), Microsemi Corporation (US), Analog Devices US), Efficient Power Conversion (US), Integra Technologies (US), Transphorm (US), Navitas Semiconductor (US), Texas Instruments (US), Sumitomo Electric (Japan), Northrop Grumman Corporation (US), Qromis (US), Polyfet (US), TOSHIBA (Japan), Sumitomo Electric (Japan), Mitsubishi Electric (Japan), Panasonic (Japan), GaN Systems (Canada), VisIC Technologies (Israel), GaNPower (Canada), Infineon (Germany), Exagan (France), Ampleon (Netherlands), and EpiGaN (Belgium).
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