Compound semiconductor materials are advanced materials composed of elements from different groups in the periodic table. They exhibit unique properties such as high electron mobility, wide bandgaps, and high thermal conductivity. These materials are crucial in the production of optoelectronic devices, power electronics, and high-frequency devices. Compound semiconductor materials enable advancements in telecommunications, renewable energy, defense, and consumer electronics, contributing to the development of faster, more efficient, and compact electronic devices.
The compound semiconductor materials market size is predicted to be worth US$ 24.31 billion in 2023 and rise to US$ 69.02 billion by 2033. Initially, the global market was expanding at a CAGR of 9.1% from 2018 to 2022. Compound semiconductor materials with an extraordinarily high surface area to volume ratio are produced using nanotechnology in huge quantities. These materials, depending on their features, have a higher surface area and are employed in the creation and construction of electronic devices.
Data transactions have increased due to growing industrialization, which is fueling the expansion of the semiconductor market globally. Due to their strong radiation resistance, compound semiconductor materials are utilized in scientific applications, such as rocket and jumpsuit coatings. Over the anticipated period, this tendency is probably going to support market expansion.
The production of semiconductor devices for autos and cell phones makes extensive use of the technique. The amount of RF content used by smartphones is projected to increase as the telecom sector progresses toward the deployment of 5G connectivity, which leads to a rise in the need for compound semiconductor materials and devices.
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Key Takeaways
- In 2022, the United States was expanding at a share of 16.1% in the compound semiconductor materials market.
- The compound semiconductor materials market was significantly expanding, with a size of US$ 22.27 billion in 2022.
- In 2022, Australia was expanding at a 0.7% share in the compound semiconductor materials market.
- Due to the market’s enormous potential and the growing need for electrical vehicles, analysts expect it is likely to rise 1.09 times between 2022 and 2023.
- The market in China is anticipated to expand at an adequate CAGR of 12.1% by 2033.
- In 2022, Germany was expanding at a 4.2% share in the compound semiconductor materials market.
- In 2022, Japan was expanding at a 4% share in the compound semiconductor materials market.
- By 2033, it is anticipated that the United Kingdom market could expand at a respectable CAGR of 6%.
- Based on material type, the Gallium Nitride (GaN) is likely to lead the market with a share of 21.2% and continue to lead the market.
Critical Approaches Increasing Top Players’ Wealth
Businesses produce a variety of compound semiconductor materials, including silicon carbide, indium phosphide, gallium nitride, and gallium arsenide, among others. Also, they provide a range of goods that are used in a variety of industries, including telecommunications, automotive, aerospace, and defense. They include transistors, diodes, power amplifiers, and lasers, among others.
Players invest substantially in research and development to create new products and technologies in order to preserve their competitive edge in this highly competitive market. In order to diversify their product offerings and improve their market share, businesses are concentrating on strategic alliances and partnerships with other industry participants.
Key players
- IQE plc
- Sumitomo Electric Industries, Ltd.
- Nichia Corporation
- Samsung
- Qorvo Inc.
- Skyworks
- Shin-Etsu Chemical Co. Ltd.
- Freiberger Compound Materials GmbH
- Comptek Solutions Oy
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Recent Developments
- A strategic relationship between IQE plc and Porotech was established in May 2022. This alliance aims to scale, develop, and commercialize Porotech’s proprietary “PoroGaN” wafer technology.
- IQE and Global Foundries partnered strategically in October 2021. This long-term partnership’s primary goal is to develop gallium nitride on silicon technology for use in wireless and mobile infrastructure.
Compound Semiconductor Materials Market Key segments
By Material Type:
- Gallium Arsenide (GaAs)
- Gallium Nitride (GaN)
- Indium Phosphide (InP)
- Zinc Selenide (ZnSe)
- Silicon Carbide (SiC)
- Gallium Phosphorus (GaP)
- Aluminum Gallium Indium Phosphide (AlGaInP)
- Aluminum Gallium Arsenide (AlGaAs)
By Application:
- Laser
- Optical Fibers
- Photovoltaic Cells
- Optical Devices
- LED Epitaxial Wafers
- Power Amplifiers
- Others
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Future Market Insights, Inc. (ESOMAR-certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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