Global Compound Semiconductor Market to Reach US$ 150.4 Billion by 2028, Stimulated by Rising Demand for EVs

According to the latest report by IMARC Group, titled “Compound Semiconductor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global compound semiconductor market size reached US$ 112.2 Billion in 2022.?A compound semiconductor is a single-crystal semiconductor material that contains two or more elements. It is widely available as gallium arsenide (GaAs), gallium nitride (GaN), silicon carbide (SiC), and indium phosphide (InP). It is resistant to heat, can emit and sense light, operates at lower voltages, and offers better temperature performance. It assists in enabling light generation, transmission, modulation, and detection on a single chip. It aids in providing direct energy bandgap, high breakdown electric fields, and high electron mobility. Besides this, it is beneficial in generating microwaves and providing high-speed processing. As a result, the compound semiconductor is employed in the information technology (IT) and telecom, aerospace and defense, automotive, electronics, and healthcare industries across the globe.   

Global Compound Semiconductor Market Trends:

At present, the rising demand for compound semiconductors in light-emitting diode (LED) applications represents one of the key factors contributing to the growth of the market. Besides this, the growing adoption of gallium arsenide (GaAs) compound semiconductors, as they provide enhanced performance while requiring less energy and physical space, is offering a favorable market outlook. Moreover, the increasing emergence of advanced technologies, such as machine learning (ML), artificial intelligence (AI), and the Internet of Things (IoT), in high-speed semiconductor devices is bolstering the growth of the market. In line with this, rising adoption of compound semiconductors in the automotive industry to manufacture electric vehicles (EVs) are offering lucrative growth opportunities to industry investors. Apart from this, the increasing utilization of compound semiconductors in the healthcare industry for imaging and producing surgical equipment is propelling the growth of the market. In addition, the escalating demand for compound semiconductors in the military and defense industry to construct radio frequency (RF) power devices and radar systems are strengthening the growth of the market. Moreover, the rising employment of compound semiconductors in the electronic industry in information displays and optical devices is supporting the growth of the market. Furthermore, the growing usage of compound semiconductors due to the increasing adoption of wireless communication technologies are positively influencing the market. Looking forward, the market value is projected to reach US$ 150.4 Billion by 2028, expanding at a CAGR of 4.9% during 2023-2028.  

Market Summary:

• Based on the type, the market has been segmented into III-V compound semiconductor (gallium nitride, gallium phosphide, gallium arsenide, indium phosphide, and indium antimonide); II-VI compound semiconductor (cadmium selenide, cadmium telluride, and zinc selenide); sapphire; IV-IV compound semiconductor, and others. At present, III-V compound semiconductor (gallium nitride, gallium phosphide, gallium arsenide, indium phosphide, and indium antimonide) dominate the market, holding the largest share. 
• On the basis of the product, the market has been segregated into power semiconductor, transistor, integrated circuits, diodes and rectifiers, and others. Power semiconductor currently represents the largest segment.
• Based on the deposition technology, the market has been classified into chemical vapor deposition, molecular beam epitaxy, hydride vapor phase epitaxy, ammonothermal, atomic layer deposition, and others. Presently, chemical vapor deposition exhibits a clear dominance in the market.
• On the basis of application, the market has been divided into IT and telecom, aerospace and defense, automotive, consumer electronics, healthcare, and industrial and energy and power. IT and telecom holds the largest market share.
• Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) enjoys the leading position in the market. 
• The competitive landscape of the market has also been examined, with some of the key players being Infineon Technologies AG, Microchip Technology Inc., Mitsubishi Electric Corporation, NXP Semiconductors N.V., onsemi, Qorvo Inc., Renesas Electronics Corporation, STMicroelectronics, Texas Instruments Incorporated, WIN Semiconductors Corp., Wolfspeed Inc.

Report Scope:

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