by GaN semiconductors offer significant advantages over conventional silicon or gallium arsenide semiconductors including high energy efficiency, high switching frequency, high temperature and high voltage capabilities and compact size. Due to these features, GaN semiconductors are increasingly used in power electronics applications such as wireless charging, fast charging stations, data centers and electric vehicles. With growing adoption of electric vehicles globally to reduce emissions, the demand for high-performance power electronic components is rising rapidly which is driving the growth of the GaN semiconductor market.
The global Gan Semiconductor Market is estimated to be valued at US$ 3.36 Bn in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Market key trends:
One of the key trends in the Global Gan Semiconductor Market Size is the growing adoption of GaN semiconductors in fast charging applications. GaN semiconductors allow building of compact and highly efficient fast chargers for smartphones and other consumer electronic devices. Their ability to operate at high frequencies enables building of smaller and lighter chargers. Major smartphone manufacturers are increasingly integrating GaN fast chargers with new models which is fueling the demand. Furthermore, with growing ubiquity of electric vehicles, there is a rising focus on developing ultra-fast charging stations which would require highly efficient power electronic components like GaN semiconductors. This is expected to hugely boost the adoption of GaN semiconductors over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as the Gan Semiconductor market requires high initial investments and an established supply chain and distribution network.
Bargaining power of buyers: The bargaining power of buyers is moderate as Gan Semiconductor are used across diverse industries. However, the availability of substitutes limits buyers power.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given the inorganic growth strategies by market players to strengthen their supply chain and control production.
Threat of new substitutes: The threat of new substitutes is high as R&D in materials science could provide improved alternatives to Gan in the long run.
Competitive rivalry: High as market players focus on expanding their product portfolio through innovations.
Key Takeaways
The global Gan Semiconductor market is expected to witness high growth, exhibiting CAGR of 26% over the forecast period, due to increasing demand for fast switching in power electronics. The market size for 2023 is US$ 3.36 Bn.
North America dominates the Gan Semiconductor market owing to the large presence of Gan Semiconductor manufacturers and original equipment manufacturers (OEMs) in the US. Asia Pacific exhibits the fastest growth in the market led by increasing proliferation of consumer electronics in China, South Korea, Japan and India.
Key players operating in the Gan Semiconductor are Infineon Technologies AG, Cree, Inc., Qorvo, Inc., and Efficient Power Conversion Corporation (EPC). Infineon Technologies AG leads the market with over 25% share in Gan Semiconductor revenues through wide product portfolio and strategic collaborations. Cree, Inc focuses on materials innovations while Qorvo, Inc has a competitive advantage in RFGan devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
