Compound Semiconductor Market Forecasts to 2028 - Global Analysis By Type (Gallium Phosphide (GaP), Gallium Nitride (GaN), Indium Phosphide (InP), Silicon Germanium (SiGe), Silicon Carbide (SiC), Gallium Arsenide (GaAs)), Product (Power Electronics, Optoelectronics, Light Emitting Deode (LED), RF Devices), Application(Datacom, General Lighting, Consumer Devices, Telecommunication, Power Supply, Other Applications), and Geography
Estimated Year Value (2022)
US $112.2 BN
Projected Year Value (2028)
US $167.4 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Compound Semiconductor Market is accounted for $112.2 billion in 2022 and is expected to reach $167.4 billion by 2028 growing at a CAGR of 6.9% during the forecast period. A compound semiconductor is a semiconductors made up of at least two different species of chemical elements. These are produced utilising a variety of deposition methods, including chemical vapour deposition, atomic layer deposition, and others.
According to the US Department of Energy (DOE), LED lights use about 75-80% less energy than traditional incandescent light bulbs and about 65% less energy than halogen bulbs.
Rising integration of the Internet of things (IoT) in various applications
The business for compound semiconductor is expanding as a result of the increasing adoption of the Internet of Things (IoT) in numerous applications. The emergence of smart homes and smart buildings is accelerating the combination of compound semiconductors to improve the functionality and operational effectiveness of many components, hence fueling industry growth. They also make sensors more effective at gathering operational data and enabling automation, which is why they are being used in smarter buildings and houses. By offering embedded security solutions, they also shield infrastructure from cyber attacks, fostering the development of the compound semiconductor sector.
High raw material and fabrication costs
Compound semiconductors have high raw material as well as fabrication costs, which can restrain market expansion. Due to the rising demand for chips in automobiles, laptops, and other electronic gadgets, semiconductor manufacture is expensive. The lack of factories to manufacture the chips is the primary cause of the scarcity.
The utilization of compound semiconductors like gallium nitride (GaN) as silicon carbide is growing as a result of the introduction of 5G technology and the rapid expansion of the internet (SiC). Additionally, the sector is expanding due to the usage of compound semiconductors as a replacement for silicon-based materials as a result of the worldwide semiconductor shortage. Compound semiconductors are utilised more frequently in a variety of electronic components because they offer high temperature, high pressure resistance, and high efficiency. This is stimulating the growth of the business by boosting the applications for compound semiconductor.
Complexities of compound semiconductor
The expansion of the market would be hampered by the complexity of compound semiconductor manufacturing. Compound semiconductors are produced using intricate processes that call for sophisticated machinery and highly qualified staff. The exponential development of a narrow semiconductor layer, washing and lithography, ion implantation, and the deposition of metallic conductors are a few of the phases in the manufacturing process. These procedures need to be carefully managed because one step of the process can affect the ones that follow. Making compound semiconductor components in within limitations of the typical production process also calls for a high level of knowledge. These difficulties are limiting the market's expansion.
Global markets are seeing extraordinary shifts as a result of the COVID 19 outbreak. During this time, there are more losses and difficulties. Operations in the sector are being hampered by supply chain problems. Few strong significant firms dominate the market for compound semiconductors. However, one of the key reasons driving the market expansion during the COVID-19 pandemic is the increase in the demand for compound semiconductors also including power semiconductors, transistors, and integrated circuits (ICs) solutions across key sectors. Instead, the COVID-19 epidemic caused a number of challenges for the market, including a shortage of competent workers and delays or cancellations of development due to complete or partial lockdowns around the world.
The Silicon Carbide (SiC) segment is expected to be the largest during the forecast period
The Silicon Carbide (SiC) segment is estimated to have a lucrative growth, due to its widespread application in power discrete components and devices including MOSFETs, junction field effect transistors (JFETs), and Schottky barrier diodes. SiC can function at greater temperatures and voltages and has a larger bandgap than other compound semiconductors (up to 1,200 V). SiC is so anticipated to be utilised in high-power applications. Electric vehicles, wireless charging, and power supplies all employ SiC.
The Power Supply segment is expected to have the highest CAGR during the forecast period
The Power Supply segment is anticipated to witness the fastest CAGR growth during the forecast period. In the field of power supplies, compound semiconductors are revolutionising the industry. Compound semiconductors have proliferated across many sectors and industries as a result of the advantages they provide to end-user organisations. GaN and SiC devices can be used in the double-conversion manner while maintaining strong efficiency. These components can be used in UPSs to reduce size, enhance power quality, and save money. These have various benefits over silicon and hybrid competition. Although hybrid components based on compound semiconductors can minimise power loss by up to 46% and full GaN-based UPS devices can minimise power loss by up to 100%, conventional silicon insulated-gate bipolar transistors (IGBTs) offer no advantage over power loss.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period. Rapid urbanisation, the presence of more automakers, and the rising demand for semiconductors from the aerospace, electronics, and other end-user industries are some of the reasons contributing to the regional market's expansion. Asian nations are making significant investments in the defence industry to update their machinery with cutting-edge technologies. As industrial automation has increased, so has the use of computers and other devices for the effective and efficient control of processes. Compound semiconductor devices are crucial because they can withstand high temperatures and voltages.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the area boasts a wide range of providers of raw materials in addition to low labour prices. In order to meet stringent high-performance, high-power, and long-life cycle requirements, gallium nitride technology is swiftly being deployed in radar, electronic warfare, and communication systems in the defence industry, thus replacing lateral MOSFET components. The Asia Pacific region is most likely to dominate the compound semiconductor market because the bulk of industry vendors are situated in South Korea, China, and Taiwan. Compound semiconductor devices, which can withstand high voltages and temperatures, are essential for ensuring effective power consumption in smaller applications.
Key players in the market
Some of the key players profiled in the Compound Semiconductor Market include Toshiba Corporation, Broadcom Inc., NXP Semiconductors N.V., Texas Instruments Inc., International Quantum Epitaxy Plc., Taiwan Semiconductor Manufacturing Company Ltd., International Quantum Epitaxy PLC, Qorvo Inc., Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., Skyworks Solutions, Inc., OSRAM, Qualcomm Inc. and Sony Group Corp.
In May 2021, OSRAM, and ams subsidiary, introduced the OSRAM 24V TEC Flex family, which provides homogeneous illumination for a variety of indoor and outdoor applications. TEC Flex Tunable White (TW) can be utilized to maintain a high color yield while continually adjusting the color temperature from 2700 K to 6500 K.
• Gallium Phosphide (GaP)
• Gallium Nitride (GaN)
• Indium Phosphide (InP)
• Silicon Germanium (SiGe)
• Silicon Carbide (SiC)
• Gallium Arsenide (GaAs)
• Other Types
• Power Electronics
• Light Emitting Deode (LED)
• RF Devices
• Other Products
• General Lighting
• Consumer Devices
• Power Supply
• Military, Defense, and Aerospace
• Consumer Display
• Other Applications
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Competitive Benchmarking
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Compound Semiconductor Market, By Type
5.2 Gallium Phosphide (GaP)
5.3 Gallium Nitride (GaN)
5.4 Indium Phosphide (InP)
5.5 Silicon Germanium (SiGe)
5.6 Silicon Carbide (SiC)
5.7 Gallium Arsenide (GaAs)
5.8 Other Types
6 Global Compound Semiconductor Market, By Product
6.2 Power Electronics
6.4 Light Emitting Deode (LED)
6.5 RF Devices
6.5.1 RF Switching
6.5.2 RF Power
6.5.3 Other RF Devices
6.6 Other Products
7 Global Compound Semiconductor Market, By Application
7.3 General Lighting
7.4 Consumer Devices
7.6 Power Supply
7.7 Military, Defense, and Aerospace
7.8 Consumer Display
7.11 Other Applications
8 Global Compound Semiconductor Market, By Geography
8.2 North America
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.5 Other Key Strategies
10 Company Profiling
10.1 Toshiba Corporation
10.2 Broadcom Inc.
10.3 NXP Semiconductors N.V.
10.4 Texas Instruments Inc.
10.5 International Quantum Epitaxy Plc.
10.6 Taiwan Semiconductor Manufacturing Company Ltd.
10.7 Qorvo Inc.
10.8 Mitsubishi Electric Corporation
10.9 Samsung Electronics Co. Ltd.
10.10 Skyworks Solutions, Inc.
10.12 Qualcomm Inc.
10.13 Sony Group Corp.
List of Tables
1 Global Compound Semiconductor Market Outlook, By Region (2020-2028) ($MN)
2 Global Compound Semiconductor Market Outlook, By Type (2020-2028) ($MN)
3 Global Compound Semiconductor Market Outlook, By Gallium Phosphide (GaP) (2020-2028) ($MN)
4 Global Compound Semiconductor Market Outlook, By Gallium Nitride (GaN) (2020-2028) ($MN)
5 Global Compound Semiconductor Market Outlook, By Indium Phosphide (InP) (2020-2028) ($MN)
6 Global Compound Semiconductor Market Outlook, By Silicon Germanium (SiGe) (2020-2028) ($MN)
7 Global Compound Semiconductor Market Outlook, By Silicon Carbide (SiC) (2020-2028) ($MN)
8 Global Compound Semiconductor Market Outlook, By Gallium Arsenide (GaAs) (2020-2028) ($MN)
9 Global Compound Semiconductor Market Outlook, By Other Types (2020-2028) ($MN)
10 Global Compound Semiconductor Market Outlook, By Product (2020-2028) ($MN)
11 Global Compound Semiconductor Market Outlook, By Power Electronics (2020-2028) ($MN)
12 Global Compound Semiconductor Market Outlook, By Optoelectronics (2020-2028) ($MN)
13 Global Compound Semiconductor Market Outlook, By Light Emitting Deode (LED) (2020-2028) ($MN)
14 Global Compound Semiconductor Market Outlook, By RF Devices (2020-2028) ($MN)
15 Global Compound Semiconductor Market Outlook, By RF Switching (2020-2028) ($MN)
16 Global Compound Semiconductor Market Outlook, By RF Power (2020-2028) ($MN)
17 Global Compound Semiconductor Market Outlook, By Other RF Devices (2020-2028) ($MN)
18 Global Compound Semiconductor Market Outlook, By Other Products (2020-2028) ($MN)
19 Global Compound Semiconductor Market Outlook, By Application (2020-2028) ($MN)
20 Global Compound Semiconductor Market Outlook, By Datacom (2020-2028) ($MN)
21 Global Compound Semiconductor Market Outlook, By General Lighting (2020-2028) ($MN)
22 Global Compound Semiconductor Market Outlook, By Consumer Devices (2020-2028) ($MN)
23 Global Compound Semiconductor Market Outlook, By Telecommunication (2020-2028) ($MN)
24 Global Compound Semiconductor Market Outlook, By Power Supply (2020-2028) ($MN)
25 Global Compound Semiconductor Market Outlook, By Military, Defense, and Aerospace (2020-2028) ($MN)
26 Global Compound Semiconductor Market Outlook, By Consumer Display (2020-2028) ($MN)
27 Global Compound Semiconductor Market Outlook, By Automotive (2020-2028) ($MN)
28 Global Compound Semiconductor Market Outlook, By Commercial (2020-2028) ($MN)
29 Global Compound Semiconductor Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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