The global GaN semiconductor devices market depicts the presence of a highly consolidated and competitive vendor landscape, mainly due to the presence of a handful of players. In 2015, about 65% of the market’s share was held by four companies, consequently portraying the existence of a consolidated competitive landscape. These four companies are: Efficient Power Conversion Corporation, NXP Semiconductors N.V., GaN Systems Inc., and Cree Inc. Apart from these companies, the global GaN semiconductor market also showcases the presence of other players such as Fujitsu Limited, Avogy, Inc., Renesas Electronics Corporation, Toshiba Corporation, Everlight Electronics Co., and Mersen S.A.
Competition is tough and is expected to further intensify as more players are projected to enter the global GaN semiconductor devices market during the forthcoming years. Many businesses working in this market are focusing on mergers and acquisitions as key strategies, in order to gain extensive revenue. Enhancing product portfolio, bringing about geographical expansion, and increasing capacity of GaN semiconductor production are other important strategies that are implemented by most organizations operating in the global GaN semiconductor devices market.
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This market is anticipated to gain a growth of US$3438.4 mn by 2024, which has been a splendid increase from an initial revenue of US$870.9 mn gained in 2016. This growth is projected to occur at a stellar CAGR of 17.4% during the forecast period that ranges from 2016 to 2024.
High Preference of GaN Semiconductors Compared to their Alternatives Stokes Growth
A highly burgeoning automotive sector presents an extensive potential for the global GaN semiconductor devices market. This is mainly due to the extensive use of the semiconductor devices in various automobiles, especially those fitted with LiDAR systems. With self-driving cars, wireless charging, and other technologies existing just around the corner for commercial and private use, the number of GaN semiconductor devices utilized will increase, consequently proving beneficial to the market.
Chips made from GaN are highly preferred compared to the alternatives, as the former are characterized by high stability, high resistance to temperature and pressure, low power consumption, high breakdown voltage, and high electronic mobility. Such a preference coupled with the ability of GaN semiconductors to cause least harm to the environment also has caused the global GaN semiconductor market to gain boundless pace. With widespread advancements occurring in many sectors such as military and defense, automobile, retail, industrial electronics, and others, the global GaN semiconductor market is expected to perform phenomenally in the next few years.
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High Costs of Manufacturing Devices Stunts Market’s Reach
However, high costs required for manufacturing gallium nitride semiconductor devices makes it substantially expensive for companies having less disposable income to establish themselves in the market. This could cause them settle on alternatives, consequently hindering the global GaN semiconductor devices market’s growth. Lack of raw materials in several remote and underdeveloped regions needed to produce the semiconductors is also restraining the market from a regional perspective. Nevertheless, some organizations are expected to introduce cost effective solutions, which may considerably reduce effects of restraints affecting the global GaN semiconductor devices market in the near future.