The global GaN power devices market is expected to witness the entry of many new vendors in the near future on account of the attractive nature of this market, states Transparency Market Research (TMR) and it latest report. The market comprises several mid-level vendors as well as large vendors. Top players within the market are: Efficient Power Conversion Corporation, GaN Systems Inc., NXP Semiconductors N.V., Infineon Technologies AG, and Texas Instruments.
According to the report by TMR, the global GaN power devices market is expected to be worth US$1.4 bn by 2025. On the basis of component, the GaN power module segment is anticipated to show remarkable growth, expanding at a 19.5% CAGR between 2017 and 2025. This segment is expected to account for around 49.3% of the total GaN power devices market by 2025. On the basis of industry vertical, the consumer electronics segment is leading followed by the it and telecommunication sector, aerospace, and defence sectors. The automotive sector would particularly show considerable growth, expanding at a 20.5% CAGR between 2017 and 2025.
On the basis of geography, it is expected that Asia Pacific will emerge as an intimidating regional player in the market expanding at a whopping 19.9% CAGR from 2017 to 2025 and be worth US$520 mn by 2025, and lead in the market in terms of the most lucrative geographical segment. The growing market for smartphones will be one of the key factors for the growth of this market.
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One of the key factors boosting the growth of the global GaN power devices market is the burgeoning growth of the automotive industry. The increasing demand of electric vehicles in the automotive sector will be one of the primary draw drivers for the global gain power devices Market in the near future. Therefore the spotlight in which electric vehicles have come today on account of their environment benefits will definitely favour the GaN power device market. This is because GaN power devices provide high power density which helps in bridging the gap in the traditional automotive industry. The flourishing consumer electronic industry will continue to drive the growth prospects of the GaN power devices. An increase in the demand for GaN devices in commercial RF applications as well as for wireless charging will bolster the growth of this market.
The growing importance of solid battery support in developing regions and high penetration of smartphones will help GaN power devices to become an integral part of the smartphone industry. Since the smartphone industry is booming, the GaN power devices market will witness a positive outcome. The sales of GaN power devices will increase on account of a rise in the adoption of IoT as well as remote sensing technology in the consumer electronics sector. On the other hand the high procurement cost will act as a challenge. The processing complexity will also be a problem for the growth of the market.