The global market for sapphire substrates exhibits a largely fragmented and an intensely competitive vendor landscape, observes Transparency Market Research (TMR) in a recent report. The leading five companies collectively accounted for a nearly 30% of the market in 2015, while small- and medium-sized players held nearly 65% of the global market in the said year. Leading vendors in the market are focusing on collaborations to ease the level of competitive rivalry and expand their product portfolios and consumer bases. Geographical expansion and exploiting emerging regional markets are also increasingly being sought out as ways of achieving better growth opportunities in the market.
TMR analysts suggest that the global sapphire substrates market will exhibit a healthy 4.10% CAGR over the period between 2016 and 2024. Considering the numbers hold true, the market is expected to rise from a valuation of US$0.4 bn in 2015 to US$0.6 bn by 2024.
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Market in Asia Pacific to Outpace other Crucial Regional Market
Of the key areas of application for the global sapphire substrates market, including radio frequency integrated circuits, light emitting diodes, and laser diodes, the report states that the LED segment was attributable for a large share of the overall consumption in 2015. The segment is also expected to continue to hold prominence over the report’s forecast period.
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Geographically, the market in Asia Pacific is presently the leading contributor of revenue to the global sapphire substrates market. The regional market accounted for a massive 60% of the overall market and is expected to continue to have a stronghold on the global market over the report’s forecast period. Factors such as the presence of a large number of LED manufacturers, a well-established consumer electronics industry, and the presence of several semiconductor manufacturing facilities could bode well for the development of the region’s sapphire substrates market over the report’s forecast period.
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