The global compound semiconductor market size was accounted USD 36.13 Billion in 2021 and it is expected to reach USD 60.07 billion by 2030, growing at a CAGR of 5.8% from 2022 to 2030.
The compound semiconductor produced by linking more than two elements of same or different group of the periodic table. Owing to increasing demand regarding application in mobile devices and electronic, it has outstanding growth during few past years. The compound semiconductor produced by using deposition technologies which comprise of atomic layer deposition, chemical vapor deposition, and others. Compound semiconductor owns unique properties such as X enhanced frequency, chemical vapor deposition, high band gap and faster optoelectronic and operation features are some of the key advantages propelling the demand of compound semiconductors in the forthcoming time period. Many vendors are now concentrating on technological advancement of compound semiconductor products by designing products which are application-specific at reasonable costs which are likely to contribute towards the growth of compound semiconductor market.
Scope of the Report
|Market Size in 2021
||USD 36.13 Billion
|Revenue Forecast By 2030
||USD 60.07 Billion
|Growth Rate from 2022 to 2030
||CAGR of 5.8%
||2022 to 2030
- Deposition Technology
- The power electronics products of the market are likely to foresee the highest CAGR during the forecast period. This is majorly attributed to the rising demand for GaN power and SiCsemiconductors in applications such as power supplies, electric and hybrid vehicles, and photovoltaic (PV) inverters. The market is propelled by rising sales of electric vehicles.
- Compound semiconductor devices are playing as a game-changersin the power supply industry. Compound semiconductors have reached numerous industries and verticals owing to the benefits it provides to the end-user industries. Utilizing these devices in UPS further facilitate in surge in power quality, size decrease, and reduction in charges. These provide different advantages compared with its hybrid and silicon counterparts. This is likely to propelthe power supply market for application during the forthcoming time period.
- The market in Asia-Pacific is likely to foresee the highest CAGR during the analysis period. Furthermore, this region presents myriad growth opportunities regarding the compound semiconductor device market due to the rising demand for such devices in various verticals, including military and automotive, telecommunication, and defense and aerospace in Asian countries such as Japan, India,China, Taiwan, and Philippines.
Future of Compound semiconductor Market
The growing usage of RF power in defense, military, and aerospace applications offers anmyriad growth opportunitiesfor the compound semiconductor market during the forthcoming time period. The usage of devices named as RF power in fields similar as radar and avionics systems is likely to help the market growth for aerospace and military applications. The usage of GaAs and InPto develop fresher and advanced products would fosters the growth of defense, military, and aerospace applications in market.
COVID-19 Impact Analysis:
- The recent COVID-19 pandemic is has adversly impact the global semiconductor industry.
- The entire supply chain was disrupted amid the pandemic owing to the limited supply of parts.
- The supply chain disruptions owing to various rules and restrictions related to movement and staying home in various parts around the world has further created a shortage of raw materials.
- In addition, Chinese suppliers further placed production lines on pauseand alsoclosed down various supply chains completely. Also, trade and legal restrictions, such as surge the shortage of required parts and sealed borders. Such disruptions in supply chain has disturbed the assembly of OEMs in North America and Europe.
- Further after the restriction were eased out and the condition were moving towards normalcy, the market is has further gained traction and will keep growing during the forecast period.
Key Developments in the Marketplace:
- In March 2020, the market player named Samsung Electronics also suspended its operations activities in South Korea and for around 1.5 month in India in March and April 2020 due to COVID-19 pandemic and its restriction policies.
- In March 2020, the key player Qorvo announced its guidance related to reduction for the first quarter of 2020 and the company further expects drop in revenue as the outbreak of COVID-19 was highly impacting the smartphone demand and supply more than expected.
- In April 2020, the key player named Skyworks suspended its Mexicali operations for a short time period and directed its staff in Mexico in order to follow the government’s regulations in order to stay unaffected with the novel corona virus. Furthermore, the company further stated that a prolonged suspension of the organization beyond April 30, 2020, is expected to create a demand-supply gap and thus is likely to impact its operating results.
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