Compound Semiconductor Global Market Report 2024

The compound semiconductor market size has grown strongly in recent years. It will grow from $73.91 billion in 2023 to $80.67 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historic period is primarily driven by various factors. These include the expanding renewable energy sector, the utilization of compound semiconductors in military and defense applications, meeting the requirements for industrial automation, advancements in the medical device industry, and the progression of automotive electronics. These areas have significantly contributed to the growth and utilization of compound semiconductors in diverse sectors.

The compound semiconductor market size is expected to see strong growth in the next few years. It will grow to $113.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period is expected due to several contributing factors. These include advancements in space and satellite technology, innovative developments in medical devices, the changing landscape of automotive technology, integration of AI and machine learning, and the expanding growth of IoT and wearable technologies. Major trends forecasted include the rise in demand for 5G technology and connectivity, the ongoing revolution in electric vehicles (EVs), the increasing significance of data centers and cloud computing, the expansion of renewable energy, and advancements in optoelectronics. These trends are expected to significantly influence the trajectory of compound semiconductor applications across various industries.

The compound semiconductors market is poised for substantial growth, driven by the robust expansion of the electronics industry. The demand for electrical components and consumer electronics has surged, necessitating the use of compound semiconductors in the production of chips and microchips for electronic devices. In the UK, for instance, mobile connections have reached 71.8 million, surpassing the population by 4.2 million and experiencing a 3.8% increase from 2021. The projections indicate that around 95% of the expected 68.3 million UK population by 2025 will own smartphones, highlighting the growing significance of compound semiconductors in the thriving electronics market.

The compound semiconductor market is set to benefit from the rapid growth of electric vehicles (EVs). As the electric car market expands globally, compound semiconductors play a pivotal role in enhancing power efficiency and facilitating high-performance electronics for energy conversion and control in EVs. A report from the International Energy Agency notes that global electric car sales exceeded 10 million in 2022, constituting 14% of overall car sales. The transition to EVs underscores the increasing demand for compound semiconductors to support cutting-edge technologies in the automotive sector.

The compound semiconductor market is witnessing a significant trend of product innovations, with major companies focusing on developing advanced solutions to bolster their market positions. For instance, Qorvo, a leading provider of RF solutions, launched a groundbreaking 100-watt L-band GaN-on-SiC power amplifier module in August 2022. This innovative product, the QPA2511, stands out with features such as integrated two-stage amplification, delivering a remarkable 60% power-added efficiency in a circuit size 70% smaller than comparable systems. The emphasis on product innovation reflects the commitment of industry players to address evolving market needs and maintain a competitive edge.

Major players in the compound semiconductors market are spearheading advancements in power systems by leveraging technologies such as gallium nitride (GaN). Gallium Nitride technology, utilizing the compound gallium nitride for electronic device fabrication, is at the forefront of addressing the escalating demand for high-performance and integrated power systems. For instance, Navitas Semiconductor, a leading US-based next-gen power-semiconductor company, introduced its GaNSense Control ICs in March 2023. These ICs seamlessly integrate high-speed, high-voltage GaN with low-voltage silicon system-controller chips. The GaNSense Control ICs set new benchmarks with up to 20 times faster operation, three times greater power handling capacity, and three times faster charging, all in a compact and lightweight form factor. Designed for diverse applications, these control integrated circuits offer efficient power solutions for electric vehicles, data centers, consumer appliances, and charging devices.

In November 2021, Qorvo, Inc., a prominent US-based provider of innovative RF solutions, acquired United Silicon Carbide, Inc., a US-based developer specializing in SiC FET, JFET, and diode power semiconductors for electric vehicles, IT infrastructure, and renewable and industrial markets. This strategic acquisition enhances Qorvo's market presence across the electric vehicle (EV), industrial power, circuit protection, renewable energy, and data center power sectors, positioning the company to capitalize on the rapid growth observed in these industries.

Major companies operating in the compound semiconductor market report are Nichia Corporation, Samsung Electronics Co Ltd, Qorvo Inc, Wolfspeed Inc, WIN Semiconductors Corp, Infineon Technologies AG, Telefonaktiebolaget LM Ericsson, NXP Semiconductors NV, Sumitomo Electric Industries Ltd, Renesas Electronics Corporation, Cree Inc, Mitsubishi Electric Corporation, Skyworks Solutions Inc, Texas Instruments Incorporated, Taiwan Semiconductor Manufacturing Company Ltd, Advanced Wireless Semiconductor Company, Analog Devices Inc, Broadcom Inc, GaN Systems Inc, Microchip Technology Inc., Semiconductor Components Industries LLC, ams-OSRAM AG, STMicroelectronics NV, Aixtron SE, Applied Materials Inc, ASML Holding NV, CVD Equipment Corporation, IQE PLC, KLA Corporation, Lumentum Holdings Inc.

Asia-Pacific was the largest region in the compound semiconductor market in 2023. North America is expected to be the fastest-growing region in the compound semiconductor market during the forecast period. The regions covered in the compound semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the compound semiconductor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Diverse compound semiconductor types encompass gallium nitride (GaN), gallium arsenide (GaAs), silicon carbide (SiC), indium phosphide (InP), silicon germanium (SiGe), gallium phosphide (GaP), and others. Gallium nitride (GaN), known for its specialized properties, facilitates efficient optoelectronic devices and finds applications in high-power and high-temperature scenarios. These semiconductors are manufactured using deposition technologies such as chemical vapor deposition (CVD), molecular beam epitaxy, hydride vapor phase epitaxy (HVPE), ammono thermal, liquid phase epitaxy, atomic layer deposition (ALD), among others. Their applications span various sectors, including general lighting, telecommunications, military, defense, aerospace, automotive, power supply, data communications, consumer display, and commercial consumer devices.

The compound semiconductors market research report is one of a series of new reports that provides compound semiconductors market statistics, including compound semiconductors industry global market size, regional shares, competitors with a compound semiconductors market share, detailed compound semiconductors market segments, market trends, and opportunities, and any further data you may need to thrive in the compound semiconductors industry. This compound semiconductors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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