The total value of the compound semiconductor market was USD 38,552 million in 2022, and it will rise at a growth rate of above 6.10% shortly, reaching USD 61,911 million by 2030, according to P&S Intelligence.
The development can be mainly credited to the increasing demand for SiC devices in power electronics. Moreover, the growing need for consumer electronics boosts the sale of semiconductors throughout the globe. As per the Semiconductor Industry Association, semiconductor sales stood at USD 152.5 billion in quarter two of 2022, which was a surge of 13.3% from 2021.
In 2022, the GaN category held the largest compound semiconductor market share, of above 30%, and the category is projected to remain dominant in the future as well. GaN upholds a low conduction resistance and high breakdown voltage, which enable them for high-speed switching and the reduction of equipment. Furthermore, GaN devices can effortlessly aid high electron mobility and densities due to their small size.
In 2022, the telecommunications category held the largest revenue share, at 44%, and it is projected to be in the top spot throughout the projection period. The growing utilization of GaN, GaAs, SiGe, and InP compound semiconductors in phones and other wireless communication channels is driving the growth of the market.
This is mainly because of the rising requirement for 5G connectivity, which will renovate the wireless communication industry. The need for better bandwidths is growing due to the thriving mobile data utilization, which creates superior stress on networks for the obtainability of the wireless spectrum. Mobile data circulation is projected to touch 160 Exabytes each month by 2025.
Web-combined wireless healthcare devices, wearables, and the three-dimensional printing of human organs and medicinal devices, which rely on semiconductors, will guarantee innovative and new methods of delivering healthcare in the future.
Likewise, auto manufacturers need energy diodes and voltage regulators of brilliant dependability for several vehicle components. ICs with diverse functionalities are utilized in several automotive systems, like collision detection, navigation control, and infotainment systems. Hence, a progressive, connected, and autonomous vehicle can have above 3,000 chips.
In 2022, North America dominated the compound semiconductor market with an industry share of above 22%, and the region is projected to be in the top spot in the future as well. The need for such instruments is largely increasing in the U.S. and Canada mainly because of the government measures to advance communications infrastructure and military abilities.
Hence, the increasing demand for SiC devices in power electronics. Moreover, the growing need for consumer electronics boosts the sale of semiconductors throughout the globe.
