The global gallium nitride (Gan) device market share is set to gain impetus from the high demand for fast chargers worldwide. This information is given by Fortune Business Insights™ in a new study, titled, “Gallium Nitride Device Market Forecast, 2020-2027.” The study further mentions that the GaN device market size was USD 20.56 billion in 2019 and is projected to reach USD 28.40 billion by 2027, exhibiting a CAGR of 4.28% during the forecast period.

Drivers & Restraints-

Expansion of Telecommunications Domain to Accelerate Growth

The gallium nitride device industry is experiencing a rapid surge in demand for energy-efficient GaN devices, primarily driven by the telecommunications sector's expansion. With a focus on delivering lower latency through optical cable wires, ubiquitous connectivity, and higher network capacity, internet service providers are driving this demand. Furthermore, the increasing adoption of GaN devices in 5G infrastructure is expected to fuel market growth in the coming years. However, the high costs associated with the maintenance and development of gallium nitride devices may pose a hindrance to their widespread adoption.

Segment-

Opto-semiconductor Device Segment to Grow Rapidly Backed by Increasing Usage in Lasers

The opto-semiconductor device segment emerged as the dominant player in the gallium nitride market in 2019, primarily driven by its utilization in diverse aerospace applications such as Light Detection and Ranging (LiDAR) and pulsed lasers. Additionally, these devices find extensive applications in optoelectronics, LEDs, lasers, photodiodes, and solar cells, further contributing to their significant market share growth.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/gallium-nitride-gan-devices-market-103367

COVID-19: Increasing Sales of Smartphones and Laptops to Affect Growth

The COVID-19 pandemic is set to positively affect growth. Governments of various countries have implemented stringent lockdown measures to curb the spread of coronavirus. Owing to the work from culture, nowadays people are investing more in smartphones, IoT-based devices, laptops, and chargers. These factors are expected to surge the sales of these devices throughout 2020. We are also delivering accurate research reports to help you battle this pandemic and regain business confidence.

 Regional Insights-

High Demand for Wireless Devices to Favor Growth in Europe

Geographically, North America generated USD 7.38 billion in 2019 because of the presence of numerous prominent manufacturers, such as MACOM, Cree, Inc., Northrop Grumman Corporation, Efficient Power Conversion Corporation, Microsemi, and others in this region.

Europe, on the other hand, is anticipated to grow significantly on account of the rising demand for wireless devices in Germany, France, and the U.K. In Asia Pacific, the rising demand for gallium nitride devices from emerging nations, such as India and China would aid growth.

Competitive Landscape-

Key Companies Focus on Winning New Contracts to Intensify Competition

The global market for gallium nitride devices is highly fragmented with the presence of numerous reputed manufacturers. Most of them are focusing on achieving new contracts from significant governments, as well as private agencies to deliver their in-house products. Below are the two latest industry developments:

• June 2020: Raytheon Missiles & Defense provided a contract worth USD 2.3 billion to the U.S. Missile Defense Agency (MDA). The latter will deliver seven GaN-based Army Navy/Transportable Radar Surveillance (AN/TPY-2) units. It is a part of the company’s Terminal High Altitude Area Defense (THAAD) system.

• July 2019: Transphorm announced a new contract worth USD 18.5 million from the U.S. Department of Defense (DoD) Office of Naval Research (ONR). It includes a Base Program that is aimed at commercializing nitrogen polar GaN.