Semiconductors – Worldwide | Statista Market Forecast

The Compound Semiconductor by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Compound Semiconductor, 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 in the historic period can be attributed to renewable energy sector, military and defense applications, industrial automation needs, growth in medical device industry, automotive electronics advancements..

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 growth in the forecast period can be attributed to space and satellite technology advancements, medical device innovations, automotive technological shift, ai and machine learning integration, iot and wearable technology growth.. Major trends in the forecast period include 5g technology and connectivity demand, electric vehicle (ev) revolution, data centers and cloud computing, renewable energy expansion, advancements in optoelectronics..

Significant growth in the electronics industry is expected to boost the demand for the compound semiconductors market going forward. The electronics industry refers to the industry that makes electrical components for a range of goods in addition to electronic equipment and consumer electronics. Compound semiconductors are necessary for making chips and microchips for electronic devices, hence, the growing electronics market is expected to boost the compound semiconductors market. For instance, according to an article published by Uswitch Limited, a UK-based company that offers switching and comparison services via the phone and internet, there were 71.8 million mobile connections in the UK at the beginning of 2022, which is 4.2 million more than the country’s population and a rise of 3.8% from 2021 (around 2.6 million). The UK population is expected to grow to 68.3 million by 2025, of which 95% (or around 65 million individuals) will own a smartphone. In the UK, there were 83.25 million active mobile subscriptions as of the end of March 2022, excluding machine-to-machine (M2M) subscriptions. The increase from March 2021 was roughly 2%. Therefore, significant growth in the electronics industry is driving the growth of the compound semiconductor market.

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The compound semiconductor market covered in this report is segmented –

1) By Type: Gallium Arsenide (GaAs), Silicon Carbide (SiC), Indium Phosphide (InP), Silicon Germanium (SiGe), Gallium Phosphide (GaP), Other Types

2) By Deposition Technologies: Chemical Vapor Deposition (CVD), Molecular Beam Epitaxy, Hydride Vapor Phase Epitaxy (HVPE), Ammonothermal, Liquid Phase Epitaxy, Atomic Layer Deposition (ALD), Other Deposition Technologies

3) By Application: General Lighting, Telecommunication, Military, Defense, And Aerospace, Automotive, Power Supply, Datacom, Consumer Display, Commercial, Consumer Devices, Other Applications

Product innovations have emerged as the key trend gaining popularity in the compound semiconductor market. Major companies operating in the compound semiconductor market are developing innovative products to strengthen their position in the market. For instance, in August 2022, Qorvo, a US-based provider of innovative and high-performance RF solutions for advanced wireless devices, defense radar, and communications, launched a 100-watt L-band (1.2-1.4 GHz) compact solution, an application-specific GaN-on-SiC power amplifier module (PAM) for commercial and military radar. The QPA2511 GaN-on-SiC PAM has unique features, such as an integrated two-stage amplifier solution that provides 60% power-added efficiency in a circuit size 70% lower than comparable two-stage systems. This exceptional performance greatly lowers the system’s overall power consumption.

The compound semiconductor market report table of contents includes: