The compound semiconductor market is projected to grow at a CAGR of 8.52% during the forecast period.
Compound semiconductors are made from two or more elements. Most compound semiconductors are made from the combination of elements from Group 3 and Group 5 of the periodic table of elements (GaAs, InP, and others). Other compound semiconductors are made from Groups 2 and 4 (CdTe, ZnSe, and others). It is possible to make semiconductors using different elements within the same group (4) to make compound semiconductors such as Silicon Carbide (SiC). Compound semiconductors are more fragile and have a large application base. This material is used in electronic film coatings, electronic wafers, and the fabrication of integrated circuits, increasing its demand in the market.
Market Trends:
Automotive Industry Leveraging Compound Semiconductors for Power Devices
The automotive sector is increasingly adopting compound semiconductors for power devices, particularly in electric vehicle (EV) and hybrid electric vehicle (HEV) segments, as well as in charging infrastructure. Growing environmental concerns and the rising demand for electric vehicles are driving the need for compound semiconductors in this market.
Healthcare Sector Embracing Compound Semiconductors for Advanced Applications
In healthcare, compound semiconductors are being utilized in a variety of applications, including power management devices, discrete devices, microcontrollers, sensors, and motion micro-electromechanical systems (MEMS). These semiconductors are enabling the development of new technologies that offer more reliable, precise, and integrated approaches to diagnosis and treatment.
Telecommunications Industry Driving Demand for Compound Semiconductors
The telecommunications sector is experiencing a surge in demand for compound semiconductors, fueled by the growing penetration of smartphones and the widespread adoption of LTE and 5G networks. This growth is further supported by the introduction of smartphones powered by gallium arsenide (GaAs)-based solar cells, along with the increasing prevalence of smartphones and other smart devices in the market.
Asia Pacific Poised for Significant Growth in the Forecast Period
The Asia Pacific region is expected to see the fastest growth in the compound semiconductors market, driven by the high demand for electronic devices, wireless technologies, automation, and transportation industries. The region's well-established semiconductor and electronics industry, coupled with increased research and development activities, will further boost the demand for compound semiconductors.
North America and Europe to Experience Increased Demand
The North American and European markets are also anticipated to see a rise in demand for compound semiconductors, supported by the growing aerospace and defense sectors, as well as the IT and telecommunications industries. Major players in these regions will play a key role in driving the growth of the compound semiconductors market.
Some of the major players covered in this report include Sumitomo Electric Industries, Ltd., Toshiba Corporation, SCIOCS, Mitsubishi Chemical Corporation, Qorvo, Inc., Texas Instruments Incorporated, GaN Systems, and Kyma Technologies among others.
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Report Coverage:
Historical data from 2022 to 2024 & forecast data from 2025 to 2030