Compound Semiconductor Market to Hit USD 4,465.2 Million by 2026 Growing with 6.53% CAGR | North America Region to Dominate the Global Compound Semiconductor Industry

Pune, Feb. 08, 2021 (GLOBE NEWSWIRE) — Market Analysis
Market Research Future (MRFR) expects the global compound semiconductor market Size to touch USD 4,465.2 million, registering a CAGR of 6.53% from 2020–2026 (forecast period).

A compound semiconductor is characterized as a semiconductor composed of elements from two or more different groups of periodic table and is synthesized using deposition technologies. Devices made of semiconductors are important components of most electronic circuits since they possess unique properties like wide band gap, high operating temperatures, high current and voltage holding capacity, and the ability to generate microwave signals.

Increasing demand for high-speed and efficient products has been a major driver of market growth for compound semiconductors in the recent past. The introduction of high-end technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT) in the communications sector to improve its efficiency is another key factor that boosts the market growth. Furthermore, the increased use of compound semiconductors in various electronic applications, including electronic wafer, film coatings, and integrated circuits, is anticipated to propel the market significantly over the next few years. The automotive industry has seen drastic changes in the recent past due to growing developments in electronic products. Automotive developments, such as electric vehicles and autonomous cars, have reached the maximum required incorporation of semiconductor electronics in the automotive sector. Such factors are expected to propel market growth.

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COVID-19 Impact on the Global Compound Semiconductor Market
The COVID-19 crisis has triggered volatility in the stock market, a significant slowdown in the supply chain, a decrease in business confidence, and a rise in fear among the customer segments. The cumulative effect of the pandemic is influencing the manufacturing process of a variety of sectors, including semiconductors and electronics, and many more. Trade barriers further constrain demand and supply outlook. As the government of the different countries declared a total lockdown and a temporary shutdown of industries, the overall output process is adversely affected.

COVID-19 has a significant influence on both the consumer and the economy. Electronics manufacturing centers have been temporarily shut down to restrict the spread of COVID-19 among individuals. This has had a significant effect on the supply chain of the semiconductor industry by generating shortages of products, components, and finished goods. Lack of business continuity has resulted in major negative impacts on revenues, shareholder returns, and revenues, which are projected to result in financial disruptions in the compound semiconductor industry.

The effect of COVID-19 on the manufacturing sector has had a huge impact on the global economy. Electronic components like PCBs, LED chips and wafers, ICs, and other semiconductor devices are primarily imported from China. Due to the closure of manufacturing units, the prices of semiconductor components increased by 2-3% due to a shortage of supplies. In addition, demand for products is changing through ASICS, memory, and sensors, among others, with rapid shifts in consumer behavior.

Market Segmentation
The global compound semiconductor market has been segmented based on type, product, and application.

By type, the global compound semiconductor market has been segmented into Gallium Nitride (GaN), Indium Antimonide (InSb), Gallium Arsenide (GaAs), Silicon Carbide (SiC), Indium Phosphide (InP), Silicon Germanium (SiGe), Gallium Phosphide (GaP), and others. The others segment includes Cadmium Selenide (CdSe), Aluminum Indium Arsenide (AlInAs), Cadmium Telluride (CdTe), Zinc Selenide (ZnSe), Cadmium Zinc Telluride (CdZnTe), and Mercury Cadmium Telluride (MCT). The Silicon Carbide (SiC) segment is projected to dominate the market during the forecast period. However, the Gallium Nitride (GaN) segment is projected to register the highest CAGR due to the growing application of this material in the general lighting, signage, and automotive sector.

By product, the global compound semiconductor market has been segmented into optoelectronics, RF devices, and power electronics. The optoelectronics segment is further divided into LED, image sensors, laser diode, photovoltaic cells, and optocouplers. The RF devices segment includes RF power and RF switching. The power electronics segment is further divided into the diode, transistor, power modules, and power IC. The optoelectronics segment is expected to hold the largest market share. Furthermore, the LED sub-segment is expected to post the highest CAGR owing to the decrease in LED prices and increasing initiative by the government to promote the adoption of LED.

By application, the global compound semiconductor market has been segmented into lighting, telecommunication, aerospace & defense, automotive, consumer display, and others. The lighting segment is projected to capture the largest market share. However, the telecommunication segment is expected to display a significant CAGR during the forecast period.

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Regional Analysis
Regionally, the global compound semiconductor market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America to lead the global market
North America held the largest share of the compound semiconductor market in 2019 and is projected to rise significantly during the forecast period. Various factors are pushing the growth of the compound semiconductor market in the North American region owing to the presence of high-tech technology and the developed infrastructure. In addition, companies like Qorvo, Inc., Skyworks Solutions, Inc., and Cree Inc. in the area are also fuelling the market growth. The increasing demand for high-speed Internet and the need to maintain data traffic in two-way communication is also propelling the growth of the market in the region.

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Competitive Landscape
Key players have adopted new product development, mergers, and acquisitions as part of their growth strategy to expand their share of the global market for compound semiconductors.

Notable Players in The Global Compound Semiconductor Market Are:

• Nichia Corporation (Japan)
• Samsung Electronics (South Korea)
• AMS AG (Austria)
• Qorvo, Inc. (US)
• Skyworks Solutions, Inc. (US)
• Cree Inc. (US)
• GaN Systems, Inc. (Canada)
• Infineon Technologies AG (Germany)
• Mitsubishi Electric Corporation (Japan)
• NXP Semiconductors NV (Netherlands)
• ON Semiconductor (US).

Industry News
In March 2020, ON Semiconductor made a 5-year agreement with GT Advanced Technologies (GTAT) (US) to produce and supply silicon carbide materials. With this deal, GTAT will produce and supply its CrystX silicon carbide (SiC) material to ON Semiconductor. This agreement is estimated at a potential value of USD 50 million.
In February 2020, Qorvo acquired Decawave (Ireland), a leader in ultra-wideband (UWB) technology and a provider of UWB solutions for mobile, automobile, and IoT applications. The Decawave team has become an Ultra-Wideband Business Unit (UWBU) within the Qorvo Mobile Products segment.

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