Compound Semiconductor Materials Market Analysis
Compound Semiconductor Materials Market - Size, Share, Trends, and Forecast 2019 - 2027
Compound semiconductors are semiconductors made of the compound comprising of elements two different groups from the periodic table. The compound semiconductor materials can be in binary, ternary, or quaternary form and are available in wide range depending upon their form. As compared to elemental semiconductor materials, compound semiconductor materials offer a wider choice of bandwidth, which is why they are more preferred in industries. Moreover, compound semiconductor materials have higher electron mobility, lower thermal noise, and a wider band gap than elemental semiconductor materials. In fact, compound semiconductor materials have the ability to generate microwave signals. Compound semiconductor materials find applications in mobile phone industry, electronic industry, telecommunication industry and more.
Global compound semiconductor materials market size is estimated to be valued at US$ 37.21 billion in 2019, and expected to register a CAGR of 7.32% over the forecast period (2019-2027). Growing adoption of semiconductors such as InP, GaN, and GaAs is expected to drive growth of the market during the forecast period. There is a significant demand for compound semiconductors for optoelectronic devices and wireless technology. Growing use of optoelectronic and wireless devices will boost the demand for compound semiconductors and thereby support growth of the market. Furthermore, compound semiconductors have physical properties such as lower thermal noise and high electron mobility, which is why they find applications in mobile and wireless devices. Increasing demand for mobile and wireless devices from around the world is expected to propel growth of the market in the near future. Compound semiconductor materials find major application in light emission applications such as LED and lasers. Growing adoption of LED devices, as these devices consume less energy is expected to boost the demand for compound semiconductors and thereby support market growth.
However, high production cost related to compound semiconductor devices is expected to restrain the global compound semiconductor materials market growth.
Market Regional Analysis
Asia Pacific is projected to account for major market share in the global compound semiconductor materials market during the forecast period. This is owing to increasing demand for wireless technologies from emerging economies such as India and China. Moreover, there is high demand for optoelectronic devices from India, Japan, Taiwan, and South Korea, which is expected to support market growth. North America is also expected to witness significant growth, owing to high demand for space applications, wireless technology, and optoelectronic devices from the U.S. Rest of the world is expected to have an impact on global market.
Key players in the global compound semiconductor materials market are Cree Inc., Air Products and Chemicals, Inc., Dow Corning Corporation, Nichia Corporation, Galaxy Compound Semiconductors Inc., and Momentive.