The global gallium nitride device market 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 Size and Regional 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.

Key Players: Gallium Nitride Device Market

The report profiles the key players operating in the Gallium Nitride Device Market, including industry leaders and emerging players. These players have been analyzed based on their market share, product portfolio, business strategies, and recent developments. The key players in the market include:

Browse In-depth Summary of This Research Insight:

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

Drivers & Restraints- Gallium Nitride Device Market

Expansion of Telecommunications Domain to Accelerate Growth

The demand for energy efficient GaN devices is surging rapidly owing to the expansion of the telecommunications domain. Most of the internet service providers are nowadays focusing on providing lower latency with optical cable wires, ubiquitous connectivity, and network with higher capacity. Apart from that, the rising utilization of GaN devices in the 5G infrastructure is likely to propel the gallium nitride device market growth in the near future. However, the high cost associated with the maintenance and development of gallium nitride devices may hinder growth.

Segment-

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

Based on device type, the opto-semiconductor device segment procured the highest gallium nitride market share in 2019. This growth is attributable to their increasing usage in various aerospace applications, such as Light Detection and Ranging (LiDAR) and pulsed lasers. Besides, they are used in optoelectronics, LEDs, lasers, photodiodes, and solar cells.

Regional Insights- Gallium Nitride Device Market

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 Gallium Nitride Device Industry 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: