Insights on the Compound Semiconductor Global Market to 2027 - Significant Growth in the Electronics Industry Fuels the Market
DUBLIN, Jan. 24, 2023 /PRNewswire/ -- The "Compound Semiconductor Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global compound semiconductor market size reached US$ 106.76 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 146.78 Billion by 2027, exhibiting a CAGR of 5.45% during 2021-2027.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
The devices made from compound semiconductors exhibit various unique properties, such as high electron mobility and bandgap, enhanced frequency, better current and voltage holding capacity, temperature resistance, breakdown electric fields, faster operation and greater ability to generate microwave signals. As a result, compound semiconductors are widely used in telecommunications, defense, aerospace, automotive, healthcare, electronics and information technology (IT) industries.
Compound Semiconductor Market Trends:
The increasing product demand in light-emitting diode (LED) applications across the globe is creating a positive outlook for the market growth. Compound semiconductors are widely used to sense and emit different color lights in the form of general lighting and signage displays.
Additionally, the significant growth in the electronics industry is also favoring the market growth as it is extensively applied in high-frequency devices, information displays and optical devices.
Moreover, the increasing utilization of technologies, such as machine learning (ML), artificial intelligence (AI) and the Internet of Things (IoT) for the manufacturing of compound semiconductors are providing an impetus to the market growth. These technologies assist in monitoring inventory control, enhancing the quality and providing maximum operational efficacy.
Furthermore, the rising product demand in the automotive industry in autonomous and electric vehicles is positively impacting the market growth.
Other factors, including the increasing product utilization in diagnosis and imaging equipment and surgical instrumentation in the healthcare industry, along with the implementation of various government initiatives to promote the installation of energy-efficient lighting sources, are anticipated to drive the market further towar growth.
The competitive landscape of the industry has also been examined along with the profiles of the key players being Infineon Technologies AG, Microchip Technology Inc., Mitsubishi Electric Corporation, NXP Semiconductors N.V., onsemi, Qorvo Inc., Renesas Electronics Corporation, STMicroelectronics, Texas Instruments Incorporated, WIN Semiconductors Corp. and Wolfspeed Inc.
Key Questions Answered in This Report:
Key Topics Covered:
For more information about this report visit https://www.researchandmarkets.com/r/foyop2
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SOURCE Research and Markets