The "Compound Semiconductor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The compound semiconductor market is expected to register a CAGR of 5% over the forecast period 2021-2026.
Advanced Wireless Semiconductor
Key Market Trends
Optoelectronics will experience significant growth in the forecast period
Optoelectronics will experience significant growth in the forecast period due to increased application in military services, telecommunications, automatic access control systems and medical equipments. These are used in the bundle of devices including LEDs traffic lights, information displays, optical fibers, photodiodes, solar cells and remote sensing systems, etc.
The healthcare sector is utilizing fiber optics technologies in surgical instrumentation, disease treatment therapies, diagnosis and imaging equipment and sensor-based wearable medical devices for safety and effectiveness of the treatment. And as optical fibers are resistant to electromagnetic interference and radio frequency so they can be applied in real-time diagnostic imaging such as MRI, PET, and CT systems in the future. Many organizations and institutes are developing advanced instruments to provide effective and safe treatment for the patient.
For instance, in October 2019, biomedical engineers of Duke University have developed a low-cost, portable optical coherence tomography (OCT) scanner that promises to bring the vision-saving technology to underserved regions. It produces images of 120 retinas that were 95 percent as sharp as those taken by current commercial systems and would be used in many retinal diseases including macular degeneration and diabetic retinopathy, as well as for glaucoma.
Moreover, surging number of data center, strong federal policies like the solar investment tax credit, declining costs, and increasing demand across the private and public sector for clean source of energy has led to the growth of solar project across the world. For instance, United States registered an average annual growth rate of 48% in solar industry and has installed solar capacity of nearly 78 gigawatts (GW) that is enough to power 14.5 million homes. In 2019, the solar industry generated USD 18 billion of investment in the American economy according to the Solar Energy Industries Association (SEIA).
Asia Pacific to Witness Significant Growth
Asia-Pacific is expected to dominate the compound semiconductor market during the forecast period as the majority of market vendors are based out of South Korea, China, and Taiwan. Also, the region has a large number of raw material suppliers in addition to low labor costs.
Radar, electronic warfare (EW), and communication systems are increasingly leveraging gallium nitride (GaN) technology in the defense sector to meet stringent high-performance, high-power, and long-life cycle demands and thus replacing laterally diffused MOSFET (LDMOS) components. For instance, China has replaced the Travelling Wave Tubes (TWT) with smaller solid-state systems as it delivers higher performance and scalability in the radar systems.
Moreover, the Asian countries are spending enormously on the defense sector to upgrade their equipment with advanced and efficient technology. For instance, China's proposed budget for 2020 totals USD 718 billion, the largest annual amount requested over the five-year period and is slightly lesser than that of the United States (USD 750 billion).
The increase in industrial automation has gained the adoption of computer and machines for the effective and efficient control of systems. Compound semiconductor devices play a key role to ensure efficient power consumption within the reduced size of application since they can withstand elevated temperatures and voltages, also making them an ideal component. As per International Federation of Robotics 2019 report, Asia recorded maximum number of annual installations of industrial robots. China, Japan and Republic of Korea accounted 39,351, 17,364 and 11,034 units respectively and almost 80% of the total industrial robot installations were in automotive sector.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in demand for electronic and mobile devices
4.2.2 Increase in industrial automation
4.3 Market Restraints
4.3.1 High raw material and fabrication costs
4.4 Industry Value Chain Analysis
4.5 Porter's Five Force Analysis
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Investment Analysis
6.2 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/m3r4z2
View source version on businesswire.com: https://www.businesswire.com/news/home/20210423005268/en/
Laura Wood, Senior Press Manager
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