Westford USA, Dec. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Compound Semiconductor Market size is projected to reach a value of USD 311.84 Billion by 2031, with a CAGR of 10.9% during the forecast period (2024-2031). Advantages of compound semiconductor wafers in comparison to silicon-based wafers, an increase in the consumption of compound semiconductor epitaxial wafer in consumer electronics. Rise in wafer-related trends in the automotive industry are some of the factors boosting the global compound semiconductor system market size.
On the other hand, it is anticipated that the increasing use of IoT in wafers and compound semiconductors in smart technologies would present appealing prospects for global compound semiconductor system market share advancement throughout the course of the projection year.
Compound Semiconductor Market Overview:
- Market Revenue in 2023: USD 136.30 Billion
- Estimated Value by 2031: USD 311.84 Billion
- Growth Rate: Poised to grow at a CAGR of 10.9%
- Forecast Period: 2024-2031
- Segments Covered: Product, Type, and Region
- Geographies Covered: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa
Power Semiconductor to Hold Significant Growth due to Critical Role in Energy Efficiency
The power semiconductor products dominate the global compound semiconductor industry due to their critical role in energy efficiency and renewable energy applications. With increasing need for electric vehicles and energy-efficient technologies, manufacturers utilize increasingly advanced power semiconductors stimulating innovation.
IV-IV Compound Semiconductor to Lead Market due to Widespread Use in Electronics and Telecommunications
The IV-IV compound semiconductors primarily silicon and germanium dominate due to their widespread use in electronics and telecommunications. Their outstanding electrical characteristics enable utilization in high-performance devices creating demand for consumer electronics and automotive applications.
Asia Pacific to Dominate Due to Robust Manufacturing Infrastructure
The Asia-Pacific region's well-developed manufacturing base enhances productivity leading its position as largest region for compound semiconductors.
"What is the projected market size of Global Compound Semiconductor by 2031?" "Which factors are driving demand?" "Which region will dominate?" These questions reflect key insights provided by this report.
Main Insights from Report Include:
- Main Drivers: Rise in Consumer Electronics; Shift Towards Renewable Energy Sources; Need for Efficient Power Conversion Devices.
- Main Restraints: Compliance with Regulations Increasing Costs; Complexity for Manufacturers Stages.
- Mitsubishi Electric Corporation (Japan) ,
- NXP Semiconductors N.V.(Netherlands) ,
- Taiwan Semiconductor Manufacturing Company Limited(Taiwan). ,