The global GaN semiconductor device market size is estimated to be worth USD 21.1 billion in 2023 and is projected to reach USD 28.3 billion by 2028, at a CAGR of 6.1% during the forecast period.

Increasing adoption of GaN semiconductor devices in consumer and business enterprises, surging deploymnet of GaN semiconductor devices in energy & power industry, and growing integration of GaN semiconductor devices in automotive industry are some of the major factors driving the market growth globally.

Discrete semiconductor segment to register largest market share in the GaN semiconductor device market during forecast period

Discrete GaN semiconductor components include GaN transistors and GaN diodes that are individually packaged and marketed. These components are used in diverse applications such as power supply units, inverters, and radio frequency (RF) amplifiers. GaN transistors and diodes effectively manage substantial voltage and current levels, leading to powerful designs. Additionally, they enable more compact and lightweight circuits suitable for applications where constraints on size and weight are paramount.

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Power & Energy to register highest CAGR in the GaN semiconductor device market during forecast period

The energy & power segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising integration of GaN semiconductor devices into electronic systems to work in elevated temperatures, pressures, and voltages. Moreover, The GaN semiconductor technology foresees extensive adoption in energy and power solutions, encompassing realms such as energy storage systems, solar DC to AC inverters, AC solar panels, and volt-ampere reactive (VAR) compensators in the future.

Asia Pacific held for the largest GaN semiconductor device market share in 2022

Asia Pacific is accounted for the largest share of the GaN semiconductor device market in 2022. The presence of established several semiconductor manufacturing companies such as Toshiba (Japan), Nichia Corporation (Japan), and Mitsubishi Electric (Japan), increasing integration in consumer & business enterprise verticals, government-led initiatives for innovation and industrial development are the major factors driving the market growth in Asia Pacific.

GaN Semiconductor Device Market Key Players

The major players in the GaN semiconductor device companies include Qorvo, Inc. (US), Wolfspeed, Inc. (US), Sumitomo Electric Industries, Ltd. (Japan), MACOM Technology Solutions Holdings, Inc. (US) and Infineon Technologies AG (Germany). These companies have used both organic and inorganic growth strategies such as product launches, agreements, collaborations, acquisitions, partnerships and expansions to strengthen their position in the market.