GaN Power Device Market Outlook - 2027
The GaN power device market size is worth $110.3 million in 2019, and is projected to reach $1,244.9 million by 2027, to register a CAGR of 35.4% during the GaN power device market forecast period.
Gallium nitride (GaN) transistors have evolved as an enhanced performance substitute of silicon-based transistors, owing to their ability of fabricating more compact devices for a given resistance value and breakdown voltage as compared to silicon devices. These power devices can attain extremely low-resistance and high-frequency switching. These properties are exploited in high-efficiency power supplies, electric vehicle (EV), hybrid electric vehicle (HEV), photovoltaic inverters, and RF switching. Moreover, these devices are applicable in power supplies for server, IT equipment, high-efficiency & stable power supplies, and EV & HEV devices. Therefore, the increased application influences the GaN power device market growth.
Increase in demand for GaN in radio frequency equipment; rise in adoption in the telecommunication industry has influenced the GaN power device market and surge in demand for AC fast charger, LiDAR, and wireless power drive the GaN power device market growth. Moreover, these devices are more advantageous as compared to silicon devices. However, preference of silicon carbide (SiC) in high-voltage semiconductor applications restrains the market growth. On the contrary, requirement of GaN power devices in electric and hybrid vehicle provides new opportunities for the players operating in the market.
The global GaN power devices market is segmented on the basis of device, application, and region. Based on device, the market is categorized into GaN power discrete devices, GaN power ICs, and GaN power module. By application, the market is classified into consumer electronics, IT & telecommunication, automotive, aerospace & defense, and others. Region wise, it is analyzed across North America (the U.S., Mexico, and Canada), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, Taiwan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Top Impacting Factors
Some of the factors that drive the market growth include decrease in prices of GaN devices, rise in demand for GaN devices for wireless charging, increase in installation of GaN devices in electric vehicle, and surge in requirement of GaN devices for commercial RF applications. However, lack of availability of GaN material restrains the market growth. Moreover, government initiatives in HVDC and smart grid are anticipated to provide lucrative opportunities for the market growth during the forecast period.
Some major factors impacting the market growth are given below:
Decrease in prices of GaN devices
As per the GaN power device market trend, decrease in prices of GaN power devices is expected to drive its adoption across various industry verticals. Recently launched GaN power transistors and modules have a wide band gap that offers comparable performance to SiC, with considerable cost reduction. This cost reduction can be achieved, as the GaN power devices can be developed on silicon substrates that have greater ease of availability and incur less cost than SiC. GaN-on-silicon devices are expected to achieve price parity with and even superior performance as compared to silicon metal–oxide–semiconductor field-effect transistors (MOSFETs) and insulated-gate bipolar transistors (IGBTs). Therefore, the GaN power device market is projected to witness a rapid upsurge in terms of revenue.
Rise in demand for GaN devices for wireless charging
Wireless charging company, WiTricity Corp., demonstrated wireless charging using GaN field effect transistor (FET). Switching speed of GAN FET allows enhanced efficiency of resonant wireless power transfer as compared to silicon MOSFETs. At higher frequencies, silicon-based power MOSFETs approach the limit of their switching capability, which makes their operation limited. As GaN power devices have very high switching capability, they are used in wireless charging applications. GaN transistors are superior for the carrier frequency in resonant transfer, which allows it to transfer power at a distance, across a wide range of consumer, medical, industrial, and automotive applications. Therefore, improving the the Moreover, decrease in price of GaN devices is another factor that drives their demand in wireless charging applications. This is expected to boost the growth of the global GaN power device market during the forecast period.
GaN Power Module segment is projected as one of the most lucrative segments.
Increase in adoption of GaN devices in electric vehicle
Electric vehicles are mainly equipped with power modules to drive motors at higher voltage as it reduces the current leakage between the collector and emitter terminals and enhances the switching rate with high frequency. Moreover, high voltage battery system in both HEVs and EVs requires power management devices for power handling from battery to motor drivers. Therefore, there is an increase in adoption of GaN devices, which in turn drives the market growth. Moreover, currently, the sales of electrical vehicle have increased significantly, and is expected to reach 41 million by 2040. This is anticipated to provide lucrative growth opportunity for the market growth.
By End User
IT & Telecommunication segment generated the highest revenue in 2019.
Government initiatives in HVDC and smart grid
GaN power devices find their application in high-voltage, direct current (HVDC) electric power transmission systems, and smart grids. These are more reliable, provide a flexible network topology, have better load adjustment, and enable real-time troubleshooting. Power devices can control high voltage as it enables high frequency switching with enhanced efficiency. In addition, power modules are used in modular multilevel converters (MMC), which enable reduced power loss. Thus, converters with GaN power devices modules are being popularly used in HVDC systems. In addition, governments of various countries such as China, Japan, and the U.S. invest heavily in smart grid technology to improve their electrical networks. For instance, the State Grid Corporation of China invested $64 billion in 2015 to improve its electrical networks. Hence, all these factors are expected to provide a huge impetus to the global power electronics market growth.
North America regiongenerated the highest revenue in 2019.
The key players in the GaN power device market analysis in the report are Efficient Power Conversion Corporation (EPC), GaN Systems, On Semiconductors, Panasonic Corporation, VisIC, Texas Instruments Inc., Toshiba Corporation, Fujitsu Limited, Infineon Technologies AG, and Taiwan Semiconductor Manufacturing Company. These are the major players that captures a considerable part of GaN power device market share. The key players adopted various key strategies such as product launch, product development, collaboration, partnership, and various others for the market growth.
Key Benefits For Stakeholders
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global GaN power device market.
- In-depth analysis is conducted by GaN power device market estimations for the key market segments between 2020 and 2027.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the GaN power device industry framework.
- The key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global GaN power device market.
GaN Power Device Market Report Highlights
By INDUSTRIAL VERTICAL
Key Market Players
Toshiba Corporation, TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY, LTD., VISIC TECHNOLOGIES LTD, TEXAS INSTRUMENTS INC., Infineon Technologies AG, GaN Systems Inc., Efficient Power Conversion Corporation Inc., PANASONIC CORPORATION, FUJITSU limited, ON SEMICONDUCTOR CORPORATION
Gallium nitride (GaN) transistors have evolved as an enhanced performance substitute of silicon-based transistors, owing to their ability of fabricating more compact devices for a given resistance value and breakdown voltage as compared to silicon devices. The current business scenario is witnessing a growth in adoption GaN devices for wireless charging, across the world, which propels the growth of the market. Moreover, automobile companies, globally, are adopting GaN power devices in electric vehicles various applications.
GaN power device offers numerous benefits such as these power devices can attain extremely low-resistance and high-frequency switching. These properties make there usage in high-efficiency power supplies, electric vehicle (EV), hybrid electric vehicle (HEV), photovoltaic inverters, and RF switching. Furthermore, GaN power devices are applicable in power supplies for server, IT equipment, high-efficiency & stable power supplies, and EV & HEV devices.
Key players operating in the global GaN power device market are Efficient Power Conversion Corporation (EPC), Fujitsu Limited, GaN Systems, On Semiconductors, Panasonic Corporation, VisIC, Texas Instruments Inc., Toshiba Corporation, Fujitsu Limited, Infineon Technologies AG, and Taiwan Semiconductor Manufacturing Company.