According to a new report published by Allied Market Research, titled, Compound Semiconductor Market by Type, Deposition Technology, Product, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global compound semiconductor market accounted for $66,623 million in 2016, and is expected to reach $142,586 million by 2023, growing at a CAGR of 11.3% from 2017 to 2023. In 2016, Asia-Pacific dominated the global market, in terms of revenue, accounting for more than 50% share of the global market, followed by North America.
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Compound semiconductor materials have received remarkable attention over the last decade due to their huge potential for application in electronic, optoelectronic, and photonic devices. These are increasingly used as light emitting diodes & lasers, infrared detectors, modulators, high mobility transistors, field effect transistors, and power amplifiers.
The IT & telecom segment is anticipated to maintain its dominance in the application segment. However, growth in the consumer electronic industry and rise in investment in aerospace & defense industry boost the global market growth in these segments. There has been significant growth in the compound semiconductor market, owing to the wide range of end-user industries and their applications.
The IV-IV compound semiconductor segment contributed the highest revenue share in the market in 2016, owing to low-cost, advanced devices with low-power dissipation, and high output. However, the sapphire segment is anticipated to grow at the highest rate, in terms of revenue, in the near future.
Asia-Pacific is expected to maintain its dominance in the global market throughout the forecast period, owing to the presence of key companies in the region. Moreover, Asia-Pacific is anticipated to grow at the highest CAGR, owing to the presence of several emerging nations with high share in the consumer electronics market and well-established semiconductor industry.
Key Findings of the Compound Semiconductor Market:
- In 2016, the IV- IV compound semiconductors segment dominated the global market, in terms of revenue, and is projected to grow at a CAGR of 10.7% during the forecast period.
- The molecular beam epitaxy (MBE) deposition technology segment is estimated to grow at a CAGR of 12.4%.
- The industrial, energy & power segment is expected to exhibit the highest CAGR during the forecast period.
Major players, such as Cree Inc., International Quantum Epitaxy PLC., Freescale Semiconductor Inc., LM Ericsson Telefon AB, Taiwan Semiconductor Manufacturing Company Ltd., Renesas Electronics Corporation, Texas Instruments, Inc., STMicroelectronics NV, Infineon Technologies AG, and Toshiba Corporation, have adopted new technology launch as their key strategy to expand their market foothold.