GaN Power Device Market to be Worth $1.9 Billion by 2023

According to a report a report published by MarketsandMarkets the GaN Power Device Market is expected to grow to USD 1,890.2 Million by 2023 from USD 408.3 Million in 2017. The major factors driving the growth of the GaN power device industry include huge revenue generation from the consumer electronics and automotive verticals, wide bandgap property of GaN material encouraging innovation, success of GaN in RF-power electronics, and increasing adoption of GaN RF power device in military, defense, and aerospace verticals.

The GaN power device market for power devices is estimated to register the highest growth rate during the forecast period. This is attributed to GaN characteristics such as high breakdown voltage and low conduction resistance characteristics that enable high-speed switching and miniaturization. Moreover, the large total addressable markets such as power distribution systems, industrial systems, heavy electrical systems, turbines, heavy machinery, advanced industrial control systems, and electromechanical computing/computer systems, as well as several new power applications (clean-tech) such as high-voltage direct current (HVDC), smart grid power systems, wind turbines, wind power systems, solar power systems, and electric and hybrid electric vehicles are among the prime reasons for its faster growth.

The telecommunications vertical is expected to hold the largest share of the GaN power device market during the forecast period. The spending on its infrastructure is likely to start approximately two years before the expected launch of 5G, which has been considered as 2019.5G technology would have a positive impact on the telecommunications sector from 2019, and the demand for 5G technology is expected to increase between 2021 and 2022, which, in turn, would boost the growth of the GaN power device market.

Asia Pacific (APAC) is expected to hold the largest share of the GaN power device market during the forecast period owing to the growing demand for power devices in the industrial, computing, telecommunications, automotive and military, and aerospace and defense verticals in emerging Asian countries such as China, Japan, Taiwan, the Philippines, and India. Moreover, the EV charging and electric vehicle production markets, as well as increasing renewable energy generation are driving the growth of the GaN power device market in APAC.

The report also profiles the most promising players in the GaN power device market. The competitive landscape of the market presents an interesting picture of the strategies adopted by a large number of players. Click here to read the report.