GaAs Wafer Market Overview
The GaAs Wafer Market is projected to grow from USD 0.56 billion in 2023 to USD 1.39 billion by 2032, exhibiting a CAGR of 12% during the forecast period (2023 – 2032).
GaAs Wafer Competitive Analysis
The key market players are.
- Sumitomo Electric Industries Ltd.
- AXT Inc
- Semiconductor Wafer Inc
- Freiberger Compound Materials GmbH
- Xiamen Powerway Advanced Material Co. Ltd
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GaAs Wafer Market Dynamics
The rise in solar system installations is responsible for the GaAs wafer market’s CAGR. During the projection period, the demand for gallium arsenide germanium solar cells (GaAs) is expected to rise due to the goal to reduce the price of solar cell modules. The penetration of solar energy, such as GaAs wafer, will rise in the next years because to the rising need for decentralized energy generating systems in emerging nations.
Significant growth factors for this market include the rising use of smartphones and computer devices, as well as the expanding use of light-emitting diodes (LEDs) in general illumination. One of the main causes of the market trend toward growth has also been the development of IoT. A need for high-frequency communication devices utilizing GaAs-based ICs has also been generated by the technology.
The use of silicon in semiconductor devices will be further decreased if 5G takes off. Additionally, because to its large band gap, which significantly surpasses silicon, GaAs wafer can be considered the next generation of integrated circuits for use in a 5G network. Analysis of the semiconductor industry’s expansion identifies considerable potential for the projection period.
One of the key reasons propelling the expansion of the market under study is the increasing use of GaAs wafers in goods like LEDs, laser diodes, optoelectronic devices, and monolithic microwave integrated circuits. Manufacturers of gallium arsenide (GaAs) wafers will have additional growth prospects as a result of the price of this compound being restricted.
GaAs Wafer Market Segmentation
The GaAs wafer market segmentation, based on the production method, includes vertical gradient freeze (VGF), liquid encapsulated czochralski (LEC), molecular beam epitaxy (MBE), and metal-organic vapor phase epitaxy (MOVPE).
The GaAs wafer market segmentation, based on applications, includes mobile devices, photovoltaic devices, wireless communication, optoelectronic device, aerospace & defense, and others.
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Regional Analysis
Owing to a growing demand for GaAs wafer across a range of end-user sectors, strong expansion in the consumer electronics sector, and expanding support for the semiconductor devices industry in the area, the North American GaAs wafer market will dominate throughout the projection period.
Due to the rising demand for high-tech gadgets such smart devices, smartphones, computers, and laptops, Europe’s GaAs wafer market holds the second-largest market share. Additionally, the UK GaAs Wafer market had the quickest rate of growth in the European area, while the German GaAs wafer market had the greatest market share.
From 2023 to 2032, the GaAs wafer market in Asia-Pacific is anticipated to see the highest CAGR growth. This is because more people are using the internet, which is expected to boost market expansion in nations like China, India, Japan, and Korea. The increasing usage of smartphones in these nations, together with the penetration of 4G and 5G networks, is expected to drive market expansion in this area.
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