Compound Semiconductor Market to Reach $347.0 Billion, Globally, by 2031 at 11.6% CAGR: Allied Market Research

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Prime determinants of growth

The advantages of compound semiconductor wafers over silicon-based wafers, the rise in demand for compound semiconductor epitaxial wafers in consumer electronics, and the emergence of wafer-related trends in the automobile industry drive the growth of the global compound semiconductor market. However, rising wafer production costs restrict the market growth. Moreover, the growing IoT adoption in wafers and the use of compound semiconductors in smart technologies are predicted to offer new opportunities in the coming years.

Covid-19 Scenario

The IV–IV compound semiconductors segment to maintain its leadership status in 2019

Based on type, the IV–IV compound semiconductors segment held the highest market share in 2019, accounting for more than one-fourth of the global compound semiconductor market, owing to their important characteristics, including low power consumption, low cost, and reduced heat dissipation. However, the sapphire segment is projected to manifest the highest CAGR of 13.8% from 2022 to 2031. Researchers and semiconductor companies focus on developing silicon on sapphire sensors, which have the capability of monitoring temperature and pressure changes.   

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The power semiconductors segment to maintain its leadership status in 2019

Based on product, the power semiconductors segment held the highest market share in 2019, accounting for more than one-fourth of the global compound semiconductor market. Rising demand for diodes and rectifiers has been witnessed in sectors such as consumer electronics, industrial electronics, automotive, medical applications, defense, and aerospace. This is making it the largest segment of the market. However, the transistors segment is projected to manifest the highest CAGR of 13.26% from 2022 to 2031. A high-electron-mobility transistor (HEMT), also known as heterostructure FET (HFET) or modulation-doped FET (MODFET), is a field-effect transistor incorporating a junction between two materials with different band gaps. This reason is forming it the fastest growing segment.

The IT and Telecom segment to maintain its lead position during the forecast period

Based on application, the IT and Telecom segment accounted for the largest share in 2019, contributing to nearly one-fourth of the global compound semiconductor market, and is projected to maintain its lead position during the forecast period. The ongoing demand for smaller, lighter, and thinner electronic circuitry products from the telecommunication industry has led to increased R&D activities on the usage of compound semiconductors in this industry vertical. The development of the smartphone industry thus promotes telecom operators to set up new towers and repeaters, which in turn, is expected to fuel the segment. However, the industrial and energy & power segment is expected to portray the largest CAGR of 13.81% from 2022 to 2031. The trend of miniaturization and compact electronic circuitry for machinery boosts the incorporation of compound semiconductor devices and technologies, thus making it the fastest growing segment.

Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2019, accounting for more than half of the global compound semiconductor market, and is likely to dominate the market during the forecast period. This region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031. This is because organizations across the region are realizing the importance of enhanced semiconductor technologies to ensure efficient power management, owing to an increase in demand for high-voltage operating devices.  

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Leading Market Players: -

Key Benefits for Stakeholders:

Compound Semiconductor Market Key Segments:

Type

Product

Deposition Technology

Application

By Region

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