COMPOUND SEMICONDUCTOR MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Optoelectronic products covered under the study scope include photodiodes, phototransistors, optical spectrum analyzers, solar panels, and other optoelectronic devices, excluding LED products.

GaN-based transistors are discovering new ways, particularly in optoelectronics, compared to SiC-based, as they are faster and more efficient. GaN has 1,000 times the electron mobility of silicon, along with relatively stable operability at higher temperatures. ​

Recent advancements in the field of optoelectronics, such as plasmonic nanostructures, perovskite transistors, optically active quantum dots, microscopic light bulbs, low-cost 3D imaging, laser-powered 3D display technology, and Laser Li-Fi, are expected to cause a quantum shift in the dynamic applicability areas of optoelectronic apparatus.

In September 2021, the National Science Foundation (NSF) declared that it would support a new project that seeks to give atomic-level accurateness to the gadgets and technologies that underlie much of modern life and will revolutionize industries like information technology in the upcoming years. The Center for Integration of Modern Optoelectronic Materials on Demand or IMOD is a partnership of scientists and engineers from 11 universities headed by the University of Washington. These initiatives will further drive the studied market.

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The Compound Semiconductor Market size is estimated at USD 29.38 billion in 2023, and is expected to reach USD 49.31 billion by 2028, growing at a CAGR of 10.91% during the forecast period (2023-2028).

The COVID-19 pandemic halted the manufacturing of several products in the compound semiconductor production industry owing to continued lockdown in critical global regions. In addition, country-wise lockdowns inflicted by governments across the globe further resulted in sectors taking a hit and disrupting supply chains and manufacturing operations worldwide. Most manufacturing operations, including the factory floor work, were significantly affected, resulting in decreased productivity.

Compound semiconductors are made from two or more elements of the different or same group of the periodic table. These are manufactured by using various types of deposition techniques, such as chemical vapor deposition, atomic layer deposition, and others. They possess unique properties like high temperature and heat resistance, enhanced frequency, high sensitivity to magnetism, and faster operation and optoelectronic features are some of the key advantages boosting their demand. Moreover, the decrease in the manufacturing cost of compound semiconductors has increased their application in electronic and mobile devices.

The ability of compound semiconductors to emit and sense light in the form of general lighting (LEDs) and lasers and receivers for fiber optics is further driving the demand. The decrease in manufacturing and installation cost of LEDs has increased its application in lamps and fixtures across all sectors. Mega-cities concentrate on investing in infrastructure development to meet the needs of the growing population, and governments are helping customers to install energy-efficient lighting sources to reduce their electricity consumption costs.

For instance, during the pandemic, EESL (Energy Efficiency Services Limited) celebrated the completion of its one-year governmental project called the Unnat Jyoti Program (UJALA). Under this program, it substituted more than 10.6 million street light bulbs with LED lights to reduce the carbon dioxide footprint by 20 million tons and the electricity cost. Such initiatives further boost the market studied. In 2020, the Taiwan Semiconductor Manufacturing Company (TSMC) sourced about 31% of spare parts locally in China, which increased to 31% in 2021.


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