The global gallium nitride (Gan) device market share is set to gain impetus from the high demand for fast chargers worldwide. This information is given by Fortune Business Insights™ in a new study, titled, “Gallium Nitride Device Market and Regional Forecast, 2020-2027.” The study further mentions that the GaN device market size was USD 20.56 billion in 2019 and is projected to reach USD 28.40 billion by 2027, exhibiting a CAGR of 4.28% during the forecast period. Browse In-depth Summary of This Research Insight: https://www.fortunebusinessinsights.com/gallium-nitride-gan-devices-market-103367

The global gallium nitride (Gan) device market share is set to gain impetus from the high demand for fast chargers worldwide. The study further mentions that the GaN device market size was USD 20.56 billion in 2019 and is projected to reach USD 28.40 billion by 2027, exhibiting a CAGR of 4.28% during the forecast period. The gallium nitride (GaN) device market refers to the market for electronic devices that are based on gallium nitride semiconductor technology. GaN devices offer a number of advantages over traditional silicon-based devices, including higher efficiency, faster switching speeds, and greater power density. Browse In-depth Summary of This Research Insight: https://www.fortunebusinessinsights.com/gallium-nitride-gan-devices-market-103367 Drivers & Restraints- Gallium Nitride Device Market Expansion of Telecommunications Domain to Accelerate Growth The demand for energy efficient GaN devices is surging rapidly owing to the expansion of the telecommunications domain. Most of the internet service providers are nowadays focusing on providing lower latency with optical cable wires, ubiquitous connectivity, and network with higher capacity. Apart from that, the rising utilization of GaN devices in the 5G infrastructure is likely to propel the gallium nitride device market growth in the near future. However, the high cost associated with the maintenance and development of gallium nitride devices may hinder growth. Segment- Gallium Nitride Device Industry Opto-semiconductor Device Segment to Grow Rapidly Backed by Increasing Usage in Lasers Based on device type, the opto-semiconductor device segment procured the highest gallium nitride market share in 2019. This growth is attributable to their increasing usage in various aerospace applications, such as Light Detection and Ranging (LiDAR) and pulsed lasers. Besides, they are used in optoelectronics, LEDs, lasers, photodiodes, and solar cells. Regional Insights- Gallium Nitride Device Industry The gallium nitride (GaN) device market is a global market that is spread across various regions. North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa are the major regions in the market. North America is the largest market for GaN devices, due to the presence of a large number of key players in the region. The increasing demand for GaN devices in the automotive and consumer electronics sectors is also driving the growth of the market in this region. The Asia-Pacific region is expected to witness the highest growth rate in the GaN device market during the forecast period. The growth in this region is primarily attributed to the increasing demand for power electronics in countries such as China, Japan, and South Korea. The region is also witnessing significant investments in research and development activities related to GaN devices. Competitive Landscape- Key Companies Focus on Winning New Contracts to Intensify Competition The global market for gallium nitride devices is highly fragmented with the presence of numerous reputed manufacturers. Most of them are focusing on achieving new contracts from significant governments, as well as private agencies to deliver their in-house products. Below are the two latest industry developments: June 2020: Raytheon Missiles & Defense provided a contract worth USD 2.3 billion to the U.S. Missile Defense Agency (MDA). The latter will deliver seven GaN-based Army Navy/Transportable Radar Surveillance (AN/TPY-2) units. It is a part of the company’s Terminal High Altitude Area Defense (THAAD) system.