Global Compound Semiconductor Market To Reach $55.42 Bn By 2028: Report

New report suggests that the Compound Semiconductor market size will touch USD 55.42 billion by 2028 with a CAGR of 5.48 per cent during the forecast period 2022-2028.

During this period, major factors driving the growth of the Compound Semiconductor market will be the increasing demand for SiC devices in power electronics and the ongoing development of technologies in the GaN ecosystem.

Compound semiconductors are being used more and more in data centers and Light Emitting Diodes (LEDs). This factor will further drive the Compound Semiconductor market.

One of the main drivers of the compound semiconductor market expansion is the rising use of compound semiconductors in Light Emitting Diodes (LEDs). Halogen bulbs and other traditional lighting sources are being replaced by LEDs. There is a huge need for fluorescent and incandescent lighting in both household and commercial settings. Additionally, LEDs are frequently employed in the automotive sector since they provide brighter illumination than conventional lighting. The compound semiconductor market is projected to gain from the growing use of LED lighting, according to the Valuates report. 

The report says that Japan has a global share of around 25 per cent and is the top producer of compound semiconductors. North America came in second with 20 per cent.

The top five manufacturers in the sector are Sumitomo Electric Industries, SCIOCS, Mitsubishi Chemical, Dow Corning, and Shin-Etsu Chemical, with a combined market share of about 40 per cent.