Compound semiconductors are created from two or more components. GaAs, InP, GaP, and other combinations of components from Group III and Group V of the Periodic Table of the elements make up the majority of compound semiconductors. ZnSe, CdTe, and other compound semiconductors are produced from Groups II and VI. It is also feasible to create compound semiconductors like SiC by combining elements from the same group (IV).
In recent years, the special properties of the crystals of compound semiconductors have become more important for certain applications. And, because of their fundamental material properties, they can do impossible things with silicon. This is resulting in the expanding compound semiconductor market size.
The global compound semiconductor market was valued at USD 39.53 billion in 2022 and is expected to grow to USD 73.71 billion at a CAGR of 6.4% during the forecast period.
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The rapidly expanding adoption of power electronics modules in smart home devices, which is anticipated to develop significantly with the purchase of advanced consumer electronics, is responsible for the segment market's expansion.
Moreover, in the upcoming years, it is anticipated that significant developments in the field of optoelectronics, such as plasmonic nanostructures, perovskite transistors, minuscule light bulbs, low-cost 3D imaging, bigger Li-Fi, and optically active quantum dots, would drive the market's expansion.
The telecommunications sector held the biggest compound semiconductor market share, primarily driven by increased demand and use of semiconductor elements in various wireless and mobile communications due to their higher efficiency and speed.
Additionally, the market for this segment is expected to increase significantly due to the increasing integration of cutting-edge technologies like the Internet of Things, Artificial Intelligence, and Machine Learning, particularly in developing nations like India, South Korea, China, and Indonesia.
Asia Pacific: The growth of the compound semiconductor market in Asia Pacific region is primarily driven by rising consumer electronics use in nations like China and India, as well as the spread of wireless communication technology. The area has experienced substantial development potential for a number of novel and cutting-edge technologies, as well as a change in consumer preferences towards creative and intelligent solutions, all of which are anticipated to impact market expansion positively.
North America: To meet the region's demands for high power, high performance, and longer life cycles, the North American region is anticipated to experience the highest growth rate over the coming years. This growth is primarily accelerated by the growing deployment of gallium nitride technology in radar, communication systems, and electronic warfare. Compound semiconductors are also expanding due to increased focus by American and Canadian government organizations on developing low-energy gadgets that enable continuous operation for extended periods without harming the environment.
Polaris Market Research has segmented the compound semiconductor market report based on product, application, type, and region:
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