Compound Semiconductor Market Share, Size | Forecast 2032
Compound Semiconductor Market Share, Size, Trends, Industry Analysis Report, 2023 - 2032

Compound Semiconductor Market Share, Size, Trends, Industry Analysis Report, By Product (LED, Optoelectronics, RF Devices, Power Electronics, Diode, Bare Die, Module, and Others); By Application; By Type; By Region; Segment Forecast, 2023-2032

  • Published Date:Jan-2023
  • Pages: 118
  • Format: PDF
  • Report ID: PM2989
  • Base Year: 2022
  • Historical Data: 2019-2021

Report Outlook

The global compound semiconductor market was valued at USD 39.53 billion in 2022 and is expected to grow at a CAGR of 6.4% during the forecast period.

The rapid surge in the demand for compound semiconductors across various data centers around the world as data centers widely utilize transceivers to receive or transmit signals that further increase the speed and enhance their productivity, are key factors driving the demand and growth of the global market. Moreover, the ability of compound semiconductors to sense light and emit in the LED form and lasers for a variety of fiber optics along with the decrease in the manufacturing and installation cost of LEDs worldwide that results in wider application in fixtures and lamps are likely to create high market growth opportunities over the anticipated period.

Compound Semiconductor Market Size
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Furthermore, there has been an extensive rise in the number of smartphone users worldwide along with the growing prevalence of fast internet facilities provided by various service providers. As smartphones are the major and primary consumers of compound semiconductors, the growing usage of smartphones would directly affect the demand for semiconductors in a positive way. For instance, according to Ericsson Mobility Report November 2022, global 5G subscriptions are projected to reach around 5 billion by the end of 2028 and are expected to remain at nearly 1 billion by the end of 2022. By 2028, 5G mobile subscriptions will be accounting for over 55% of all mobile subscriptions which would be around 9.2 billion.

The outbreak of the COVID-19 pandemic has significantly impacted the growth of the market. The rapid increase in the deadly coronavirus halted the manufacturing of various products in the semiconductor production industry due to continued lockdowns and other trade barriers across major regions. Additionally, many manufacturing operations and activities were slightly affected including the factory floor work as a result of the shortage of required labor and unavailability of raw materials.

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Industry Dynamics

Growth Drivers
Continuously growing demand and penetration for SiC devices in power electronics, as it has 10 times more breakdown strength and three-time thermal conductivity compared to silicon-based devices are major factors expected to boost the growth of the global compound semiconductor market during the anticipated period. It further reduces the device’s complexity and operation cost, thereby enhancing its reliability and making it suitable for a wide range of high-voltage applications including solar inverters, wind turbines, and power supplies.

Furthermore, the rising proliferation of the use of GaN in 5G infrastructure development owing to an increase in the need to incorporate technologies that could deliver better performance, efficiency, and value to the 5G wireless base stations is also likely to fuel the demand and growth of the market over the coming years. In addition, increased usage of compound semiconductor epitaxial wafers mainly in the consumer electronics sector with the variety of advantages offered by these devices is further anticipated to have a positive impact on market growth.

Report Segmentation

The market is primarily segmented based on product, application, type, and region.

By Product

By Application

By Type

By Region

  • LED
  • Optoelectronics
  • Power Electronics
  • Diode
  • Bare Die
  • Module
  • Others
  • General Lighting
  • Telecommunication
  • Military, Defense, and Aerospace
  • Automotive
  • Power Supply
  • Datacom
  • Consumer Display
  • Commercial
  • Consumer Devices
  • Others
  • GaN
  • GAAS
  • SiC
  • INP
  • SIGE
  • GAP
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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The power electronics segment accounted for the largest market share

The power electronics segment accounts for a considerable global market share in 2022 and is likely to continue its position throughout the expected period. The growth of the segment market can be attributed to the rapidly growing adoption of power electronics modules in smart home devices that are projected to grow significantly with the purchase of advanced consumer electronics.

Moreover, the optoelectronics segment is projected to grow at a significant growth rate during the forecast period. High advancements in the field of optoelectronics including plasmonic nanostructures, perovskite transistors, microscopic light bulbs, low-cost 3D imaging, larger Li-Fi, and optically active quantum dots are expected to propel the growth of the segment market over the coming years. For instance, in June 2022, researchers in the United States announced that they have developed a multiwavelength optoelectronic synapse that enables optical data collection, storage, and processing in the same device. It shows a major improvement in processing effectiveness and practice identification precision and machine future.

The telecommunication segment held the largest market share in 2022

The telecommunication segment held the highest market share in terms of revenue in 2022, which is mainly accelerated by increased demand and need for semiconductor elements across several wireless and mobile communications because of its superior efficiency and speed of semiconductors. In addition, with the growing integration of a variety of emerging technologies such as the Internet of Things, Artificial Intelligence, and Machine Learning especially in developing countries like India, China, South Korea, and Indonesia, the segment market is likely to have tremendous growth.

The consumer devices segment is expected to register significant growth over the anticipated period on account of the growing penetration of mobiles, tablets, and many other devices and increased data consumption. Extensive growth in the sales of electronic devices leads to an increase in the generation and consumption of digital content that requires memory chips to store those content.

GaN segment dominated the market for compound semiconductors in 2022

The Gallium Nitride segment led the market and held the highest share in 2022 owing to its wide utilization in power transistors and lighting applications due to its capabilities and features to emit UVs and visible light and also withstand higher voltages and temperatures. GaN is gaining high traction and popularity across the globe as it provides significantly improved and enhance performance while requiring very less energy and physical space as well compared to other conventional silicon-based technologies. Unlike conventional silicon devices, which requires bigger chip area for the reduction of on-resistance, gallium nitride devices are much smaller in size and allow the user to have high-speed switching, density, and miniaturization with ease, which is fueling its adoption across many industries all over the world.

Asia Pacific region is expected to hold a significant market share in 2022

Asia Pacific region accounted for the majority of market share in 2022 and is expected to maintain its position throughout the projected period. The growth of the regional market is mainly driven by escalating demand and proliferation for wireless communication technologies along with the growth in the adoption of consumer electronics in countries like China and India. The region has encountered significant growth potential for various new and advanced technologies as well as a shift in consumer trends towards innovative and smart solutions, which are expected to contribute positively to the market growth.

North American region is expected to register the highest growth rate over the coming years, which is mainly accelerated by the growing deployment of gallium nitride technology in radar, communication systems, and electronic warfare to meet the high-power, high-performance, and longer life cycle demands in the region. Moreover, increased focus by government bodies of the United States and Canada on the development of lesser energy consumption devices that allow being working for long hours continuously without affecting the environment is driving the growth of compound semiconductors.

Competitive Insight

Some of the major players operating in the global market include Nichia Corporation, Samsung Electronics, Qorvo Inc., Wolfspeed Inc., GaN Systems, Canon Inc., Infineon Technologies, Mitsubishi Electric Corporation, Skyworks Solutions, Analog Devices, Renesas Electronics Corporation, Taiwan Semiconductor Manufacturing, Cree Inc., and Texas Instruments.

Recent Developments

In August 2022, ON Semi, announced the opening of its new silicon carbide facility in Hudson. With this new facility, the company will increase its silicon carbide capacity over five times and will ensure the on-time supply of critical components for its customers. As, SiC is very crucial for enabling efficiency in EV charging, & energy infrastructure & contributing significantly to decarbonization.

Furthermore, in June 2022, ams OSRAM introduced its latest combined ambient light and proximity sensor, which provides accurate color, reliable proximity detection, and illuminance measurements. TCS3720 is OSRAM’s next-generation under-screen sensor mainly designed for smartphone displays with higher frequency and refresh rates.

Compound Semiconductor Market Report Scope

Report Attributes


Market size value in 2023

USD 42.00 billion

Revenue forecast in 2032

USD 73.71 billion


6.4% from 2023- 2032

Base year


Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Product, By Application, By Type, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

Nichia Corporation, Samsung Electronics Co. Ltd., ams OSRAM AG, Qorvo Inc., Wolfspeed Inc., GaN Systems, Canon Inc., Infineon Technologies, Mitsubishi Electric Corporation, Skyworks Solutions Inc., Analog Devices Inc., Renesas Electronics Corporation, Taiwan Semiconductor Manufacturing Co. Ltd., Cree Inc., and Texas Instruments Inc.


Compound Semiconductor Market Size Worth $73.71 Billion By 2032.

key players are Nichia Corporation, Samsung Electronics, Qorvo Inc., Wolfspeed Inc., GaN Systems, Canon Inc., Infineon Technologies, Mitsubishi Electric Corporation.

Asia Pacific contribute notably towards the global compound semiconductor market.

The global compound semiconductor market expected to grow at a CAGR of 6.4% during the forecast period.

key segments are product, application, type, and region.