According to a new report published by Allied Market Research, titled, “Epitaxial Wafer Market For Compound Semiconductor By Application and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027”, the global epitaxial wafer market size for compound semiconductor was valued at $2.65 billion in 2019, and is projected to reach $7.27 billion by 2027, registering a CAGR of 13.2% during the forecast period.
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A compound semiconductor epitaxial wafer is made up of epitaxial growth (epitaxy) to be used in photonics, microelectronics, spintronics, and photovoltaic, among others. The epitaxial layers define the wireless, photonic, and electronic performance of compound semiconductor epitaxial wafers, which are then processed to produce the chips and ICs, which can be found in various technology devices and gadgets.
The epitaxial wafer market for compound semiconductor is currently in its growth stage and is expected to register substantial growth in the near future, attributed to the high investment in R&D activities by market players and focus of society towards Internet of things (IoT). Other factors which drive the growth of epitaxial wafer industry for compound semiconductor include increase in demand for automobile & electronics and development of smart cities.
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Emerging technologies, such as artificial intelligence (AI) and quantum computing, require compound semiconductors to achieve full commercialization. The UK has a rich heritage of microprocessor design, with companies such as ARM and Imagination Technologies, and new start-up companies designing AI processors, such as Bristol-based GraphCore., which creates lucrative opportunities for its epitaxial wafer market growth for compound semiconductor globally.
U.S is the largest country, in terms of revenue generation, in the global epitaxial wafer market for compound semiconductor. The telecommunication industry is well-established in the U.S., which has led to increased adoption of compound semiconductors. In addition, rapid growth in the sales of consumer electronic products supplements the market growth. Moreover, increase in defense expenditure and widespread use of compound semiconductors in IT & telecommunication, consumer electronics, and automotive industries drive the growth of the epitaxial wafer market for compound semiconductor.
COVID-19 is having a large impact on both consumer and the economy. Electronics manufacturing hubs have been temporarily shut down to liming the COVID-19 spread among the individuals. This has majorly affected the supply chain of semiconductor market by creating shortages of materials, components, and finished goods. Lack of business continuity has ensured significant negative impacts on revenue, shareholder returns, and revenue, which are expected to create financial disruptions in the compound semiconductor industry.
By region the epitaxial wafer market trends for compound semiconductor are analyzed across U.S., UK, China, and rest of the world. The epitaxial wafer market analysis for compound semiconductor had identified that U.S. contributed maximum revenue in 2019, and China is expected to grow at a faster rate as compared to other regions during forecast period. Factors such as increase in adoption of electric vehicles and surging demand for advancement in the electronic warfare and advanced RADARs contribute to the market growth in China.
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Key Findings of the Study
In 2019, the CS power electronics accounted for the maximum revenue and is projected to grow at a notable CAGR of 11.3% during the forecast period.
The digital economy segment witness highest growth rate during the forecast period.
U.S. was the major shareholder in the epitaxial wafer market for compound semiconductor, accounting for approximately 23.0% share in 2019.
The key players profiled in the report include II-VI Incorporated, Cree Inc., Epistar Corporation, GLC Semiconductor Group, Intelligent Epitaxy Technology Inc., IQE PLC, Masimo Semiconductor, Nichia Corporation, SK Siltron Co., Ltd., and Sumitomo Electric Industries Ltd. These Market players have adopted various strategies such as product launch, collaboration & partnership, and acquisition to strengthen their foothold in the epitaxial wafer market share for compound semiconductor.
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