Gallium Oxide Market to Surge at Impressive 11% CAGR through 2030; COVID-19 Pandemic to Have Moderate Impact on Growth in Near Term
Published : 24 Dec 2020 Industry: Chemical & Materials
Rapid advancements in the semiconductor industry have helped increasing the potential of gallium oxide. Gallium oxide is mostly used in the manufacturing of gallium oxide substrates. Currently, gallium substrates formed from oxide are used for research & development activities by academic & research institutes for making more technologically sound products. With a rapidly growing semiconductor industry, the gallium oxide market too will witness strong growth over the coming years.
The gallium oxide market is dependent and progressing on the back of investments in the electronics sector, especially in the semiconductor industry. For instance, AGC invested in Novel Crystal Technology, which accelerated the commercialization of the product, ultimately leading to more demand for gallium oxide.
Fact.MR predicts that the global gallium market will race ahead and reach a valuation of US$ 28.6 Mn by the end of 2030.
Key Takeaways from Global Gallium Oxide Market Study
- The global gallium oxide market is anticipated to add 2.8X value in 2030 as compared to 2020.
- 5N type grade captures near 66% of the global gallium oxide market, and is set to create US$ 13.2 Mn opportunity by 2030.
- Emerging uses of gallium oxide in power electronics, ultraviolet LEDs, and ultraviolet detectors will propel growth of the market.
- Substrate application is set to dominate market revenue in 2020, and is expected to expand at a healthy CAGR of 9% through 2030.
- Beta-gallium oxide substrate is set to dominate the product segment, and is expected to reach US$ 27.8 Mn by 2030.
- Asia Pacific holds a leading share in the global gallium oxide market, of which, Taiwan captures a lion’s share of this regional market.
- With lockdowns in place, the COVID-19 pandemic is expected to have a moderate effect on the growth of the global gallium market, at least in the short term.
“Higher price of gallium oxide has been a barrier for new entrants in this highly consolidated market space,”says a Fact.MR analyst.
Price Factor to Deter New Entrants
Gallium oxide is a very rare material, and is composed of naturally occurring materials such as coal, among others. Gallium oxide production does not work on obsolete technologies; new technologies are adopted by players to meet demand in the market. Most of the technologies are patented, and as of now, new players need to invest high capital on technology and infrastructure, which is not feasible for them as far as entering this market space is concerned.
More Valuable Insights on Gallium Oxide Market
Fact.MR, in its new offering, presents an unbiased analysis of the global gallium oxide market, presenting forecast statistics for the period of 2020-2030. The study divulges essential insights on the gallium oxide market on the basis of grade (4N, 5N, 6N, and above), product (alpha-gallium oxide and beta-gallium oxide), and application (substrates and others), across four major regions of the world.
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