Aluminum Gallium Indium Phosphide Semiconductor Market Size Forecast to Reach $584.8 Million by 2026
The Rapid Growth of the Electrical and Electronics Industry Has Increased the Demand for Aluminum Gallium Indium Phosphide Semiconductors; Thereby, Fueling the Market Growth.
Hyderabad, India – July 24, 2021 /MarketersMedia/ —
Aluminum Gallium Indium Phosphide Semiconductor Market size is forecast to reach US$584.8 million by 2026, after growing at a CAGR of 2.5% during 2021-2026, owing to the increasing usage of aluminum gallium indium phosphide semiconductor in various end-use industries such as electrical & electronics, aerospace, and solar energy for applications such as light emitting diodes, optoelectronic devices, photovoltaics. Due to its large bandgap, the aluminum gallium indium phosphide (AlGaInP) semiconductor offers a forum for the production of photo optics applications. The rapid growth of the electrical and electronics industry has increased the demand for aluminum gallium indium Phosphide semiconductors; thereby, fueling the market growth. Furthermore, the flourishing solar energy industry is also expected to drive the aluminum gallium indium phosphide semiconductor industry substantially during the forecast period.
COVID-19 Impact
In the short term, the electronics industry is suffering due to disruptions in supplies from China and other countries, given its reliance on them to meet its raw material requirements. Because of COVID-19, some suppliers across countries have temporarily stopped their production, while logistics suppliers are also unable to transport products seamlessly, particularly across borders, due to pandemic-related constraints. Owing to these closures, the supply chain and the number of imported parts have also been seriously affected and, therefore, manufacturers are feeling the effect of part shortages in their supply networks. The shipping of goods is also being delayed by at least 4-5 weeks upon the re-opening of manufacturing units with small cargo vessels around the world.
Aluminum Gallium Indium Phosphide Semiconductor Market Segment Analysis – By End-Use Industry
The electrical & electronics segment held the largest share in the aluminum gallium indium phosphide semiconductor market in 2020 and is growing at a CAGR of 6.3% during 2021-2026, owing to increasing usage of aluminum gallium indium phosphide semiconductor in the electrical & electronics industry for applications such as light emitting diodes, optoelectronic devices, photovoltaics, and more. The semiconductor of aluminum gallium indium phosphide is used to create high brightness light emitting diodes (LEDs) to form the light emitting heterostructure.
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Aluminum Gallium Indium Phosphide Semiconductor Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the aluminum gallium indium phosphide semiconductor market in 2020 up to 35% and is growing at a CAGR of 8.1% during 2021-2026, owing to the increasing demand for aluminum gallium indium phosphide semiconductor from the electrical and electronics industry in the region to manufacture products such as light emitting diodes, optoelectronic devices, photovoltaics, and more. According to China’s National Integrated Circuit Development Promotion Outline, the Chinese government will make significant efforts to support the electronics industry, especially IC manufacturing and design. China’s annual average rate of increase in IC output will be over 14 percent by 2022.
Aluminum Gallium Indium Phosphide Semiconductor Market – Drivers
Flourishing Aerospace Industry
With the advanced operational capabilities, aluminum gallium indium phosphide semiconductor finds a massive scope in the aerospace industry to manufacture gadgets such as computers, information processing units, information -display systems, plane guidance-control assemblies, and more. In 2019, China was the second-largest civil aerospace and aviation services market in the world and one of the fastest-growing markets, according to the International Trade Administration (ITA). China will require 7,690 new aircraft over the next 20 years, estimated at US$1.2 trillion, according to Boeing (Commercial Business Forecast 2018-2037). By 2030, Boeing’s latest business outlook predicts demand for 2,520 new aircraft in the Middle East. With the increasing aerospace production, the demand for aluminum gallium indium phosphide semiconductor to manufacture aviation gadgets will also eventually increase. Hence, the flourishing aerospace industry acts as a driver for the aluminum gallium indium phosphide semiconductor market.
Expanding Solar Energy Sector
The aluminum gallium indium phosphide semiconductor’s high direct bandgap makes it one of the most promising candidates for the development of top junction layers in multi-junction solar cells. In a five-junction structure, the use of aluminum gallium indium phosphide with high aluminum content will lead to solar cells with maximum theoretical efficiencies above 40 percent. For instance, on 16 September 2019, during the G5 Sahel summit in Burkina Faso gave strong support to Desert to Power, an initiative launched by the Africa Development Bank (AFDB) in 2018. The initiative aims to develop 10 GW of solar power for the 250 million people across the Sahel region via a network of solar power generation, producing 10GW by 2025.
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Aluminum Gallium Indium Phosphide Semiconductor Market Landscape
Major players in the aluminum gallium indium phosphide semiconductor market are NXP Semiconductors, Analog Devices, Texas Instruments, OSRAM Opto Semiconductors, Microsemi, GaN Systems, Infineon Technologies, Advanced Wireless Semiconductor, STMicroelectronics, and WIN Semiconductors.
Key Takeaways
Asia-Pacific dominates the aluminum gallium indium phosphide semiconductor market, owing to the increasing electrical & electronics industry in the region. According to the Electronic Industries Association of India (ELCINA), the total production of the electronics sector in India exhibited a growth of about 22%.
The end-Use industries such as electrical & electronics, aerospace, and solar energy are flourishing in various regions, which is projected to drive the aluminum gallium indium phosphide semiconductor market growth.
Due to the Covid-19 pandemic, most of the countries have gone under lockdown, due to which the production of various products such as light emitting diodes, optoelectronic devices, and photovoltaics have considerably fallen, which is hampering the aluminum gallium indium phosphide semiconductor market growth.
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