Gallium Oxide Market Accelerates at 44.1% CAGR to Reach US$ 46.5 Million by 2033: Fact.MR Report
FACT.MR
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FACT.MR
Gallium Oxide Suppliers Should Focus on Semiconductor Industry to Get Best Returns
Rockville, Oct. 02, 2023 (GLOBE NEWSWIRE) -- As per this latest report by Fact.MR, a market research and competitive intelligence provider, the global Gallium Oxide Market is projected to expand at an impressive 44.1% CAGR from 2023 to 2033 and reach a size of US$ 46.5 million by the end of 2033.
Growing number of digital transformation initiatives being launched around the world have resulted in high demand for semiconductors and chips to support the modern digital revolution that is taking over the world. Investments in semiconductor R&D to create more powerful and efficient electronics have been increasing rapidly, which is projected to support the development of gallium oxide devices as well in the future.
Key Segments of Gallium Oxide Industry Research Report
By Product Type
By Application
By Grade
By End Use
By Production Method
α-Gallium Oxide
β-Gallium Oxide
Gallium Oxide Substrates
Others
4N
5N
6N & Above
Power & High Voltage Devices
Electroluminescent Devices
Gas Sensors
Others
Molecular Beam Epitaxy
Chemical Vapor Deposition
Chemical Synthesis
Thermal Vaporization & Sublimation
Others
Increasing use of gallium oxide-powered chips and semiconductors in automotive and energy applications is also slated to open up business opportunities for gallium oxide distributors over the next ten years. Expanding electric vehicle manufacturing activity is also projected to bolster sales of gallium oxide transistors, gallium oxide LEDs, and gallium oxide sensors through 2033.
Key Takeaways from Market Study
The global gallium oxide market stands at a value of US$ 1.2 million in 2023.
From 2023 to 2033, gallium oxide sales are set to rise at a stellar CAGR of 44.1%.
The market is projected to reach US$ 46.5 million by the end of 2033.
Increasing investments in gallium oxide R&D, rising demand for high-power devices, growing popularity of electric vehicles, and advancements in gallium oxide technology are key market drivers.
High cost of gallium oxide products is projected to be the major constraint for market development going forward.
Asia Pacific accounts for more than 50% share of the global market in 2023.
Shipments of β-gallium oxide hold a prominent 60% volume share of the global market at present.
“Gallium oxide companies should invest heavily in R&D to maximize their revenue generation potential and support product innovation,” says a Fact.MR analyst
Winning Strategy
Gallium oxide suppliers should focus on reaching new markets through collaborations and partnerships with other companies. Companies should also focus on pumping more money into their R&D divisions to fast-track product launches that will allow them to gain a competitive advantage over other market players.
Prominent enterprises in the gallium oxide sector are channeling investments towards the development of novel gallium oxide power devices tailored to cater to specific needs within various industry sectors.
In the year 2022, Flosfia, an enterprise established in 2011 and a spin-off from Kyoto University, Japan, made public its intentions to initiate the manufacturing of power semiconductor devices specifically designed for automotive applications utilizing gallium oxide. The firm asserts that these semiconductor components have the potential to curtail electric vehicle power consumption by approximately 10% while minimizing power loss by an estimated 70%.
Key Companies Profiled
Chalco
NANJING JINMEI GALLIUM CO. LTD.
AGC Inc.
FLOSFIA Inc.
Liche Opto Co. Ltd.
Neo Performance Materials
Strem Chemicals Inc.
Vital Materials Co.
Super Conductor Materials Inc.
Nanoshell LLC
Nippon Rare Metal Inc.
Saint-Gobain
Asian nations are at the forefront of gallium oxide technology, yet companies seeking diversification and a less competitive market can focus on the United States, Germany, France, and the United Kingdom to enhance their revenue-generating prospects.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global gallium oxide market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on grade (4N, 5N, 6N & above), product type (α-gallium oxide, β-gallium oxide), application (substrates, others), production method (molecular beam epitaxy, chemical vapor deposition, chemical synthesis, thermal vaporization & sublimation), and end use (power & high voltage devices, electroluminescent devices, gas sensors), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Gallium Oxide Substrate Market: The global gallium oxide substrate market is anticipated to value at US$ 4.5 million in 2022 and further expand at a CAGR of 8.1% to reach US$ 9.7 million by the end of 2032.
Gallium Nitride Semiconductor Devices Market: The gallium nitride semiconductor devices market has garnered a market value of US$ 1.23 Bn in 2022, anticipated to register a positive CAGR of 23% in the forecast period 2022-2032 and reach a value of US$ 11.99 Bn.
Gallium Nitride Market: The driving factors for the gallium nitride market are the Defence sector, food and beverage industries as well as medical device manufacturing companies. While on the other hand, restraints for the market is government policies against its negative impact on the environment.
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