Market Trends of Compound Semiconductor Industry
Optoelectronics to Have a Significant Growth During the Forecast Period
- Optoelectronic products covered under the study scope include photodiodes, phototransistors, optical spectrum analyzers, solar panels, and other optoelectronic devices, excluding LED products.
- GaN-based transistors are discovering new ways, particularly in optoelectronics, compared to SiC-based, as they are faster and more efficient. GaN has 1,000 times the electron mobility of silicon, along with relatively stable operability at higher temperatures.
- Recent advancements in the field of optoelectronics, such as plasmonic nanostructures, perovskite transistors, optically active quantum dots, microscopic light bulbs, low-cost 3D imaging, laser-powered 3D display technology, and Laser Li-Fi, are expected to cause a quantum shift in the dynamic applicability areas of optoelectronic apparatus.
- Further, in June 2022, a multiwavelength optoelectronic synapse that enables optical data detection, storage, and processing in the same device was created by researchers in the United States (University of Central Florida) and South Korea. The resultant in-sensor artificial visual system, which significantly improves processing effectiveness and picture identification precision, might use robotics, self-driving cars, and machine vision. Like the human eye, where the retina, through the synapse of the optic nerve, carries optical data, optoelectronic synapse allows optical data sensing, memory, and processing to be integrated into the same device.
- Additionally, in August 2022, Yokogawa launched two new optical spectrum analyzers (OSAs) to fulfill the market demand for an instrument capable of measuring a wide range of wavelengths to meet unique optical product expansion and manufacturing needs. The Yokogawa AQ6375E and AQ6376E are the only grating-based OSAs covering SWIR (Short-Wavelength InfraRed) over 2 μm and MWIR (Mid-Wavelength InfraRed) over 3 μm, with advanced optical performance.
- To meet the various needs of the customers, the firms are expanding their product portfolio. For instance, in April 2022, the Everlight line specializes in manufacturing different optoelectronic devices, introduced a wide range of new products in its portfolio, including photodiodes and phototransistors. These products are offered by third-distributor Transfer Multisort Elektronik (TME).
- Growing demands for renewable energy are further driving the studied Market. According to IRENA, the solar photovoltaic energy capability in the South Asian country of India peaked at over 62.8 gigawatts in 2022, up 21.5% from the previous year.
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Middle East and Africa to Witness Significant Growth
- Prominent countries across the Middle East and Africa, such as Saudi Arabia, Egypt, and the United Arab Emirates, have some of the region's most extensive renewable energy programs. Compound semiconductor devices play a significant role in controlling the generation and link to the network of renewable energy sources.
- Moreover, the semiconductor industry is slowly gaining momentum in the Middle East and Africa, creating considerable market growth opportunities. For instance, in March 2022, the King AbdulazizCity for Science and Technology (KACST) announced the launch of the Saudi Semiconductor Program, the first of its kind in the province, which is desired to support the research, development, and qualification of professionals in the field of designing and localizing electronic chips.
- Furthermore, in the Middle East & North Africa, 5G is expanding significantly. The Gulf nations have taken the lead in developing 5G, and their governments and authorities have given mobile carriers access to the 5G launch spectrum so they may build some of the world's first and fastest 5G networks. According to GSMA, the diversified economies of the Middle East and North Africa (MENA) will significantly benefit from 5G, with the mid-band estimated to provide USD16 billion more in new GDP in 2030, or 0.35% of the region's GDP.
- In addition, in March 2022, MTN, a multinational mobile telecommunications firm based in South Africa, said it would invest more than USD 42.25 million in network development and a 5G push in the nation's largest province, the Northern Cape, and its judicial center, the Free State. Such initiatives to boost the overall semiconductor industry in these regions create a positive outlook for the growth of the studied market.
- Further, Dubai is expected to spend millions of Dirhams on incentives to have 42,000 EVs on its streets by 2030. General Motors expects to boost sales in the Middle East & Africa with the launch of its Chevrolet EV. The number of EV Green Charger stations in Dubai may be doubled as part of the 'Smart Dubai' initiative, which seeks to make Dubai the world's most innovative and happiest city. The Dubai Electricity and Water Authority announced the fulfillment of the second phase of its 'Green Charger' ambition, which contained the installation of additional 100 EV Green Charger stations across Dubai.
- According to the Climate Reality Project, the world's most extensive concentrated solar plant is due to be completed recently near Dubai, and it is expected to have a capacity of 1,000 MW. Dubai aims to produce 75% of its energy from clean sources by 2050, and its target energy mix for 2030 is 25% solar. These initiatives are driving the studied market in the region.
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