Advanced Materials and Chemicals

Gallium Oxide Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : March 2024

Format :Pdf Ppt Xls

Report ID:KR557

Author : Omkar R.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 7.63 Billion

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Forecasted Value (2030)

USD 197.80 Billion

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CAGR (2023 - 2030)

51.75%

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Fastest Growing Region (2023 - 2030)

Asia Pacific

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Largest Region

Asia Pacific

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By Application Type

Power & High Voltage Devices, Electroluminescent Devices, Gas Sensors, Others

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By Technology

Molecular Beam Epitaxy, Chemical Vapor Deposition, Chemical Synthesis, Thermal Vaporization and Sublimation, Others


Market Perspective

The global Gallium Oxide Market size was valued at USD 7.63 billion in 2022 and is projected to reach USD 197.80 billion by 2030, growing at a CAGR of 51.75% from 2023 to 2030.

The gallium oxide market is experiencing remarkable growth, propelled by the booming semiconductor industry, where gallium oxide plays a pivotal role. Its versatile properties make it a cornerstone of semiconductor innovation, driving significant advancements within the sector. With its high electron mobility and potential for efficient power devices, gallium oxide holds promise for enhancing the performance and efficiency of various electronic applications. Furthermore, its compatibility with diverse substrates amplifies its appeal in semiconductor manufacturing. As the demand for advanced electronic devices continues to surge, the gallium oxide market is poised to expand substantially in the forthcoming years.

Analyst’s Review 

The increasing adoption of gallium oxide in electric vehicle (EV) power electronics is a notable market trend. Government rules and environmental concerns are driving the demand for electric automobiles. High-performance power electronics that can handle higher voltages and operate at higher temperatures are fueling product demand. Gallium oxide has a wider bandgap compared to conventional materials, providing several benefits. The wide bandgap allows for higher breakdown voltages and lower resistance, which results in improved power efficiency and reduced energy losses. Gallium oxide-based devices also exhibit better thermal conductivity which allows them to operate at higher temperatures without compromising performance.

Gallium oxide is increasingly used in electric vehicle power electronics backed by the global movement towards environmentally friendly transportation and the demand for cutting-edge power semiconductor products to aid the electrification of the automotive sector.

Market Definition

Gallium oxide is a semiconductor material with a wide bandgap and excellent thermal and electrical properties. It finds applications in power electronics, optoelectronics, energy storage systems, and other industries. Gallium oxide is widely used in power devices and integrated circuits. Its unique properties, such as high breakdown voltage and low resistance fuel its demand in the power electronics industry. Optoelectronics utilizes its optical properties for devices like LEDs and photodetectors.

Using gallium oxide enables the development of high-performance and efficient energy storage systems that fuel technological advancements. By using gallium oxide in batteries and supercapacitors, manufacturers are able to enhance energy density and prolong the lifespan of these systems. This creates opportunities for key players to cater to the growing demand for renewable energy integration, grid stabilization, and electric vehicles. Adopting gallium oxide in energy storage systems contributes to the global transition towards clean and efficient energy utilization.

Market Dynamics

Increasing demand for high-voltage devices is driving gallium oxide market growth. The wide bandgap and high breakdown voltage of gallium oxide make it an excellent material for high-power and high-frequency applications. Market growth is being fostered by the growing use of gallium oxide in power electronics, such as electric vehicle chargers, and renewable energy systems.

Additionally, the aerospace industry is emerging as a prominent growth driver for gallium oxide. Gallium oxide is a preferred option for aerospace applications due to its remarkable qualities, which include high thermal stability, high-frequency capabilities, and radiation resistance. It is used to advanced control systems, high-efficiency power supply, and power electronic modules for aeronautical applications. The gallium oxide market is experiencing rapid expansion due to the notable demand across the aerospace industry for lightweight, high-performance materials that are more efficient in power management.

The growth of gallium oxide market is restrained due to the limited production of gallium worldwide. Gallium, a crucial raw element for gallium oxide, is scarce and is often obtained as a byproduct for the manufacturing of aluminum and zinc. Due to supply limits and potential increases in material costs, this limited availability restricts market growth. The scarcity of gallium is a limiting factor for market expansion in developing regions. Poor infrastructure, trade restrictions, and reduced investment in gallium mining and refining facilities can make it challenging for developing regions to obtain gallium. The limited availability of gallium makes it difficult for developing regions to implement gallium oxide-based technologies and applications.

The growing adoption of gallium oxide in the renewable energy sector presents a significant opportunity for key players in the market. With the widespread transition toward cleaner and more sustainable energy, the demand for efficient power conversion and energy storage technologies is rising. Renewable energy systems require high-performance power electronics to manage and convert the generated energy. Gallium oxide-based power devices offer higher efficiency and better thermal management than traditional silicon-based elements. This makes gallium oxide an attractive choice for enhancing the performance of renewable energy systems. Key players in the gallium oxide market have a significant opportunity to invest in developing top-notch gallium oxide-based products for renewable energy applications.

Segmentation Analysis

The global gallium oxide market is segmented based on application type, technology, and geography.

Based on application type, the market is bifurcated into power & high voltage devices, electroluminescent devices, gas sensors, and others. Power & high voltage devices emerged as the largest segment in the market, with a revenue of USD 3.23 billion in 2022. This segment denotes various applications of gallium oxide in high-power electronic systems. The demand for gallium oxide in this segment is fueled by its wide bandgap and high breakdown voltage properties, which enable efficient power management and high-performance electronic devices.

Based on technology, the market is bifurcated into molecular beam epitaxy, chemical vapor deposition, chemical synthesis, thermal vaporization and sublimation, and others. The molecular beam epitaxy segment holds the largest market share of 38.37% in the gallium oxide market. It is a widely used technique for growing high-quality gallium oxide thin films and is a key process in the production of gallium oxide-based devices.

Geographical Analysis

Gallium Oxide Market Size & Share, By Region, 2024-2031

Based on region, the global gallium oxide market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. Asia Pacific is the fastest growing region in the gallium oxide market and is set to expand at a CAGR of 57.12% over the forecast timeline. Electronic manufacturing hubs in the Asia Pacific utilize gallium oxide in applications such as power electronics and optoelectronics. Moreover, manufacturers in the region are investing heavily in research and development, fostering technological advancements in gallium oxide products.

Favorable government initiatives and policies in the Asia Pacific have accelerated the semiconductor market growth. The presence of a robust industrial infrastructure, skilled workers, and an expanding consumer electronics market are positioning the region as the fastest-growing market for gallium oxide.

Competitive Landscape

The global gallium oxide market report will provide valuable insight with an emphasis on the consolidated nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

The major players in the Gallium Oxide Market are-

  • Mitsubishi Chemical Corporation
  • AGC Inc.
  • Aluminum Corporation of China Limited
  • Merck KGAA
  • ThermoFisher Scientific Inc.
  • American Elements
  • ABSCO Limited
  • Kyma Technologies Inc.
  • Strem Chemicals Inc.
  • FLOSFIA Inc.

Key Developments

  • September 2022 (Investment): Wolfspeed, a leading manufacturer of gallium oxide power devices, announced its plans to invest USD 5 billion in expanding its production capacity. The investment aimed to meet the growing demand for power electronics, driven by the transition to electric vehicles, renewable energy, and industrial applications. This expansion involved the construction of a new manufacturing facility and expansion of existing facilities.
  • August 2022 (Expansion): OKASA, a Japanese company, commenced mass production of new components that can enhance the range of electric vehicles (EVs). These components, based on gallium oxide power modules, offer improved energy efficiency and can increase the driving range of EVs by up to 20%. With this move, the company intended to address the growing demand for EVs and contribute to the advancement of sustainable transportation.

The global Gallium Oxide Market is segmented as:

By Application Type

  • Power & High Voltage Devices
  • Electroluminescent Devices
  • Gas Sensors
  • Others

By Technology

  • Molecular Beam Epitaxy
  • Chemical Vapor Deposition
  • Chemical Synthesis
  • Thermal Vaporization and Sublimation
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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  • Check Icon Regional Market Dynamics
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  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global gallium oxide market is projected to reach USD 197.8 billion by 2030, growing at a CAGR of 51.75% from 2023 to 2030.
The global gallium oxide market was valued at USD 7.6 billion in 2022.
The gallium oxide market is experiencing significant growth, primarily driven by the wide expansion of the semiconductor industry. Moreover, increasing demand for high voltage devices is driving growth of the gallium oxide market.
Top manufacturers of gallium oxide market are Mitsubishi Chemical Corporation, AGC Inc., Aluminum Corporation of China Limited, Merck KGAA, ThermoFisher Scientific Inc., American Elements, ABSCO Limited, Kyma Technologies Inc., Strem Chemicals Inc., FLOSFIA Inc., and others.
Asia-Pacific is the fastest growing region with the CAGR of 57.12% in the forecasted period (2023-2030) with the market value forecasted to reach at USD 96.1 billion by 2030.
By type, power & high voltage devices sub-segment holds the maximum share in the gallium oxide market with the revenue value of USD 103.6 billion by 2030.
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