Global Gallium Oxide Market: Overview
Gallium oxide refers to an inorganic chemical compound that comes with a combination of Oxygen and Gallium in a stoichiometric ratio of 2:3. Ga2O3 is the molecular formula of Gallium Oxide, which also goes by the name gallium sesquioxide, is slightly soluble in alkalis. However, this chemical compound is thermally stable and is insoluble in water. This chemical compound comes with huge band gap of nearly 4.8 eV, which enables producers to make use of a thinner device for a certain voltage. In the electronics sector, the thinner a device, the more efficient it is as it provides lesser resistance. High efficiency of the chemical is anticipated to support growth of the global gallium oxide market in the forthcoming years.
The electronic components that find utilization in various electric motors, power supplies, and inverters are estimated to be efficient as well as economic. These components need to be efficient enough to handle very high voltage from source as well. Keeping in mind such requirement, gallium oxide is estimated to come up as a suitable alternative option for the electronics and semiconductors sectors. As such, the high demand for product in the sector is estimated to support growth of the global gallium oxide market over the period of analysis, from 2024 to 2030. In comparison with silicon, gallium oxide comes costly. With technological advancement, however, the price of gallium oxide is anticipated to come down. With technical progress, the global gallium oxide market is likely to observe growth over the tenure of assessment, 2024 to 2030.
Form, application, end use, and region are the four important parameters based on which the global gallium oxide market has been classified.
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Global Gallium Oxide Market : Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global gallium oxide market is mentioned as below:
- On January 2018, a prominent supplier of automotives, DENSO Corporation, has partnered with a tech startup of Kyoto University, FLOSFIA Inc. to come up with a device of next-generation power semiconductor. This device is anticipated to lessen weight, size, and cost of inverters utilized in electrified vehicles. It also assists in lessening energy loss. As such, the partnership is expected bring on innovative products in the market.
Some of the prominent organizations in the global gallium oxide market comprise the below-mentioned:
- FLOSFIA Inc
- Nanoshel LLC
- Kyma Technologies, Inc
- TAMURA Corporation
- American Elements
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Global Gallium Oxide Market : Key Trends
The global gallium oxide market is characterized by the presence of the following restraints, drivers, and opportunities.
Demand to Ride on the Back of Burgeoning Demand for Electronic Devices
Gallium oxide technology is likely to come up as a new promising player in the semiconductor sector. The chemical compound is likely to play an important role in the improvement of performance of electric vehicles and generation of solar power. The chemical compound is estimated to come up as a promising ingredient for use in several applications, which spans from electronic devices or light emitting diode to piezotronics. Such an extensive range of application is expected to bolster growth of the global gallium oxide market over the tenure of analysis, from 2024 to 2030.
Higher density and smaller and thinner designs are needed by the semiconductor industry. For a long period of time, silicon has been in use for the purpose of making of microelectronics and semiconductors on a large scale. However, issues like scalability for various power electronics has prevented silicon from becoming material of choice. Gallium oxide has stepped in to work well and efficiently in many of such applications. This chemical compound also makes an offering of transparency and conductivity over the visible spectrum. As such, the attributes of the product is likely to pave way for rapid growth of the global gallium oxide market over the tenure of analysis.
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Global Gallium Oxide Market: Geographical Analysis
In terms of region, North America is anticipated to come as a prominent region in the global gallium oxide market. Rising number of users of smart devices in North America is expected to support growth of the market in the region.
Asia Pacific is likely to offer high growth opportunities in the times to come. With the growth of the semiconductor industry together with the rise in the number of electronic gadgets users in the region, the market is anticipated to rise in the forthcoming years.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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