The gallium oxide substrate market is estimated to expand more than 2X and generate an absolute dollar opportunity of US$ 5 Mn over the forecast period (2020-2030). Research & development activities done by academic & research institutes hold a major portion of the pie. With rapid growth of semiconductor and electronics industries, demand for substrate is only expected to increase over the coming years. However, the market will face a short-term decline in growth due to the ongoing COVID-19 pandemic, and gradually pick pace over the coming months and years.
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Key Takeaways from Global Gallium Oxide Substrate Market
- The global gallium oxide substrate market is anticipated to race ahead and add 2.1X value in 2030 as compared to 2022.
- Sn dopants capture nearly 59% of the global gallium oxide substrates market.
- Among the applications, visible/ ultraviolet LEDs hold a major share of the market – around 57% in 2022 – as LEDs are adopted across industries for various uses such as purification, currency detecting, etc.
- Asia Pacific holds a leading share in the gallium oxide substrate market, of which, Taiwan has been the demand center in FY2020. North America is the second-most attractive region in the global gallium oxide substrate market.
- After initial setbacks due to the onset of the COVID-19 virus, the gallium oxide substrate market is gradually recovering and getting back to its normal growth trajectory.
“Evolving scene of the semiconductor industry is responsible for the robust growth of the global gallium oxide substrate market, which is projected to double in value over the next ten years,” says a Fact.MR analyst.
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Rare Material Allowing Manufacturers to Maintain High Prices
The gallium oxide substrate market consists of three key players – Tamura Corporation, Novel Crystal Technology, and Kyma Technologies. Tamura and Novel Crystal Technology are leading players in the market, as the market is extremely consolidated with patented technologies. Players in this space have the power to maintain high prices of substrates, which will also act as a barrier for new entrants trying to enter this market place.
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