The rising demand for fast chargers throughout the world is expected to boost the global gallium nitride (GaN) device market. In a new report, Fortune Business InsightsTM provides this information. The GaN device market was valued at USD 20.56 billion in 2019 and is expected to grow to USD 28.40 billion by 2027, with a CAGR of 4.28 percent during the forecast period, according to the report.
COVID-19: How Will Increasing Smartphone and Laptop Sales Affect Growth?
The COVID-19 pandemic is expected to boost growth. To combat the spread of coronavirus, governments in a number of nations have enacted strict lockdown restrictions. People are investing more in smartphones, IoT-based gadgets, laptops, and chargers these days due to the work from culture. With multiple reputable producers, the worldwide market for gallium nitride devices is highly fragmented. The majority of them are concentrating on obtaining new contracts from major governments and commercial entities to offer their in-house goods. The following are two recent industry developments:
- Raytheon Missiles & Defense was awarded a USD 2.3 billion contract by the US Missile Defense Agency in June 2020. (MDA). Seven GaN-based Army Navy/Transportable Radar Surveillance (AN/TPY-2) equipment will be delivered by the latter. The Terminal High Altitude Area Defense (THAAD) system is a component of the company’s Terminal High Altitude Area Defense (THAAD) system.
- July 2019: The US Department of Defense (DoD) Office of Naval Research awarded Transphorm a new contract for USD 18.5 million (ONR). A Base Program aiming at commercialising nitrogen polar GaN is included.
