The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The gallium market has undergone exponential growth in recent years, showcasing a remarkable journey from $1.85 billion in 2023 to a projected $2.32 billion in 2024, with an impressive Compound Annual Growth Rate (CAGR) of 25.5%. Looking ahead, the market is poised for continued exponential growth, reaching an estimated $5.38 billion in 2028 at a CAGR of 23.4%. This surge is fueled by various factors in both the historic and forecast periods.

Historic Growth Drivers

• Electronics Industry: The demand for gallium in the electronics sector has played a pivotal role in the market’s historic growth.
• Medical Applications: Gallium’s utility in medical applications has contributed significantly to market expansion.
• Solar Energy: The solar energy sector’s reliance on gallium has been a key driver.
• Aerospace and Defense: Gallium’s applications in aerospace and defense have further propelled market growth.

Forecast Growth Drivers

• Renewable Energy: Growing emphasis on renewable energy sources is driving the demand for gallium.
• Electric Vehicles: The electric vehicle revolution is increasing the need for gallium in various components.
• Advanced Materials: Gallium’s role in advanced materials is anticipated to fuel market growth.
• Nanotechnology: The use of gallium in nanotechnology applications is a significant growth driver.

Increasing Demand for Semiconductors Propels Growth
The gallium market is set to thrive with the rising sales of semiconductors. Gallium arsenide (GaAs), a semiconductor material, is crucial in high-performance electrical and photonic devices used in various applications, including power amplifiers and high-frequency circuits. The increasing integration of semiconductors into electric vehicles and other electrical systems is a major driver for the gallium market.

Key Players
Major players in the gallium market, including ArcelorMittal SA and Rio Tinto Corp., are actively contributing to market growth. These industry leaders are driving innovation and shaping the market landscape.

Innovative GaN Control Integrated Circuits Transforming the Market
Major companies in the gallium market are focusing on innovation to stay ahead in the competitive landscape. One notable trend is the dominance of gallium nitride (GaN) and the development of advanced products like GaN control integrated circuits.

Technological Advancements

• Gallium Nitride (GaN) Dominance: Companies are investing in GaN technologies for enhanced performance and efficiency.
• Recycling and Sustainability: The market is witnessing a trend towards recycling gallium and promoting sustainability.
• Hybrid Solar Cells: Innovations like hybrid solar cells incorporating gallium are gaining traction.
• Healthcare Innovations: Gallium’s applications in healthcare are expanding, driving innovations in the sector.

View More On The Gallium Market Report 2023 – https://www.thebusinessresearchcompany.com/report/gallium-global-market-report

Allegro Microsystems Enhances Power Semiconductor Capabilities
In a strategic move in September 2022, Allegro MicroSystems Inc. acquired Heyday Integrated Circuits, a France-based developer of integrated isolated gate drivers. This acquisition aimed to enhance power semiconductor capabilities, combining Heyday’s expertise with Allegro’s isolated current sensors. The synergy is expected to lead to the development of high-efficiency power systems with applications in electric vehicles, solar inverters, data centers, and 5G power supply.

Market Segmentation and Regional Insights

The gallium market is segmented based on product, component, wafer size, and end-user.

1. Product:
   • Gallium Nitride (GaN) Radio Frequency Devices
   • Opto-Semiconductors
   • Power Semiconductors
2. Component:
   • Transistors
   • Diodes
   • Rectifiers
   • Power Integrated Circuits
   • Other Components
3. Wafer Size:
   • 2-Inch
   • 4-Inch
   • 6-Inch
   • 8-Inch
4. End-User:
   • Automotive
   • Consumer Electronics
   • Defense and Aerospace
   • Healthcare
   • Industrial and Power
   • Information and Communication Technology
   • Other End-Users

Regional Insights:

• North America emerged as the largest region in the gallium market in 2023.

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The Gallium Global Market Report 2023  provides comprehensive insights on the gallium market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the gallium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
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Gallium Nitride Semiconductor Devices Global Market Report 2023
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