According to the research report titled ‘Global Compound Semiconductor Market Size study with COVID-19 Impact, by Type (Gallium Nitride (GaN), Gallium Arsenide (GaAs), Silicon Carbide (SiC), Indium Phosphide (InP), Silicon Germanium (SiGe) and Gallium Phosphide (GaP)), by Product (LED, Optoelectronics, RF Devices and Power Electronics), by Application (General Lighting, Telecommunication, Military, Defense, and Aerospace, Automotive, Power Supply, Datacom, Commercial, Consumer Display and Consumer Devices) and Regional Forecasts 2020-2027’, available with Market Study Report, global compound semiconductor market was worth USD 30.1 billion in 2019 and is anticipated to record a y-o-y growth rate of 6.3% during 2020-2027.
 

Surging demand and incorporation of silicon carbide (SiC) and gallium nitride (GaN) compounds as semiconductor, growing product usage in LED applications, and increasing funding by government and shareholders are primarily driving the growth of global compound semiconductor market.
 

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For those unversed, materials used for compound semiconductor occur naturally as well as can be synthesized utilizing deposition technologies. It has distinctive features such as high operating temperature, increased frequency, and wide band gap, along with higher current and voltage specifications apart from the capability to produce microwave signals.
 

The outbreak of COVID-19 has negatively impacted global compound semiconductor industry with companies being temporary shut and adoption of the work from home culture. Moreover, hefty material and fabrication costs linked with compound semiconductors are likely to impede the market growth over the forecast timespan.
 

Although, strategic alliance by leading organizations and rising advancements are projected to augment global compound semiconductor market share. Citing an instance, subsidiary of AMS, OSRAM, in May 2020, introduced OSRAM 24V TEC Flex family which delivers unvarying illumination for a wide range of outdoor and indoor applications. It can constantly modulate the color temperature from 2700K to 6500K, upholding superior color yield.
 

Considering the regional terrain, worldwide compound semiconductor industry dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, Asia Pacific leads the overall market presently and is poised to accrue notable gains over the analysis period, on account of surging demand for these devices in various sectors such as defense, aerospace, military, automotive, and telecommunication.
 

Major players influencing global compound semiconductor market trends are NXP Semiconductors N.V., Mitsubishi Electric Corp., Infineon Technologies AG, GaN Systems Inc., Cree Inc., Skyworks Solutions Inc., Qorvo, AMS Technologies AG, Samsung Electronics Co. Ltd., and Nichia Corporation.