GaN device market size was USD 20.56 billion in 2019 and is projected to reach USD 28.40 billion by 2027, exhibiting a CAGR of 4.28% during the forecast period.
The demand for energy efficient GaN devices is surging rapidly owing to the expansion of the telecommunications domain. Most of the internet service providers are nowadays focusing on providing lower latency with optical cable wires, ubiquitous connectivity, and network with higher capacity. Apart from that, the rising utilization of GaN devices in the 5G infrastructure is likely to propel the gallium nitride device market growth in the near future. However, the high cost associated with the maintenance and development of gallium nitride devices may hinder growth.
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