Travel restrictions imposed during the coronavirus outbreak has changed how the ICT industry operates on a significant scale. The pandemic has resulted in suspension of major business decisions in the sector. In addition, a number of projects have either been delayed or cancelled. Consequently, the demand for indium gallium arsenide is likely to dip in the near term. On the other hand, the demand for InGaAs is likely to be disrupted only till the end of 2020. The global indium gallium arsenide market has been projected to grow at an impressive 8.5% CAGR throughout the assessment period between 2020 and 2030.
Internet of Things and 5G applications will aid rapid resurgence in the market post the end of the pandemic.
The rising popularity of automated systems in the manufacturing sector will generate numerous opportunities in the indium gallium arsenide market in the short term.
In addition, the rising applications of InGaAs in remote surveillance operations will also aid indium gallium arsenide market players once the coronavirus outbreak is brought under control.
Indium Gallium Arsenide Market- Key Takeaways
- Superior efficacy drives the high popularity of avalanche semiconductors in the indium gallium, arsenide market.
- Combination material packaging is gaining ground in the InGaAs market owing to the need for customization in ICT applications.
- Communication, and defense applications contribute significantly to market revenue, owing to high investments into associated research activities.
- North America remains a major InGaAs market owing to extensive integration in automation for the manufacturing sector. Asia Pacific displays remunerative opportunities owing to high consumption of smart electronic devices.
Indium Gallium Arsenide Market- Driving Factors
- Lack of safer and viable substitutes for InGaAs in electronics and photonics applications drives market growth.
- Rapid development in the 5G and IoT sectors are generating major remunerative opportunities for market players.
- High investments in manufacturing automation, communication and defense surveillance supports InGaAs applications.
- Extensive applications in smart electronic devices boost global InGaAs sales figures.
Indium Gallium Arsenide Market- Major Restraints
- Concerns over toxicity of indium gallium arsenide is a key obstacle to adoption rates.
- Strict regulations associated with the production, handling and disposal of InGaAs will hold back market opportunities.
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COVID-19 Impact on Indium Gallium Arsenide Market
The covid-19 outbreak has resulted in declining demand for indium gallium arsenide.
Regional and nationwide lockdowns have impacted the production operations of the InGaAs industry. Disruptions in the production of consumer electronics, and breaks in supplies of raw materials will have a moderate impact on the market.
However, the InGaAs market will witness a strong resurgence once pandemic restrictions are lifted.
Extensive use in communications, manufacturing, and defense will help demand reach pre-pandemic levels at a rapid pace.
Major players in the indium gallium arsenide market are pushing for the acquisition of smaller regional and local players in a bid to build geographic presence, in addition to research and development for product innovation.
For instance, Teledyne DALSA has developed a new InGaAs-based shortwave camera for machine vision applications. Similarly, Kyoto Semiconductor has developed a photodiode with wide ranging sensitivity for multiple wavelengths.
HORIBA Ltd., Broadcom Inc., Hamamatsu Photonics K.K., California Eastern Laboratories, First Sensor AG, and Excelitas Technologies Corp. are some of the leading indium gallium arsenide producers in the global market.