化合物半导体，日益重要

Core Insights - The article emphasizes the growing prominence of compound semiconductors as industries shift towards alternative materials that offer superior power, speed, and efficiency compared to silicon [2][3][4]. Market Growth and Projections - The compound semiconductor market is projected to grow from $1.3 billion in 2025 to $2.8 billion by 2031, reflecting a compound annual growth rate (CAGR) of 14% [2]. - The substrate market is expected to grow from $1.1 billion in 2025 to $2.4 billion by 2031, also at a CAGR of 14% [2][3]. Key Materials and Applications - Silicon carbide (SiC) and gallium nitride (GaN) are leading in power electronics, while gallium arsenide (GaAs) and GaN are widely used in RF systems [2]. - SiC is crucial for electric vehicle (EV) electrification and is expected to drive growth in power applications despite short-term price pressures [3][4]. - GaN's applications are expanding from consumer fast charging to automotive and data centers, although its substrate market remains smaller than that of SiC [4]. Emerging Technologies and Trends - The photonics market is experiencing strong growth, driven by AI data centers and bandwidth upgrades, accelerating the adoption of indium phosphide (InP) [4][5]. - MicroLED technology is beginning to commercialize, with the first commercial microLED smartwatch using GaN and GaAs expected to launch in 2025 [9]. Supply Chain Dynamics - The transition from 6-inch to 8-inch substrates for SiC and from 4-inch to 6-inch for InP is indicative of scalability and cost-effectiveness in meeting market demands [13]. - The competition in the compound semiconductor ecosystem is intensifying, particularly with China's advancements in SiC substrate technology [16]. Strategic Developments - The industry is witnessing a shift towards hybrid IDM and foundry models for GaN, with new entrants leveraging internal epitaxy technology [15]. - The demand for larger substrates is increasing, enhancing the competitiveness of both pure compound semiconductor manufacturers and silicon wafer foundries [15].