The Sapphire Substrate market is projected to reach US$ 884. 26 million by 2028 from US$ 638. 83 million in 2022; it is expected to grow at a CAGR of 5. 6% from 2022 to 2028. The sapphire substrate market is majorly driven by the increasing usage in LEDs, laser diodes, and RFIC applications.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sapphire Substrate Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Wafer Diameter and Application" - https://www.reportlinker.com/p06295697/?utm_source=GNW LED accounting for ~90%, sapphire substrate is suitable for LED applications due to its high strength, high-temperature resistance, low dielectric loss, and good electrical insulation. It helps prevent LED lighting from stray currents, which are caused due to radiation from spreading to close circuit elements.The patterned sapphire substrate technology has become an effective way to improve the efficiency and reduce the cost of LEDs. Therefore, it is widely used in mid-power LEDs. Gavish, San’an Optoelectronics, Monocrystal, Silian, Crystalwise Technology, and Rubicon Technology are among the prominent producers of LED sapphire substrates.As sapphire substrates are a key component for LEDs, general lightings continue to require substrate materials in the LED market. Thus, the increasing demand for sapphire substrates in LED applications boosts the sapphire substrate market. The US, Canada, and Mexico are the prominent economies in North America.Developed countries in the region are known for adopting advanced technologies, high living standards, and well-developed infrastructure. High disposable incomes and technological advancements are propelling the growth of the consumer electronics industry. Thus, the flourishing electronics industry is contributing to the sapphire substrate market growth in North America. Elcon Precision LLC; AdValue Tech; S & D Materials, LLC; Rubicon Technology; Precision Micro-Optics Inc.; NOVA Electronic Materials, LLC; GAVISH; and SVM are among the key sapphire substrate market players in North America. A few manufacturers, including American Elements, offer single crystal sapphire wafers for the optoelectronics applications and provide customized products as per the requirement. These companies are working proficiently to keep up with the growing competition by implementing profitable strategies and better customer satisfaction. Therefore, such players catering to diversified industries are boosting the sapphire substrate market growth in the region. Semiconductor giants are planning to expand their product portfolio and enter the market due to the growing demand for sapphire substrates. The US is one of the most technologically advanced countries.Growing consumer electronic, electronics & semiconductors, and aerospace sectors in the US positively impact the growth of the sapphire substrates market. Canada is one of the fastest-growing countries in North America regarding technology.Canada is one of the largest in terms of economy and medical device market. Moreover, the country’s automotive sector contributed about ~ US$ 19 billion in 2021 to the country’s GDP.Further, consumer electronics demand is increasing in the country and electronics appliances, such as LEDs and some smartwatch brands, use sapphire substrate in their products. For instance, Apple uses sapphire crystal in its watch’s series in display and screen. The growth in these industries is influencing the manufacturers of the sapphire substrate to cater to the country, leading to the growth of the sapphire substrate market. Impact of COVID-19 Pandemic on Sapphire Substrate Market Size The COVID-19 pandemic has adversely affected the electronics & semiconductor market by delaying production, as most of the manufacturing plants were closed.The delays caused in the designing and launching of the new products are expected to hinder the growth of the sapphire substrate market. The disruptions in trade, supply chain, and logistics restrained the market growth in the US.The automotive & transportation industry is expected to lose billions of dollars due to a shortage of semiconductor wafers used in new vehicles. Industry experts expect that the shortage will lead to a decline of US$ 60.6 billion in revenue from the global automotive industry. General Motors reported that the wafer shortage will reduce its earnings by US$ 1.5 billion to US$ 2 billion in 2021. Similarly, Ford Motor stated that the COVID-19 crisis could lower its earnings by US$ 1 billion to USD 2.5 billion in 2021. Honda Motor and Nissan Motor also reported fewer car sales due to the semiconductor wafer shortage. Social distancing and work from home scenarios spurred growth in sales of consumer electronic devices such as laptops, home-networking gear, webcams and monitors among others.Sales of home entertainment systems and other appliances also increased all of which come with customized wafers. Therefore, to cater to the demands the sapphire substrate companies in North America are significantly improving their production technology. U.S. computer processors chip maker Intel Corp. reported a significant decline in sales due to production delays. The US government has ordered economic and national security experts to look for gaps in the semiconductor supply chain and reduce the reliance on other countries to manufacture semiconductors. Significant initiatives are anticipated to boost the North American sapphire substrate market growth during the forecast period. Saint-Gobain Group; KYOCERA Corporation; Semiconductor Wafer, Inc.; Precision Micro-Optics, Inc.; and Crystalwise Technology, Inc. are a few players profiled during the sapphire substrate market analysis. The overall sapphire substrate market analysis has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the sapphire substrate market. The process also serves the purpose of obtaining an overview and forecast of the sapphire substrate market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the sapphire substrate market. Read the full report: https://www.reportlinker.com/p06295697/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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