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2 GALLIUM NITRIDE (GAN) SEMICONDUCTOR DEVICES (DISCRETES & ICS) & SUBSTRATE WAFER MARKET By Technology, Application, Product, Device, & Geography Global Forecast & Analysis ( ) MarketsandMarkets

3 MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world. MarketsandMarkets also provides mult i-client reports, company profiles, databases, and custom research services. MarketsandMarkets covers thirteen industry verticals, including advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT. Copyright 2014 MarketsandMarkets All Rights Reserved. This document contains highly confidential information and is the sole property of MarketsandMarkets. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of MarketsandMarkets. MarketsandMarkets Sample Pages 2

4 1 INTRODUCTION 1.1 KEY TAKE-AWAYS Global Gallium Nitride semiconductor devices and wafer market statistics with detailed classifications and split-ups by revenue and volume ASPs Analysis of the global GaN semiconductor devices and substrate wafer market with high growth technologies/ design configurations and segment s Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long term landscapes and porter s analysis of the market Illustrative and detailed segmentation of the GaN semiconductor devices and substrate wafer by end-user verticals and end-user applications Detailed segmentation of global GaN semiconductor devices and substrate wafer market by technology and products and devices and special focus on GaN power and RF semiconductor Illustrative segmentation, analysis, and forecast of the major geographical markets to give an overall view of the market Complete market, industry, and technology roadmaps, market penetrations, comparisons with various other related markets and competing technologies The future of the GaN semiconductor devices and wafer industry and market from both - technical and market-oriented perspectives The global consumption of GaN power, opto-semiconductor, and substrate wafer in several application segments and expected consumptions for the next eight years Gain competitive intelligence from the company profiles, competitive landscape, and market share analysis, devise revenue-growth strategies from the market size and forecast statistics MarketsandMarkets Sample Pages 3

5 Complete value chain, allied industry segments, and value chain analysis of the global GaN industry as well as GaN substrate wafer market and their impacts on the market Industry supply chain, segmentation, and analysis pertaining to the GaN industry and market, in both upstream and downstream sectors with detailed analysis on the front-end and back-end processes in both the streams and detailed analysis of supply chain. 1.2 REPORT DESCRIPTION This report is based on the extensive research study on GaN market and industry. It is aimed at identifying the entire market of the GaN semiconductor devices and substrate wafer, and all its sub-segments through extensively detailed classifications, in terms of revenue, shipments and ASPs. This report is focused on giving a bird s eye-view of the upcoming industry with regards to GaN semiconductor devices and substrate wafer market with detailed market segmentations; combined with qualitative analysis at each and every aspect of the classifications done by form factor, design architecture, substrate technology, products, devices, manufacturing process, thickness parameters, design configurations, applications, and geography. All the numbers, revenue, volume and ASPs, at every level of detail, are forecast till 2022 to give a glimpse of the potential revenue base in the GaN industry and market. A complete competitive landscape of the current market is analyzed by the market share analysis and rankings of the current key players and all the other details of the key players are discussed in their company profiles. The competitive information in this report includes market shares of leading GaN devices manufacturers, GaN substrate wafer manufacturers, key developments, and core strategies deployed to win in the race, mergers & acquisitions, new product developments, collaborations, and JVs of key manufacturers along with company profiles of wafer and wafer equipment manufacturers. The company profiles of the key players provide information about the GaN-related business of each player and also the latest data on the overall overview of the company and all its other major businesses. The report also analyzes the complete market by discussing the market dynamics such as its growth influencing factors, drivers, restraints, opportunities, burning issues, winning MarketsandMarkets Sample Pages 4

6 imperatives, porter s five forces, and other market trends. The GaN industry s supply chain has been discussed and analyzed thoroughly, with emphasis on dynamics of both - upst ream and downstream sectors, their processes and trends, and front-end and back-end processes. The complete market value chain and the industry segments have been entailed, with analysis of the strengths and weaknesses of various industry segments such as EDA and Design Tool, IP, Foundry, Fabless, Fab, IDM, ODM, OEM, and ATP. Lastly, the complete GaN product lifecycle in the industry has also been mentioned, with emphasis on the major industry processes and their current trends. Throughout the report, in all market tables and figures, the data of only the even- numbered years are given (such as values of market statistics in the years , 2016, 2018,2020, and 2022) along with the respective values in the base year (of forecasting), The data for the remaining years (2015, 2017, 2019, and 2021) can be made available if required. 1.3 REPORT SCOPE & MARKETS COVERED The scope of this report includes only the market for semiconductor core devices manufactured using Gallium Nitride, as their epitaxy or substrate material. Thus, it only comprises the market for core discrete devices (diodes and transistors) and ICs. The market statistics of more complex and typically used electronic devices such as modules, packages, electronic equipments, and the other similar devices are not included in any way in the market statistics mentioned in this report. The complete market viewed and analyzed in this report is only for GaN semiconductor devices and substrate wafer in all the aspects and chapters. The market statistics with regards to revenue and volume mentioned throughout this report do not cover the aspects related to gallium raw material, wafers, dies or any other intermediate stage of the several industry processes in the supply chain. An illustrative diagram of the GaN semiconductor monetary chain, showing the clear view of the market considered and analyzed in this report for quantitative data and statistics is given in the later stages of the report. In this report, the global GaN semiconductor devices market and industry is fully segmented into the following categories and aspects: MarketsandMarkets Sample Pages 5

7 Value chain and industry segments: GaN semiconductor industry value chain, raw material vendors, EDA and design tool vendors, IP vendors, foundry vendors, fabless vendors, fab vendors, Integrated Devices Manufacturers (IDMs), Original Devices Manufacturers (ODMs), Original Equipment Manufacturers (OEMs), wafer equipment manufacturers, and Assembly, Testing, and Packaging (ATP) players Supply chain and product life cycle: GaN semiconductor industry supply chain, upstream chain covering raw material acquisition, etching and doping, vapor preparation, wafer coating and manufacturing, downstream chain covering devices fabrication, cutting and mounting, assembly and packaging, front-end, and back-end processes in both streams, product life cycle covering epitaxial growth, devices fabrication, testing and packaging, and system integration Overall market: GaN semiconductor devices market, overall semiconductor devices market, and Porter s analysis Market by technology: Market by semiconductor materials in GaN devices, market by GaN transistor applications Market by semiconductor materials in devices: IV-IV GaN Semiconductor devices including GaN and silicon, GaN and sapphire, GaN and SiC-based devices and III-V SiC semiconductor devices including GaN and AlN, GaN-on-GaN based devices along with composite structures and alloy materials (Indium compounds) based GaN devices Market by transistor application: RF applications, DC-DC and AC-DC converters, UPS systems and inverters, motor drives (Industrial and Automotive) Market by application: computing sector, Communication Infrastructure (ICT)sector, consumer electronics sector, automotive sector, industrial, power, solar and wind sector, military, defense and aerospace sector, medical sector, and other sectors Market in computing sector: computing hardware power modules and UPS systems Market in Communication Infrastructure sector: Signal amplifiers and switching systems, wireless application devices, wired communication devices, satellite communication applications, RADAR applications, and RF applications MarketsandMarkets Sample Pages 6

8 Market in consumer electronics sector: inverters in consumer applications, LED lights in consumer applications, and switch mode consumer power supply systems Market in automotive sector: electric vehicles, hybrid electric vehicles, automotive braking systems, and automotive motor drives Market in industrial, power, solar and wind sector: smart grid power systems, wind turbines and wind power systems, power factor correction (PFC) systems, photovoltaic inverters, solar panels, industrial motor drives, High Voltage Direct Current (HVDC) systems, electro-mechanical computing/computer system, and high temperature electronics and sensors Market in military, defense and aerospace sector: combat vehicles, ships and vessels, microwave-radiation applications, radiation-hard electronics, and electronic warfare applications and radio communications Market in medical sector: implantable medical devices and bio-medical electronics Market by geography: North America, Europe, Japan, Asia-Pacific (excluding Japan), and Rest of the Word (includes Latin-South America, Middle East, and Africa) The following figure shows the three major aspects of the GaN semiconductor market covered in this report. They are the GaN semiconductor market overview, GaN semiconductor market analysis, and the extensive GaN semiconductor market classification. FIGURE 1 GLOBAL GAN SEMICONDUCTOR MARKET ASPECTS COVERED Global GaN Semiconductors Market Sample Text Market Analysis Sample Text Source: MarketsandMarkets Analysis MarketsandMarkets Sample Pages 7

9 The figure above shows the three major aspects of the GaN semiconductor market covered in this report. They are the GaN semiconductor market overview, GaN semiconductor market analysis, and the extensive GaN semiconductor market classification. The following figure shows the different types of classifications done for the global GaN semiconductor market in this report. FIGURE 2 GLOBAL GAN SEMICONDUCTOR MARKET CLASSIFICATION Market Classification Market Classification 1 By Products Market Classification 2 By Application Market Classification 3 Source: MarketsandMarkets Analysis The GaN semiconductor devices and wafer market is classified by technology, products, devices (only power semiconductor), application, and geography covered in this report. The global GaN substrate wafer market has been segmented on the basis of the following: The GaN substrate wafer market is further segmented by manufacturing process, thickness parameters, design configurations, application, and geography The manufacturing process market is further segment ed int o Ammonot hermally synthesized GaN, HVPE, and Na-flux LPE processes The design configuration market has been segmented into Si-on-GaN wafers, SiC-on-GaN wafers, GaN-on-GaN wafers, and others The GaN wafer market has been spilt into different applications like power applications, RF and satellite communication applications, LED applications, and other major applications The GaN wafer market has also been analyzed on the basis of different geographic regions namely: North America, Europe, APAC, and Rest of the world (ROW). MarketsandMarkets Sample Pages 8

10 1.4 RESEARCH METHODOLOGY This research study involved usage of extensive secondary sources, directories, and databases such as IEEE, WSTS, Hoovers, Bloomberg, Business-week, Factiva, and One-Source, and so on to identify and collect information useful for this extensive technical, market-oriented, and commercial study of this global SiC semiconductor and substrate wafer market. The primary sources are mainly several experts from core and related industries and preferred suppliers, manufacturers, distributors, administrators from organizations related to all the segments of this industry being interviewed to obtain and verify critical information as well as assess the future prospects. The following illustrative figure shows the market research methodology applied in making this report on the Gallium Nitride semiconductor devices and substrate wafer market. FIGURE 3 GLOBAL GAN SEMICONDUCTOR DEVICES AND SUBSTRATE WAFER MARKET RESEARCH METHODOLOGY Secondary Research Value Chain Key Players End User Applications Market Classification Annual Reports of key industry players Geographical markets with their market shares Market Trends Technological Developments Primary Research Numbers Validation Competitive Landscape Validation Market Dynamics Validation Market Crackdown Top-Down Approach Bottom-Up Approach Data Triangulation Qualitative and Quantitative Analysis Market Segmentation Market Estimates Market Forecasts Source: MarketsandMarkets Analysis MarketsandMarkets Sample Pages 9

11 We have used extensive secondary sources, directories, and databases such as Factiva, OneSource to identify and collect information useful for this extensive technical and commercial study of this global GaN semiconductor devices and substrate wafer market. The primary sources experts from related industries and preferred suppliers have been interviewed to obtain and verify critical information as well as assess the future prospects. The self-illustrative figure above shows the market research methodology applied in making this report based on GaN semiconductor devices and substrate wafer MARKET CRACKDOWN After arriving at the overall market size from the market size estimation process explained above, the total market has to be split into several segments and sub-segments, by various types of classifications. All the different types of classifications of the total market, to the deepest level possible according to the scope of this research study, are listed chronologically in the later chapters of the report. The following figure shows the market crackdown structure implemented in the market engineering process of making this report. FIGURE 4 GLOBAL GAN SEMICONDUCTOR DEVICES AND SUBSTRATE WAFER MARKET DATA TRIANGULATION Top Down Application Markets Application Markets Bottom Up Total GaN Semiconductors Market Total GaN Semiconductors Market Geographical Markets Key Players Globalization Company Market Shares Geographical Markets Key Players Market Presence Company Market Shares Source: MarketsandMarkets Analysis MarketsandMarkets Sample Pages 10

12 The figure above shows the core data triangulation procedure used in this report for every market, sub market, and sub-segment. The percentage split-ups of various major market segments (by application and geography) were used to arrive at the market size of t he major segments of the GaN semiconductor devices and substrate wafer market by application and geography. The percentage split-ups of the sub-segments categorized under the application market sub-segmentation were used to arrive at the market size of each of the individual subsegments of the end-user verticals in the market classification of the GaN semiconductor devices and substrate wafer market by application and similarly for market by geography. The exact reverse of the above procedure, that is, using Bottom-Up from application and geography segments to arrive at the overall GaN semiconductor devices and substrate wafer market and Top-Down from overall GaN semiconductor devices and substrate wafer market to arrive at the individual company (key players) revenue was also done to validate all the market size arrived at in the procedure mentioned above and shown in the figure. Thus, data was triangulated among three major categories GaN semiconductor devices and substrate wafer market size by application, GaN semiconductor devices and substrate wafer market size by geography, and GaN semiconductor devices and substrate wafer market size by company revenue. Besides this, the other forms of data triangulation were also implemented in specialized market size; for example, data was triangulated from the overall semiconductor market value (which is a parent market) in arriving at the overall GaN semiconductor devices and substrate wafer market size and similarly for all the market segments and sub-segments. Similarly, the market size volume and average selling prices (ASPs) of the GaN Semiconductor devices and substrate wafer in each of the market segments were arrived at by similar methods and procedures. Data was also triangulated among the revenue, volume, and ASPs. Thus, validation of every data was done by data derivation from the various aspects of the respective market segments and market aspects. MarketsandMarkets Sample Pages 11

13 1.4.2 KEY DATA POINTS FROM SECONDARY SOURCES Data for extensive and exhaustive segmentation and classification of the global GaN semiconductor devices and substrate wafer market Validation and triangulation of all the numbers and graphs Segmentation breakups, split-ups, and percentage shares Data for market value and volume Key industry trends of the top players of the GaN semiconductor devices and substrate wafer market Qualitative insights into various aspects of the market, key trends, and emerging areas Quantitative data for mathematical and statistical calculations Company statistics (quantitative) and developments (qualitative) for company profiles KEY DATA POINTS FROM PRIMARY SOURCES Current and proposed production volumes of particular categories by market players Validation of numbers of the various product and end-user application markets Pricing estimation and validation of the pricing and forecasting model Market shares of key industry players in the market Percentage split of individual markets for geographical analysis of the GaN semiconductor devices and substrate wafer market Forecasting for various market segments of GaN and validation of the forecasted data Technological landscape, competition between technologies, industry preferences, market dynamic s Competitive landscape of the key players, the competition dynamics, and recent industry activities MarketsandMarkets Sample Pages 12

14 1.4.4 KEY COMPANIES OF PRIMARY RESEARCH The major companies of the semiconductor industry whose executives were involved in extensive primary research conversations for making this report are listed below. Aixtron SE (Germany) Efficient Power Conversion Corporation (U.S.) GaN Systems Incorporated (U.K.) GeneSiC Semiconductor Incorporated (U.S.) International Quantum Epitaxy Plc (IQE/NanoGaN) (U.K.) NOVAGAN Incorporated (Switzerland) Texas Instruments Incorporated (U.S.) Toyoda Gosei Ltd. (U.S.) Triquint Semiconductor Incorporated (U.S.) MarketsandMarkets Sample Pages 13

15 2 EXECUTIVE SUMMARY Gallium Nitride is an upcoming alternate material to pure silicon in the field of semiconductors and electronics. During the extensive research carried out in search of an alternate semiconductor material in the previous century, several advanced features of gallium nitride proved useful for semiconductors such as high-brightness emission and intensity when used in opto-semiconductors, high power efficiency, superior high frequency handling capacity, and flexibility to be used alongside various substrates such as Si, sapphire, SiC were discovered. Extensive research studies took place in the past decade to utilize gallium nitride for semiconductor devices and electronic systems in two major segments power-semiconductors and opto-semiconductors. In the opto-semiconductors segment, the first commercial large-scale production of GaN LEDs started in around 2001 when successful processes for using GaN as an epitaxy over silicon and sapphire substrates were developed. Since then, GaN has penetrated deep into the highbrightness and ultra-high brightness LED and lighting industry; with the industry leaders such as Nichia Corporation (U.S.) and OSRAM AG (Germany) launching new GaN optosemiconductors every year. Most of today s blue, UV and white LEDs, and similar laser diodes that offer high light intensity and brightness emissions comprise GaN material. The penetration of GaN was the first in opto-semiconductors in 2001, followed by power semiconductors (merging both, pure-power, and RF-power semiconductors) in Commercialization of GaN power semiconductors (discretes & ICs) started at a medium scale in While the penetration growth rate is healthy and substantial in opto-semiconductors, the penetration rate in power semiconductors is explosive. One of the prime reasons for this is the growing application areas in the medium-voltage (200 to 1 KV) ranges, where GaN offers unique and unbeatable power efficiency over pure silicon. Another reason is the superior capability offered by GaN to handle high switching frequencies (>1 GHz), particularly for RFpower functions such as power amplification and switching in RF devices. In power semiconductors, several transistors and diodes (and rectifiers) have been in the market since 2008, with extraordinary growth in the volume of power discretes (HEMTs, Diodes, and Rectifiers and FETs) boosting the total revenue of the SiC power semiconductors market. MarketsandMarkets Sample Pages 14

16 Another factor for revenue growth was from GaN power ICs, where new power ICs (hybrids) such as MMICs and RFICs were launched commercially every year by industry players after extensive R&D efforts on developing new technologies to enable the same. The complete GaN power semiconductors industry has shifted to a mass-production scenario in 2011 with the success and revenue potential drawing the focus of several power semiconductor market giants. The GaN power semiconductor market stood at just $XX million in 2013, which is expected to reach $XX million by the end of The phenomenal growth rate of approximately XX to XX% year-on-year is expected to continue for the following years, decreasing slightly by the latter half of this decade. The forecasted revenue for GaN power semiconductors is more than $XX billion by end of 2022 (after eight years) at a CAGR of XX%, penetrating significantly into the global power semiconductors market, occupying a share of XX% by revenue, from practically zero, in eight years. Since the GaN opto-semiconductors segment has already had a head-start and is an established market, the GaN opto-semiconductors market value stood much higher than that of the power semiconductors, that is, at $XX million in This market is expected to grow at a CAGR of XX% and cross $XX million by Primary reason for the higher CAGR with respect to power semiconductors, when compared to opto-semiconductors, is the difference in the size of the total addressable markets and the available markets for penetration. In the case of GaN power semiconductors, the number of players in the total industry (including pure-power and RF-power players) and the total addressable market (that comprises complete medium-voltage range applications) are much larger than those of opto-semiconductors where GaN LEDs can only penetrate into highbrightness segments (Blue, UV, and white LEDs). Besides, both the GaN individual markets are directly dependent on the nature, activities, and state of their parent industries and markets that have phenomenal differences. In total, the overall GaN semiconductor device market value (including both, power, and opto segments) stood at $XX million in 2013 globally, which is expected to cross $XX million by the end of The total revenue in XX is forecasted to cross $XX billion, at a CAGR of XX% from 2014 to 2022, over the time-span of eight years. MarketsandMarkets Sample Pages 15

17 The global GaN semiconductor industry s value chain has grown to a vast network of players involved in various segments. There have been tremendous changes in the landscape of the value chain with several developments in segments such as raw material suppliers, EDA and design tool vendors, wafer manufacturers, wafer equipment vendors, foundry models, fabless players, fab facilities, IDMs, ODMs, OEMs, ATP players, and so on. The wafer manufacturers and wafer equipment manufacturers landscape is very dynamic, with increasing number of players in these two segments and has high level of collaborations, agreements, and partnerships activities among the players. The ODMs, IDMs segments are obviously the fastest growing segments with several new product launches, new technology launches taking place every year. In the supply chain landscape, both - upstream and downstream sectors have different landscapes, with new wafer manufacturing technologies related to epitaxy process, dyeing, etching, and wafer diameters playing a major role in the upstream and new device fabrication technologies related to technology node, circuit design, assembly & packaging making their mark in the downstream. Among the application sectors, the largest shares are occupied by the Consumer Electronics sector (due to LEDs and lighting), Communication Infrastructure (due to RF), and Industrial, Power, Solar and Wind Sector (due to power applications), together grabbing roughly XX% of the market currently with numerous upcoming applications such as consumer lighting, RF amplifiers, RF switching devices, power factor correction fsystems, power distribution systems, smart grid, HVDC, industrial motor drives, solar panels, photovoltaic inverters, wind power systems, and so on. The fast growing and upcoming application sectors are automotive and military, defense & aerospace sectors, with upcoming application fields such as electric and hybrid electric vehicles (HEVs) in the former and electronic warfare, radar communication electronics in the latter. Asia-Pacific (excluding Japan) holds the largest share in GaN Semiconductors market among all the geographic segments. Owing to huge market potential, increasing focus of the semiconductor industry and diversifying and strengthening value chain segments in upcoming markets such as China, South Korea and Taiwan, the Market Share (Value) from APAC (excluding Japan) is expected to grow at the fastest rate. North America and Europe are the primary establishment base markets for GaN semiconductors. These regions lead in innovation, development, investments, number of company activities, and are also among the MarketsandMarkets Sample Pages 16

18 pioneers, as far as GaN power semiconductors penetration and establishment of market base for advanced power applications are concerned. Hence, these regions are also expected to grow at fast rate, comparable to the fastest geographical region, i.e. Asia, in terms of growth. The following table shows the global GaN semiconductors market segmentation across various geographies, along with estimates in 2013 and forecasts till 2022 with respective growth rates. TABLE 1 GAN SEMICONDUCTOR DEVICES MARKET VALUE, BY GEOGRAPHY, ($MILLION) Region CAGR% ( ) North America XX XX XX XX XX XX XX Europe XX XX XX XX XX XX XX Japan XX XX XX XX XX XX XX APAC (Excluding Japan) XX XX XX XX XX XX XX ROW XX XX XX XX XX XX XX Global XX XX XX XX XX XX XX Source: MarketsandMarkets Analysis The global GaN semiconductors market value, which is estimated to be $XX million in 2013 is distributed as follows: $XX million in North America, $XX million in Europe, $XX million in Japan, $XX million in APAC (excluding Japan), and $XX million in the Rest of the World. From the table above, it can be observed that Asia-Pacific (excluding Japan) held the largest share of XX% in 2013, followed by Japan with XX%. These two geographical market segments had the largest share in 2013, but this situation is expected to change dynamically over the next eight years. The share of APAC is expected to increase to XX% while that of Japan is expected to decrease to XX% by MarketsandMarkets Sample Pages 17

19 With fast growing number of applications of GaN with first penetrations of advanced and sophisticated electronic devices and products in North America and Europe, they are expected to have a much higher growth rate than that of Japan, grabbing its market share. However, for Asia-Pacific, the trend for the entire semiconductor industry completely focusing on penetrating the huge untapped potential of developing economies in Asia is expected to be seen in the GaN semiconductors as well owing to growth in its market share. Asia-Pacific is expected to have the highest CAGR, that is, XX% from 2014 to 2022, closely followed by North America and Europe. The market penetration rate also follows the same order, as the complete focus is on APAC due to its huge total addressable market potential. MarketsandMarkets Sample Pages 18

20 3 MARKET ANALYSIS 3.1 INTRODUCTION This section includes complete analysis of the GaN semiconductor devices a market and the following figure shows the structure of market analysis done for GaN semiconductor devices and substrate wafer market, in this report. FIGURE 5 GLOBAL GAN SEMICONDUCTOR DEVICES ANALYSIS Market Analysis Market Statistics (Estimates & Forecasts) Market Dynamics Market Dynamics Market Statistics 1 Drivers Market Dynamics 1 GaN Semiconductors Vs. Overall Semiconductors Market Dynamics 1 Market Dynamics 2 Market Dynamics 2 Bargaining Power of Suppliers Burning Issues Market Dynamics 3 Market Dynamics 3 Degree of Competition Source: MarketsandMarkets Analysis The figure above shows the complete tree structure of the Market Analysis section of this report. It firstly consists of the parent market statistics (with estimates and forecasts), followed by Market Dynamics consisting of the market drivers, restraints, opportunities, burning issues, and winning imperatives. Lastly, it involves Porter s five force analysis of the GaN semiconductor devices and substrate wafer market. MarketsandMarkets Sample Pages 19

21 Disclaimer: MarketsandMarkets strategic analysis services are limited publications containing valuable market information provided to a select group of customers in response to orders. Our customers acknowledge, when ordering, that MarketsandMarkets strategic analysis services are for our customers internal use and not for general publication or disclosure to third parties. Quantitative market information is based primarily on interviews and therefore, is subject to fluctuation. MarketsandMarkets does not endorse any vendor, product or service depicted in its research publications. MarketsandMarkets strategic analysis publications consist of the opinions of MarketsandMarkets' research and should not be construed as statements of fact. MarketsandMarkets disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. MarketsandMarkets takes no responsibility for any incorrect information supplied to us by manufacturers or users. All trademarks, copyrights and other forms of intellectual property belong to their respective owners and may be protected by copyright. Under no circumstance may any of these be reproduced in any form without the prior written agreement of their owner. No part of this strategic analysis service may be given, lent, resold or disclosed to noncustomers without written permission. Reproduction and/or transmission in any form and by any means including photocopying, mechanical, electronic, recording or otherwise, without the permission of the publisher is prohibited. MarketsandMarkets Sample Pages 20