寬能能隙半導體的全球市場規模：依產品、應用、區域和預測

寬能能隙半導體市場規模及預測

預計寬能能隙半導體市場在 2024 年的價值將達到 18 億美元，到 2032 年將達到 46.6 億美元，2026 年至 2032 年的複合年成長率為 12.6%。

寬能能隙半導體是指比矽等傳統半導體有較大能隙的材料。這一特性使其能夠在更高的電壓、溫度和頻率下工作，使其成為電力電子、通訊和汽車行業中高要求應用的理想選擇。

它們通常由碳化矽 (SiC) 和氮化鎵 (GaN) 等材料製成，能夠使設備更有效率地運作。高效能電源轉換器、射頻 (RF) 放大器和電動車組件都受益於寬能能隙半導體降低能量損失和有效控制熱量的能力。

寬能能隙半導體的未來前景受到日益成長的節能解決方案需求和可再生能源技術的進步的驅動。隨著交通運輸電氣化程度的提高，人們需要更環保的技術，而寬能能隙半導體預計將透過實現更緊湊、更有效率、更耐用的電源管理系統，在決定電子產品的未來發展方面發揮關鍵作用。

寬能能隙半導體的全球市場動態

影響全球寬能能隙半導體市場的關鍵市場動態為：

關鍵市場促進因素

能源效率需求不斷成長：碳化矽 (SiC) 和氮化鎵 (GaN) 等寬能能隙半導體在效率和性能方面優於標準矽基半導體。這些半導體可在更高的電壓、溫度和頻率下工作，因此非常適合需要高功率和高效率的應用，例如電動車、可再生能源系統和工業馬達。提高能源效率和減少能源損耗的動力是市場的關鍵驅動力。

電動車 (EV) 和可再生能源的成長：全球向電動車和可再生能源的轉變正在推動對寬能能隙半導體的需求。 SiC 和 GaN 半導體對於電動車動力傳動系統和充電基礎設施至關重要，因為它們可以提高效率和性能，同時減少電力電子設備的尺寸和重量。同樣，在可再生能源系統中，這些半導體用於逆變器和其他電力轉換設備，以提高整個系統的效率。

通訊和 5G 技術的進步：5G 網路的部署需要能夠實現高頻、高功率運作且低能量損耗的半導體。 GaN 半導體具有高電子遷移率，並且在高頻下效率極高，使其成為此類應用的理想選擇。因此，5G 技術和通訊基礎設施的持續發展是寬能能隙半導體產業發展的關鍵驅動力。

政府措施與監管支援：世界各國政府紛紛頒布法規，鼓勵使用節能技術，並支持先進半導體製造的發展。針對寬能能隙半導體研發的獎勵措施、補貼和資金支持，都有助於該產業的發展。旨在減少碳排放和支持可再生能源的嚴格環境法規也有助於推動該技術的普及。

主要挑戰

製造成本高：碳化矽 (SiC) 和氮化鎵 (GaN) 等寬能能隙半導體比標準矽基半導體更難製造。製造流程極為複雜，需要專用設備，這增加了製造成本。這些高成本可能會對想要進入該市場的公司造成障礙，從而限制寬能能隙半導體的廣泛應用。

產業標準化程度有限：與矽基半導體不同，矽基半導體的產業標準完善且相容性廣泛，而寬能能隙半導體在裝置設計、封裝或性能測量方面缺乏標準化。缺乏標準阻礙了寬能能隙半導體元件的開發和整合，帶來了互通性挑戰，並抑制了市場成長。

材料品質和可靠性挑戰：SiC 和 GaN 等寬能能隙半導體材料容易受到製造誤差和雜質的影響，從而降低裝置性能和可靠性。確保良好的材料品質和耐用性對於汽車、航太和電力電子等關鍵產業的寬能能隙半導體應用至關重要。解決這些問題需要不斷改進材料合成、精製和表徵程序。

供應鏈和基礎設施有限：與矽基半導體相比，寬能能隙半導體材料和元件的供應鏈有限。這種供應鏈受限可能導致寬能能隙半導體產品供不應求、前置作業時間延長和價格上漲。此外，製造、測試和封裝寬能能隙半導體裝置的基礎設施可能不如矽基裝置的基礎設施發達，這給該行業的企業帶來了物流障礙。要解決這些限制，需要投資擴展寬能能隙半導體製造的供應鏈和基礎設施。

主要趨勢

先進封裝解決方案的興起：矽中介層、覆晶構裝和嵌入式晶片封裝等先進封裝技術在寬能能隙半導體領域日益普及。這些封裝技術能夠為寬能能隙半導體裝置提供更高的功率密度、更佳的溫度控管和更高的可靠性。隨著製造商努力提升電力電子應用的性能並縮小系統尺寸，創新的封裝技術是實現這些目標的關鍵。

微型化和整合化：寬能能隙半導體市場的一個突出趨勢是注重元件微型化和整合化。製造商正致力於開發更小、更強大的半導體元件，以便在小空間內提供更高性能。這一趨勢源自於行動裝置、穿戴式裝置和物聯網等應用對更小、更有效率電子產品的需求。先進封裝技術和3D整合等半導體製造技術的進步使得將多種功能整合到單一晶片上成為可能，從而縮小了外形規格並提升了系統性能。

注重可靠性和耐用性：隨著寬能能隙半導體技術在汽車、航太和工業自動化等關鍵任務應用中日益普及，可靠性和耐用性也變得愈發重要。製造商正在加大研發投入，以提高寬能能隙半導體元件的可靠性和穩健性，確保其能夠承受嚴苛的工作條件、極端溫度和機械應力。這一趨勢的驅動力在於，安全關鍵型應用需要滿足嚴格的品質和可靠性標準，終端用戶也需要對寬能能隙半導體技術的可靠性更有信心。

寬能能隙半導體生態系的崛起：另一個趨勢是寬能能隙半導體綜合生態系的形成，包括半導體製造商、零件供應商、研究機構和產業夥伴關係。此生態系統促進協作、知識交流和標準化舉措，以促進寬能能隙半導體技術的創新和應用。產業聯盟在支援各產業寬能能隙半導體應用的標準、測試程序和最佳實踐的開發方面發揮關鍵作用。

全球寬能能隙半導體市場及區域分析

以下是全球寬能能隙半導體市場更詳細的區域分析：

北美洲

北美憑藉其強大的技術基礎設施和巨額研發投入，在全球寬能能隙半導體市場佔據主導地位。該地區擁有眾多領先的半導體公司和研究機構，推動著碳化矽（SiC）和氮化鎵（GaN）等先進寬能能隙技術的創新和發展。

此外，軍事、航太和汽車等產業對高效高性能組件的需求日益成長，也推動市場的發展。此外，北美電動車和可再生能源系統的快速普及正在加速寬能能隙半導體的整合，增強其市場優勢。

良好的法規環境和政府推動永續能源和先進製造業的措施也促進了該地區在全球市場的主導地位。

亞太地區

亞太地區是寬能能隙半導體成長最快的市場，這得益於快速的工業化進程、消費性電子產品需求的不斷成長以及電氣化和可再生能源的強勁發展。中國、日本和韓國等國正大力投資半導體生產和先進技術開發，推動這項成長。

該地區的汽車工業蓬勃發展，尤其是電動車的生產和普及率不斷提高，推動了對高效能、高性能半導體元件的需求。

此外，5G網路的不斷推出和通訊基礎設施的發展正在加速氮化鎵（GaN）和碳化矽（SiC）等寬能能隙半導體的使用。

政府鼓勵技術創新和環境永續性的舉措和優惠政策也在亞太市場擴張中發揮關鍵作用，因此該地區正迅速崛起為全球寬能能隙半導體市場的領先參與企業，具有高成長率和不斷成長的佔有率。

目錄

第1章 引言

• 市場概覽
• 研究範圍
• 先決條件

第2章執行摘要

第3章：已驗證的市場研究調查方法

• 資料探勘
• 驗證
• 第一手資料
• 資料來源列表

第4章 市場概述

• 概述
• 市場動態
  • 驅動程式
  • 限制因素
  • 機會
• 波特五力模型
• 價值鏈分析

第5章寬能能隙半導體市場（依產品）

• 概述
• 碳化矽
• 氮化鋁
• 氮化鎵

第6章寬能能隙半導體市場（依應用）

• 概述
• 國防/航太
• 家電

第7章寬能能隙半導體市場（按地區）

• 概述
• 北美洲
  • 美國
  • 加拿大
  • 墨西哥
• 歐洲
  • 德國
  • 英國
  • 法國
  • 其他歐洲國家
• 亞太地區
  • 中國
  • 日本
  • 印度
  • 其他亞太地區
• 世界其他地區
  • 拉丁美洲
  • 中東和非洲

第8章 競爭態勢

• 概述
• 各公司市場排名
• 主要發展策略

第9章 公司簡介

• Fujitsu Limited
• Mersen SA
• Everlight Electronics Co
• Toshiba Corporation
• Efficient Power Conversion Corporation
• Avogy, Inc.
• Renesas Electronics Corporation
• GaN Systems Inc.
• NXP Semiconductors NV
• Cree Inc.

第10章 重大進展

• 產品發布/開發
• 合併與收購
• 業務擴展
• 夥伴關係與合作

第11章 附錄

• 相關調查

Wide Bandgap Semiconductor Market Size And Forecast

Wide Bandgap Semiconductor Market size was valued at USD 1.80 Billion in 2024 and is projected to reach USD 4.66 Billion by 2032, growing at a CAGR of 12.6% from 2026 to 2032.

Wide bandgap semiconductors are materials that have a greater bandgap than traditional semiconductors such as silicon. This feature enables them to function at greater voltages, temperatures, and frequencies, making them excellent for demanding applications in the power electronics, telecommunications, and automotive industries.

They are generally made of materials like silicon carbide (SiC) and gallium nitride (GaN), which allow devices to operate more efficiently and effectively. High-efficiency power converters, radio frequency (RF) amplifiers, and electric vehicle components all benefit from wide bandgap semiconductors' ability to reduce energy loss and control heat effectively.

The future scope of wide bandgap semiconductors is broad, driven by rising demand for energy-efficient solutions and advancements in renewable energy technology. With the push for greener technologies as transportation electrification advances, wide bandgap semiconductors are projected to play an important role in determining the future of electronics by allowing for more compact, efficient, and durable power management systems.

Global Wide Bandgap Semiconductor Market Dynamics

The key market dynamics that are shaping the global Wide Bandgap Semiconductor Market include:

Key Market Drivers:

Rising Demand for Energy Efficiency: Wide bandgap semiconductors, such as silicon carbide (SiC) and gallium nitride (GaN), outperform standard silicon-based semiconductors in terms of efficiency and performance. They can work at greater voltages, temperatures, and frequencies, making them excellent for applications that demand high power and efficiency, such as electric vehicles, renewable energy systems, and industrial motors. This push for increased energy efficiency and lower energy losses is a major market driver.

Growth in Electric Vehicles (EVs) and Renewable Energy: The global shift to electric vehicles and renewable energy sources is driving up demand for wide bandgap semiconductors. SiC and GaN semiconductors are critical in EV powertrains and charging infrastructure because they may boost efficiency and performance while reducing the size and weight of Power electronics. Similarly, in renewable energy systems, these semiconductors are employed in inverters and other power conversion devices to increase overall system efficiency.

Advancements in Telecommunications and 5G Technology: Deployment of 5G networks requires semiconductors capable of high-frequency, high-power operations with low energy loss. GaN semiconductors are ideal for this application because of their great electron mobility and efficiency at high frequencies. The continued development of 5G technology and telecommunications infrastructure is thus a key driver of the wide bandgap semiconductor industry.

Government Initiatives and Regulatory Support: Governments throughout the world are enacting laws and regulations to encourage the use of energy-efficient technology and assist the development of sophisticated semiconductor manufacturing. Incentives, subsidies, and funding for research and development in wide bandgap semiconductors are all contributing to drive industry growth. Stringent environmental rules aimed at decreasing carbon emissions and supporting renewable energy options also encourage adoption.

Key Challenges:

High Manufacturing Costs: Wide bandgap semiconductors, such as silicon carbide (SiC) and gallium nitride (GaN), are more difficult to manufacture than standard silicon-based semiconductors. The production procedures are highly complicated and require specialized equipment, which raises manufacturing prices. These higher costs can be a barrier to entry for companies wishing to enter the market, thus limiting widespread use of wide bandgap semiconductors.

Limited Industry Standardization: Unlike silicon-based semiconductors, which have well-established industry standards and widespread compatibility, wide bandgap semiconductors are not standardized in terms of device design, packaging, or performance measurements. The lack of standardized standards hinders the development and integration of wide-bandgap semiconductor devices, causing interoperability challenges and impeding market growth.

Challenges in Material Quality and Dependability: Wide bandgap semiconductor materials like SiC and GaN are prone to production errors and impurities that can degrade device performance and reliability. Ensuring good material quality and durability is vital for wide bandgap semiconductor applications in key industries like automotive, aerospace, and power electronics. Addressing these issues necessitates ongoing improvements in material synthesis, purification, and characterization procedures.

Limited Supply Chain and Infrastructure: Wide bandgap semiconductor materials and components have a much smaller supply chain than silicon-based semiconductors. This constrained supply chain can result in supply shortages, longer lead times, and higher prices for wide-bandgap semiconductor goods. Furthermore, the infrastructure for manufacturing, testing, and packaging wide bandgap semiconductor devices may be less developed than that for silicon-based devices, creating logistical obstacles for enterprises competing in this industry. Addressing these constraints necessitates investments in supply chain expansion and infrastructure improvements for wide bandgap semiconductor manufacturing.

Key Trends:

Emergence of Advanced Packaging Solutions: Advanced packaging methods like silicon interposers, flip-chip packaging, and embedded die packaging are gaining popularity in the wide bandgap semiconductor sector. These packaging techniques offer higher power densities, better thermal management, and greater reliability in wide bandgap semiconductor devices. As manufacturers attempt to improve performance and reduce system size in power electronics applications, innovative packaging techniques are important to attaining these objectives.

Miniaturization and Integration: A prominent trend in the Wide Bandgap Semiconductor Market is an increased emphasis on component downsizing and integration. Manufacturers are working to create tiny, multifunctional semiconductor devices that provide excellent performance while occupying little space. This trend is being pushed by the desire for smaller, more efficient electronics in applications such as mobile devices, wearables, and IoT. Advances in semiconductor manufacturing techniques, such as sophisticated packaging technologies and 3D integration, allow for the integration of numerous functions onto a single chip, resulting in reduced form factors and improved system performance.

Focus on Reliability and Durability: As wide bandgap semiconductor technologies gain popularity in mission-critical applications such as automotive, aerospace, and industrial automation, there is a greater emphasis on dependability and endurance. Manufacturers are investing in R&D to improve the dependability and robustness of wide bandgap semiconductor devices, ensuring their capacity to survive harsh working conditions, temperature extremes, and mechanical stress. This trend is driven by the need to meet demanding quality and reliability criteria in safety-critical applications, as well as to create end-user trust in the reliability of wide bandgap semiconductor technologies.

The Emergence of Wide Bandgap Semiconductor Ecosystem: Another trend is the formation of a comprehensive ecosystem for wide bandgap semiconductors, which includes semiconductor manufacturers, component suppliers, research institutes, and industrial partnerships. This ecosystem promotes collaboration, knowledge exchange, and standardization initiatives, resulting in increased innovation and the use of wide bandgap semiconductor technology. Industry consortiums and alliances play an important role in supporting the development of standards, testing procedures, and best practices for wide-bandgap semiconductor applications in a variety of industries.

Global Wide Bandgap Semiconductor Market, Regional Analysis

Here is a more detailed regional analysis of the global Wide Bandgap Semiconductor Market:

North America:

North America dominates the worldwide Wide Bandgap Semiconductor Market, owing to its strong technological infrastructure and huge investments in R&D. The region is home to numerous major semiconductor firms and research institutions that promote innovation and the development of sophisticated wide bandgap technologies such as Silicon Carbide (SiC) and Gallium Nitride (GaN).

The market is further bolstered by the rising need for efficient, high-performance components in industries such as military, aerospace, and automotive. Furthermore, North America's early adoption of electric vehicles and renewable energy systems speeds up the integration of wide bandgap semiconductors, increasing their market dominance.

The favorable regulatory environment and government measures that promote sustainable energy and sophisticated manufacturing also contribute to the region's leading position in the global market.

Asia Pacific:

The Asia-Pacific area is the fastest-growing market for wide bandgap semiconductors, owing to rapid industrialization, increased consumer electronics demand, and a strong push toward electrification and renewable energy. Countries such as China, Japan, and South Korea are driving this expansion with significant investments in semiconductor production and advanced technology development.

The region's thriving automotive industry, particularly the increased production and acceptance of electric vehicles, drives up demand for efficient and high-performance semiconductor components.

Furthermore, the increasing deployment of 5G networks and developments in telecommunications infrastructure hasten the use of wide bandgap semiconductors such as gallium nitride (GaN) and silicon carbide (SiC).

Government initiatives and favorable policies encouraging technical innovation and environmental sustainability also play an important role in fueling market expansion in the Asia Pacific area. As a result, the region is quickly developing as a prominent participant in the worldwide Wide Bandgap Semiconductor Market, with high growth rates and a growing share.

Global Wide Bandgap Semiconductor Market: Segmentation Analysis

The Global Wide Bandgap Semiconductor Market is Segmented on the basis of Product, Application, and Geography.

Wide Bandgap Semiconductor Market, By Product

• Silicon Carbide
• Aluminum Nitride
• Gallium Nitride

Based on the Product, the Global Wide Bandgap Semiconductor Market is segmented into Silicon Carbide, Aluminum Nitride, and Gallium Nitride. Silicon Carbide (SiC) is the market leader due to its widespread use in high-power applications such as electric vehicles, industrial motors, and renewable energy systems. SiC's high heat conductivity and efficiency make it the ideal material for these demanding applications. Gallium Nitride (GaN) is the fastest-growing market, driven by its increased use in consumer electronics, telecommunications, and RF (radio frequency) devices due to its high efficiency and ability to operate at high frequencies and power densities.

Wide Bandgap Semiconductor Market, By Application

• Defense And Aerospace
• Consumer Electronics

Based on the Application, the Global Wide Bandgap Semiconductor Market is segmented into Defense And Aerospace, and Consumer Electronics. The Defense and Aerospace segment dominates because of the strong demand for dependable, high-performance components that can function in harsh environments. This industry benefits considerably from the excellent thermal and electrical properties of wide bandgap semiconductors, which are critical in advanced military and aerospace applications. Consumer Electronics is the fastest-growing industry, thanks to rising demand for efficient, high-power devices like smartphones, laptops, and gaming consoles.

Key Players

The "Global Wide Bandgap Semiconductor Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Fujitsu Limited, Mersen S.A., Everlight Electronics Co, Toshiba Corporation, Efficient Power Conversion Corporation, Avogy, Inc., Renesas Electronics Corporation, GaN Systems Inc., NXP Semiconductors N.V., and Cree Inc.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

• Global Wide Bandgap Semiconductor Market: Recent Developments
• In May 2024, Rohde & Schwarz demonstrated their solutions for next-generation wide bandgap device testing and debugging at PCIM Europe. Rohde & Schwarz will present its most recent solutions for power electronics testing at PCIM Europe in Nuremberg. This year's focus will be on solutions to the issues of testing and debugging the next generation of wide bandgap semiconductors in power electronic converters. The company's experts will provide firsthand expertise in applications such as inverter drive design, double pulse testing, and EMI debugging, all using cutting-edge Rohde & Schwarz test instruments.
• In August 2023, Layered materials and wide-bandgap semiconductors are being used to power advanced electronics. Silicon carbide (SiC) and group-III nitrides (GaN, AlN, InN, and related alloys) are critical components in energy-efficient power conversion, high-frequency electronics, and optoelectronics. Researchers can create ultra-fast diodes and transistors by combining the proven technology of wide-bandgap semiconductors with the extraordinary features of 2D materials such as graphene and transition metal dichalcogenides (particularly molybdenum disulphide (MoS2).
• In January 2024, Silvaco Group, Inc. ("Silvaco"), a provider of TCAD, EDA software, and design IP, said that it has joined GaN ValleyTM to advance the state-of-the-art in developing efficient gallium nitride (GaN) power devices and to enable its clients to innovate using its Victory TCAD platform. Gallium nitride, a broad bandgap semiconductor with strong electron mobility, is widely employed in power electronics due to its outstanding performance features.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL WIDE BANDGAP SEMICONDUCTOR MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL WIDE BANDGAP SEMICONDUCTOR MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis

5 GLOBAL WIDE BANDGAP SEMICONDUCTOR MARKET, BY PRODUCT

• 5.1 Overview
• 5.2 Silicon Carbide
• 5.3 Aluminum Nitride
• 5.4 Gallium Nitride

6 GLOBAL WIDE BANDGAP SEMICONDUCTOR MARKET, BY APPLICATION

• 6.1 Overview
• 6.2 Defense And Aerospace
• 6.3 Consumer Electronics

7 GLOBAL WIDE BANDGAP SEMICONDUCTOR MARKET, BY GEOGRAPHY

• 7.1 Overview
• 7.2 North America
  • 7.2.1 U.S.
  • 7.2.2 Canada
  • 7.2.3 Mexico
• 7.3 Europe
  • 7.3.1 Germany
  • 7.3.2 U.K.
  • 7.3.3 France
  • 7.3.4 Rest of Europe
• 7.4 Asia Pacific
  • 7.4.1 China
  • 7.4.2 Japan
  • 7.4.3 India
  • 7.4.4 Rest of Asia Pacific
• 7.5 Rest of the World
  • 7.5.1 Latin America
  • 7.5.2 Middle East & Africa

8 GLOBAL WIDE BANDGAP SEMICONDUCTOR MARKET COMPETITIVE LANDSCAPE

• 8.1 Overview
• 8.2 Company Market Ranking
• 8.3 Key Development Strategies

9 COMPANY PROFILES

• 9.1 Fujitsu Limited
  • 9.1.1 Overview
  • 9.1.2 Financial Performance
  • 9.1.3 Product Outlook
  • 9.1.4 Key Developments
• 9.2 Mersen S.A.
  • 9.2.1 Overview
  • 9.2.2 Financial Performance
  • 9.2.3 Product Outlook
  • 9.2.4 Key Developments
• 9.3 Everlight Electronics Co
  • 9.3.1 Overview
  • 9.3.2 Financial Performance
  • 9.3.3 Product Outlook
  • 9.3.4 Key Developments
• 9.4 Toshiba Corporation
  • 9.4.1 Overview
  • 9.4.2 Financial Performance
  • 9.4.3 Product Outlook
  • 9.4.4 Key Developments
• 9.5 Efficient Power Conversion Corporation
  • 9.5.1 Overview
  • 9.5.2 Financial Performance
  • 9.5.3 Product Outlook
  • 9.5.4 Key Developments
• 9.6 Avogy, Inc.
  • 9.6.1 Overview
  • 9.6.2 Financial Performance
  • 9.6.3 Product Outlook
  • 9.6.4 Key Developments
• 9.7 Renesas Electronics Corporation
  • 9.7.1 Overview
  • 9.7.2 Financial Performance
  • 9.7.3 Product Outlook
  • 9.7.4 Key Developments
• 9.8 GaN Systems Inc.
  • 9.8.1 Overview
  • 9.8.2 Financial Performance
  • 9.8.3 Product Outlook
  • 9.8.4 Key Developments
• 9.9 NXP Semiconductors N.V.
  • 9.9.1 Overview
  • 9.9.2 Financial Performance
  • 9.9.3 Product Outlook
  • 9.9.4 Key Developments
• 9.10 Cree Inc.
  • 9.10.1 Overview
  • 9.10.2 Financial Performance
  • 9.10.3 Product Outlook
  • 9.10.4 Key Developments

10 KEY DEVELOPMENTS

• 10.1 Product Launches/Developments
• 10.2 Mergers and Acquisitions
• 10.3 Business Expansions
• 10.4 Partnerships and Collaborations

11 Appendix

• 11.1 Related Research