Intermittent RESOURCE_SEMAPHORE_QUERY_COMPILE Wait Stats

Question

I'm trying to troubleshoot some intermittent CPU spikes that we're witnessing on one of our production SQL Servers. We're running SQL Server 2008 R2 Standard Edition with 28 GB RAM and 4 CPU cores. When this happens, we are noticing a large number of RESOURCE_SEMAPHORE_QUERY_COMPILER waits, which lasts for about a minute or two and then stops, which then the CPU usage returns to normal.

After researching this, I understand that this is normally caused by compiling lots of non-reusable execution plans, which we are currently working on changes to our application to address.

Can this behavior also be triggered by plan cache evictions due to memory pressure? If so, how would I check for this? I'm trying to see if there are any short-term remedies we can do, like upgrading the server RAM, until we deploy our application fixes. The only other short-term option I can think of is to move some of our busiest databases to different server.