The global radio frequency components market size is expected to reach USD 45.05 billion by 2025 registering a CAGR of 14%, according to a new study by Grand View Research, Inc. High demand for devices capable of establishing direct wireless connectivity with the internet, including smartphones, tablets, smartwatch, drones, smart television, and smart homes devices is anticipated to drive the market over the forecast period. Technological evolution in the field of wireless communication and developments in materials used for manufacturing RF components, such as Gallium Arsenide (GaAs) and Silicon Germanium (SiGe), is also expected to augment market growth.
These materials allow the integration of digital and analog electronics into a single chip, thus lowering the cost of the components manufactured. These components find applications in several industries including military, automotive, and consumer electronics. The consumer electronics application segment is estimated to witness substantial growth in coming years owing to increasing consumer spending on electronic devices, such as tablets, personal computers, laptops, and smartphones, as a result of rising disposable income levels. Moreover, the development of innovative RF technologies offer products with a dynamic power range, higher frequencies, and lower noise parameters, enabling design of next-generation electronic components. Increasing popularity and adoption of high-speed networks, such as 4G and 5G, have significantly impacted the product demand.
According to the International Telecommunication Union (ITU), the global mobile cellular telephone subscriptions gradually rose from 7,181 million in 2015 to 8,160 million in 2018. Moreover, the number of internet users stood at 3,170 million globally in 2015, which further increased to 3,896 million in 2018. The trend, showing a steady rise in the number of subscribers of internet andmobile cellular telephone across the globe, is likely to have a positive impact on the growth prospects of the market in near future. Escalating demand for wireless communication solutions, including 5G, to enable wider channel bandwidths and greater data capacity than current or previous generation networks has resulted in the increased need for advanced RF solutions, such as switches, integrated modules, phase shifters, and other high-performance RF solutions.
Furthermore, operating frequency of 5G ranges from 24 GHz to 95 GHz, providing high-data-rate wireless connections, such as 4K/8K ultra High-Definition (HD) TV streaming. Due to this, there is an increased demand for RF components in wireless devices to offer greater coverage area and reduced latency of 5G networks. On the other hand, rise in the prices of raw materials is expected to negatively hamper the market growth. Based on competitive dynamics, the vendor landscape of the RF components market is highly fragmented in nature, resulting in intense competition by key companies and causing variation in price margins. Prominent companies in the market include Taiwan Semiconductor Manufacturing Co. Ltd.; Texas Instruments, Inc.; Renesas Electronics Corp.; and NXP Semiconductors N.V.
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Radio Frequency Components Market Report Highlights
• The power amplifiers product segment accounted for over 30% of the overall share in 2018 and will expand further over the forecast period due to increased demand for 4G handsets
• Filters segment is also likely to grow significantly due to wide usage of mobile computing devices and need to support various network spectrums for efficient coordination of wireless communication devices
• Consumer electronics application accounted over 60% of the overall share in 2018 and will attain a substantial growth from 2019 to 2025
• Increased consumer spending on smartphones, tablets, smart homes, and several other portable electronic devices is anticipated to be the key factor driving the consumer electronics segment
• North America accounted for around 28% of the global revenue in 2018. High demand for better mobility solutions is anticipated to drive the regional market further
• Asia Pacific is expected to be the fastest-growing RF components market from 2019 to 2025 due to increasing adoption of improved connectivity solutions and growing number of internet users in the region
• Key companies in this industry include Aixtron SE, NXP Semiconductors; Avago Technologies Ltd.; RF Axis; Texas Instruments, Inc.; STMicroelectronics Fujitsu Ltd.; Freescale Semiconductor, Inc.; and Renesas Electronics Corporation
• Industry participants compete on the basis of development of efficient components that offer faster access to high performance, mobile data, cost effectiveness, and flexibility to support the corresponding solution
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Radio Frequency Components Market Segmentation
Grand View Research has segmented the global radio frequency components market on the basis of product, application, and region:
Radio Frequency Components Product Outlook (Revenue, USD Million, 2014 – 2025)
• Power Amplifier
• Antenna Switches
• Modulators and Demodulators
Radio Frequency Components Application Outlook (Revenue, USD Million, 2014 – 2025)
• Consumer Electronics
• Mobile Phones
• Smart TVs & Set Top Boxes
• Laptops & Notebooks
• Wireless Communication
Radio Frequency Components Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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