Northbrook, IL 60062 -- (SBWIRE) -- 11/17/2022 -- The 5G chipset market is projected to grow from USD 12.8 billion in 2020 to USD 67.2 Billion by 2027, at a CAGR of 26.7% from 2020 to 2027.
The 5G chipset market in Europe is projected to grow from USD 1.2 billion in 2020 to USD 11.6 billion by 2027; it is expected to grow at a CAGR of 38.1% from 2020 to 2027.
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The emerging application of 5G across the end-use sectors in the European region is driving the deployment of 5G networks. Germany is among the top five markets for industrial robots, with more than 28,000 robots shipped across sectors, including logistics and supply chain. This acts as a major driver for the 5G chipset market in Germany, as 5G will be used to communicate with robots.
By type, RFIC segment is projected to hold the highest share in the Europe 5G chipset market during the forecast period
The 5G chipset market for RFIC, which includes RF transceivers and RF FE, is expected to account for the largest share in Europe. The mobile devices and telecommunication infrastructure segments are expected to be the major contributors to the growth of the RFIC market. The increasing number of RF transceiver ICs in smartphones is the key factor that is expected to drive the growth of the 5G chipset market for RFIC in Europe.
By end use, the automobile segment in Europe's 5G chipset market is stipulated to witness a high growth rate
5G is expected to play a crucial role in the transformation of the European automotive industry by developing new applications that are difficult to develop with the current generation of cellular technologies. 5G can allow system and application developers to build a wide range of applications; the major applications include vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), and vehicle-to-network (V2N). These applications of 5G would further help in the development of other applications, such as automated driving, digital logistics, and intelligent navigation. 5G network provides fast connectivity at low latency. Moreover, 5G network data transfer rate is higher than that of the previous generation. Hence, 5G will play an integral role in autonomous driving across Europe.
UK is projected to witness the highest market share in the Europe market from 2020 to 2027
In the UK, more cities are transforming into smart cities owing to favorable economic, social, and technological factors. The key focus sectors include transportation, energy, healthcare, and water. Some of the key smart cities in the UK include London, Bristol, Birmingham, Glasgow, Manchester, and Milton Keynes. The government is striving for more innovations in the development of smart cities and new technologies, including IoT and autonomous cars, which would provide considerable opportunities for 5G chipset providers to generate revenue.
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Key Players in the Market
The key players operating in the Europe 5G chipset market are Qualcomm, Inc. (US), Analog Devices (US), Qorvo, Inc. (US), Skyworks Solutions (US), and Huawei Investment & Holding Co., Ltd. (China) among others.