Global Radio Frequency Integrated Circuit (RFIC) Market Growth to be Fuelled by the Deployment of Next-Generation 5G Networks and Significant Growth of Power-Sensitive Wireless-Communication Products
Valley Cottage, NY -- (SBWIRE) -- 08/09/2018 -- Future Market Insights (FMI) recently published a report titled 'Radio Frequency Integrated Circuit (RFIC) Market – Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028'. Radio frequency integrated circuits are the elementary units for components that enable long-range connectivity such as LTE networks and short-range connectivity such as Bluetooth and Wi-Fi in computing devices. Radio frequency integrated circuits are predominantly used in devices that perform functions that include amplification, frequency conversion and signal filtering.
Moreover, Radio frequency integrated circuits have become one of the most integral components in wireless infrastructure owing to their high reliability and operating frequencies.
The global radio frequency integrated circuit market is expected to grow at a CAGR of 7.0% during the forecast period. The radio frequency integrated circuit market was valued at US$ 34,235.0 Mn in 2017, and is projected to grow significantly to reach US$ 72,616.4 Mn by 2028 due to an increase in the demand for next-generation LTE networks across the globe.
In this report, FMI has segmented the global radio frequency integrated circuit market on the basis of product type, vertical and region. By product type, the Radio frequency integrated circuit market is sub-segmented into transceivers, power amplifiers, wireless chips, Bluetooth chips and others. The increasing penetration of IoT devices in various industry verticals is encouraging device manufacturers to integrate a larger number of radio frequency integrated circuit with connected devices.
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Owing to these factors, the power amplifier sub-segment is projected to register 27.1% market share at the end of 2018 in global radio frequency integrated circuit market. In addition, due to increasing wireless communication infrastructure, the wireless chip sub-segment is anticipated to register a high CAGR of 8.4% during the forecast period in global radio frequency integrated circuit market. The wireless chip segment is expected to register a high Y-o-Y growth rate during the forecast period in the global radio frequency integrated circuit market due to advancements in satellite and radio base stations.
Based on vertical, the radio frequency integrated circuit market is sub-segmented into consumer electronics, telecommunication, media & broadcasting, automotive, government and others. Due to the increasing demand from the consumer electronics manufacturers, the consumer electronics segment is expected to register a high growth CAGR of 7.1% during the forecast period in the global radio frequency integrate circuit market. In recent years, the telecom industry is expected to witness the first commercial deployment of next-generation 5G networks in 2018. With these advancements, the telecommunication sub-segment is projected to create potential growth in the global radio frequency integrated circuit market. In addition, super-high rate low-latency wireless broadband, machine-to-machine communication and tactile internet are other developments that are positively impacting the growth of the telecommunication segment of the global radio frequency integrated circuit market.
Rising advancements in automotive vehicles, such as vehicle-to-vehicle connection, advanced driving experience and next-generation security technologies, are creating potential opportunities for the manufacturers of radio frequency integrated circuit in developed and developing nations. Autonomous vehicles, such as smart cars, connected cars and driverless cars, are emerging in the automotive industry and they are in the testing and deployment stages. To implement these advancements in next-generation automotive vehicles, automotive OEMs are demanding more advanced radio frequency integrated circuits. Due to the penetration of radio frequency integrated circuits in these areas, the automotive sub-segment is projected to grow at a high CAGR during the forecast period.
On the basis of geography, the North America radio frequency integrated circuit market is expected to dominate the global radio frequency integrated circuit market due to the advent of next-generation technological advancements in the country. The Radio frequency integrated circuit market has huge potential in China owing to major technological advancements in the telecommunication industry and increasing smart city projects in the country. In recent years, China has witnessed a high growth in radio frequency integrated circuit market. The SEA and Others of APAC radio frequency integrated circuit market will be a target market for market participants. Latin America is estimated to grow with a moderate CAGR over the forecast period in global radio frequency integrated circuit market. Furthermore, Japan is projected to show single digit growth rate during the forecast period.
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According to FMI analysis, long-term contracts with business partners help increase revenue and new innovation strategies enable radio frequency integrated circuit vendors to reach new growth markets. Some of the market participants in the global radio frequency integrated circuit market report are Texas Instruments Incorporated; NXP Semiconductors; STMicroelectronics; Analog Devices, Inc.; Samsung Electronics Co., Ltd.; QUALCOMM Incorporated; Skyworks Solutions; SILICON LABORATORIES INC.; Maxim Integrated; Cree, Inc. and TriQuint Semiconductor (Qorvo, Inc.).