RF Semiconductor Market Projected to Reach $39.6 Billion, Globally, By 2031 at 8.4% CAGR: Allied Market Research
Rapid growth of 5G technology and increase in utilization of IoT technology across the world drive the growth of the global RF semiconductor market.
PORTLAND, Ore., Feb. 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "RF Semiconductor Market By Product Type (RF Power Amplifier, RF Filters, RF Switches, RF Duplexers, and Others), Application (Telecommunication, Consumer Electronics, Automotive, Aerospace, and Defence, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global RF semiconductor industry generated $18.9 billion in 2021 and is anticipated to generate $39.6 billion by 2031, witnessing a CAGR of 8.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities
Rapid growth of 5G technology and increase in utilization of IoT technology across the world drive the growth of the global RF semiconductor market. On the other hand, while using alternative materials like gallium nitride or gallium arsenide can augment device efficiency, and this improvement comes with an increase in cost, which limits the market growth to some degree. However, increased investment by major key players as well as the development of innovative and clever business strategies have created new business opportunities in the coming years.
Report Coverage and Details:
The RF Filters segment to maintain its dominance during the forecast period
By product type, the RF filters segment held the highest share in 2021, accounting for more than one-fourth of the global RF semiconductor market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 9.3% throughout the forecast period. This is because radio receivers use RF filters, a vital element of wireless technology, to transmit only the appropriate frequencies for entertainment while excluding other undesirable frequency bands. RF filters are made to work well in the megahertz and gigahertz frequency ranges. It is frequently used in broadcasting equipment (radio, wireless, television, etc.) for its performance characteristics.
The Consumer Electronics segment to rule the roost
By application, the consumer electronics segment accounted for more than one-third of the global RF semiconductor market revenue in 2021 and is projected to rule the roost by 2031. One of the major markets for RF semiconductors is the consumer electronics sector. Consumer electronics include Wi-Fi gadgets as well as communication devices like laptops, tablets, and smartphones. Increasing use of smartphones and rise in demand for high-speed data communication fuel the segment growth. The automotive segment, on the other hand, displays the fastest CAGR of 8.86% throughout the forecast period. This is attributed to the fact that vehicle-to-infrastructure (V2X) and vehicle-to-vehicle (V2V) communication are now expected to become a reality.
Asia-Pacific garnered the major share in 2021
By region, Asia-Pacific garnered the highest share in 2021, holding more than two-fifths of the global RF semiconductor market revenue in 2021, and is projected to retain its dominance by 2031. The same region would also portray the fastest CAGR of 8.62% during the forecast period. Increasing adoption of LTE technology and rising demand for RF semiconductors from consumers are expected to boost the market in the Asia-Pacific region.
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Leading Market Players
The report analyzes these key players in the global RF semiconductor market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
Key Benefits For Stakeholders:
RF Semiconductor Market Key Segments:
By Product Type:
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