Radio Frequency Integrated Circuit Market will exhibit a CAGR of 16% in the forecast period of 2017-2023 and is expected to reach USD 16 billion by 2023
Radio Frequency Integrated Circuit Market Overview
The Radio Frequency Integrated Circuit (RFIC) Market Analysis, the global market is expected to witness a growth of 10.4% CAGR during the forecast period. Radio Frequency Integrated Circuit is a chip responsible for transmitting and receiving radio waves. Most of the portable devices that we use, such as - cell phones, wireless routers, microwave equipment, telephone, satellite transceivers, wireless base stations, consist of the RFIC. Cellphones, for their GPS, Wi-Fi, cellular voice, and data, consist of more than one radio frequency integrated system. Electronic devices use RFIC mostly for amplification, signal filtering, and frequency conversion.
Among all the Radio Frequency IC Market segments, the consumer electronics segment is about to witness the highest market share throughout the assessment period. The automotive industry is also has a huge opportunity for the RFIC demand. The rising demand for smart cars, driverless cars, connected cars is gaining huge popularity. Therefore, the autonomous vehicles industry is boosting the growth of the RFIC market. The automotive industry segment is assumed to grow with the highest CAGR.
Impact of Covid-19
Companies of the Radio Frequency IC Design Market are facing many challenges due to the Covid-19 pandemic. Therefore, they are imposing the old and long-term strategies to come out even stronger in the period. Because of the pandemic, the market is facing issues like disrupted supply chain, fluctuating demands, and other prominent problems as well. To recover from this situation, the industry is applying old strategies such as R&D strategies, Capital Expenditures, mergers and acquisitions investments, along with other growth strategies. However, with the positive trend of a recovering market, we can expect solid growth from here on.
The sky-high Radio Frequency Integrated Circuit (RFIC) Market Demand for the GPS, Wi-Fi, and other wireless devices are likely to drive the Radio Frequency Integrated Circuit (RFIC) Market Growth Opportunities.
Although the RFIS has gained immense popularity, the ongoing demand to fit in a small-sized IC is believed to be the restraining factor in the market. Also, the intense competition in the market forces the key players to maintain a low cost can also be a challenge for the industry while growing. These aspects are to be taken into consideration and addressed to ensure that the market growth opportunities are not hindered.
The challenge for this industry is failing to match the demand of RFIC end-users of smaller sized, high performance, and lower power consuming integral circuits. This might impact the Radio Frequency IC Market from various aspects.
According to the Radio Frequency Integrated Circuit (RFIC) Market Report, the expected Radio Frequency Integrated Circuit (RFIC) Market Share in the forecast period is USD 16 billion with a CAGR of 16%. The expected revenue is much higher than the revenue of the historic period (2016). Therefore, the industry is likely to see immense growth in the market. Companies developing and advancing in technology innovation, investing in R&D, and M&A are also likely to impact the quality, supply, and techniques of the market in a huge way. Moreover, the prominent key players are putting their collective efficiency and efforts to ensure the market can efficiently handle the sales and demand and regain its impetus in terms of growth all across the region during the forecast period.
The global market is expected to enhance the Radio Frequency Integrated Circuit (RFIC) Market Size and value. Over the period, the market has been successful in maintaining stability in terms of growth. Moreover, all the major players across all the regions have focused on providing their best quality to achieve a larger customer base. During the covid-19 pandemic, some segmented industries like automotive, consumer electronics, heavy machinery, and metal have witnessed a fall in terms of market demand. However, these segments are expected to see a growth rise during the forecast period.
Market segment overview
The Radio Frequency Integrated Circuit (RFIC) Market is segmented into-
Based on the applications, the global RF Integrated Circuit Market is further divided into-
Based on verticals, the global Radio Frequency IC Market is segmented into the following -
Regionally the global Radio Frequency IC Market can be segmented into several parts such as-
The Radio Frequency Integrated Circuit (RFIC) market market growth is expected to witness a CAGR of 10.4% during the assessment period. North America has the largest market share in the regional market. However, the US alone has an 80-85% share of the entire North American market. This enormous growth of this regional market is due to a strong customer base and the leading headquarters. The Asia-Pacific regional market is anticipated to with the highest CAGR during the forecast period. The presence of various manufacturers in the APAC is driving the market force in the region. China is expected to witness the highest growth in the region, followed by Japan during the forecast period. APAC is second on the leading regional list, followed by Europe.
There are many prominent and efficient players present in the market.
Major key players
As per the Radio Frequency Integrated Circuit (RFIC) Market Facts, the prominent market players of them across all the region are-
October, 2019- The Japan-based company Murata Manufacturing Co. Ltd announced signing an agreement with Facebook. The objective was to improve the RF module for Terragraph, which is the gigabit wireless technology solution.
September, 2019- The USA-based company Qualcomm launched RF360 to enhance the company's business of frequency components.
October, 2019- NXP launched the radio frequency power
MCM (multi-chip module) portfolio for the 5g base stations to support MIMO active antenna.
The rate of the radio frequency integrated circuit (RFIC) market is expected to mark 10.4% CAGR by 2023.
Asia Pacific is likely to mark the highest CAGR over 2027.
The different segments, by vertical, are consumer electronics, government and defense, automotive, and others.
China is supposed to lead Asia Pacific market.
Increasing adoption of IoT and rising deployment of next-gen LTE wireless networks are supposed to boost the growth of the global market.