RF Semiconductor Market To Value $5.0 Billion in 2030
The escalating demand for smartphones, surging adoption of mobile communication technologies, such as 5G and 4G, and increasing deployment of the internet of things (IoT) technology will fuel the radiofrequency (RF) semiconductor market at a CAGR of 8.8% during the forecast period (2020–2030). The market stood at $2.1 billion in 2019, and it is expected to reach $5.0 billion by 2030. Moreover, the large-scale adoption of the artificial intelligence (AI) technology by businesses acts as a growth driver for the market.
The magnifying demand for smartphones has become a prominent growth driver for the RF semiconductor market. Developing, as well as developed countries, have been observing a high penetration of smartphones since their introduction over two decades ago. A significant number of mobile device users are now present in India, Pakistan, China, Indonesia, and Nigeria. Besides, the booming disposable income and accelerating urbanization rate are fueling the market growth in these countries. Moreover, the rising deployment of the 5G technology in mobile devices will drive the demand for RF semiconductors.
Moreover, the rising integration of the AI technology will facilitate the RF semiconductor market growth in the coming years. AI is propelling businesses by enhancing consumer experience and allowing predictive maintenance, to increase network reliability. Enterprises can optimize RF parameters, such as antenna sensitivity, channel bandwidth, and spectrum monitoring, and decrease the complexities in the design of RF semiconductor devices by integrating effective machine learning (ML) algorithms. AI is also benefitting radio applications in communication systems, spectrum sensing, and signal detection and classification in unfavorable spectrum conditions.
The component segment of the RF semiconductor market is classified into tuners, power amplifiers, low-noise amplifiers, switches, filters, and others. Among these, the power amplifiers category accounted for the major share in 2019, as the power amplifier is one of the primary components of telecommunication equipment and consumer electronics. The high demand for IoT devices, surveillance systems, smartphones, laptops, tablets, networking equipment, and gaming consoles and rapid infrastructure development are fueling the demand for power amplifiers.