RF Components Market size is set to surpass USD 40 billion by 2028, according to a new research report by Global Market Insights Inc.
The growing trend toward ADAS and self-driving cars in the automotive sector is expected to propel the market growth. Various vehicular systems, such as park assist, adaptive cruise control, lane change assistance systems, and blind-spot detection systems, are integrated with RF components such as filters, power amplifiers & multiplexers. These RF components achieve a high signal-to-noise ratio, accuracy, and shorter processing time that are suitable for ADAS applications. The proliferation of electric vehicles will further amplify market opportunities during the forecast timeline.
Technical issues associated with RF components are projected to restrain the market expansion. RF components, such as power amplifiers, multiplexers, and transistors, when operated for a longer period showcases heating issues and high-power consumption in battery-power devices. Adding to this, high wattage RF power amplifiers require a dedicated heat sink. This further makes the device bulkier in size, which is one of the major challenges of RF component manufacturers.
Technological advancements in RF filters will positively impact the market progression
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Filter segment captured 20% of the market share in 2021 and is anticipated to witness 19% growth rate through 2028. The industry growth is credited to several features offered by filters such as elimination of unwanted signals to improve RF quality, low leakage, high-power efficiency, and smaller footprints. These features increase its adoption across the consumer electronics, industrial IoT, and automotive sectors. Market players are also focusing on developing technically advanced RF components to gain a competitive advantage in the industry.
Browse key industry insights spread across 250 pages with 172 market data tables and 29 figures & charts from the report, “RF Components Market Size By Component Type (Power Amplifier, Antenna, Switches, Multiplexer, Filter, Modulator & Demodulator, Transistor & Diode), By Application (Consumer Electronics, Automotive, Industrial, Aerospace & Defense, Telecommunication, Medical & Healthcare), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Proliferation of 5G base stations across Europe to fuel the market value
The telecommunication segment is estimated to attain a CAGR of 17% till 2028 driven by a widespread rollout of commercial 5G networks across European economies. According to the European 5G Observatory, 24 countries including Germany, Italy & France out of EU-27 have successfully deployed 5G infrastructure as of March 2021. 5G base stations are highly integrated with RF components including antennas, filters, switches, and multiplexers. Adding to this, regional telecom operators are focusing on deploying 5G infrastructures to achieve a competitive advantage in the market.
Increasing penetration of smart home devices across North America will accelerate the market revenue
North America RF components market is poised to expand at more than 15.5% CAGR during 2022 to 2028 on account of the growth penetration of smart home technology products across the U.S. and Canada. According to a July 2021 press release by the Consumer Technology Association (CTA), smart home technology products are slated to generate USD 15 billion in 2021. The country is predicted to address over 100 million smart home device shipments in 2021 with a y-o-y growth of 11% compared to 2020. Smart home devices such as smart speakers, smart robots, and smart security cameras are highly integrated with RF components & modules. Furthermore, the presence of consumer tech giants, such as Apple, Dell & HPE, is expected to add new growth opportunities in the market.
Key players operating in the market include Analog Devices Inc., Infineon Technologies AG, Broadcom, Inc., NXP Semiconductors N.V., OnMicro Electronics Co., Ltd., Qorvo Inc., TDK Corporation, STMicroelectronics, and Texas Instruments Incorporated. These market leaders are emphasizing on strategic partnership & collaboration activities to achieve a competitive advantage in the industry.