The global radio frequency components market size was valued at USD 18.06 billion in 2018 and is expected to ascend at a CAGR of 14% from 2019 to 2025. Continuous innovations and advancements in mobile handset technology owing to continuing transition from 2G, 3G to 4G/LTE, LTE-Advanced, LTE-Advanced Pro, and 5G lead to the rising need for maximizing power efficiency and spectrum range of the mobile devices. This, in turn, is expected to spur the demand for RF components in the forecast period.
IoT solutions require enhanced wireless connectivity, thereby driving the need for new and advanced RF components. Moreover, increasing sales of smartphones owing to constant product development offering improved performance, biosensors, long battery life, and more AI features and increasing popularity of low-end smartphones in emerging countries will boost the RF components market. Thus, the requirement of low-power ICs for maximizing battery life and to reduce charging time in smartphones is expected to spur the demand for RF components. Increasing adoption of IoT across industrial, residential, and consumer applications is expected to impel the product demand.
Furthermore, a number of applications and products, such as home robots, smart wearables, self-driving cars, and smart manufacturing solutions and tools, are being integrated with IoT-related technologies, leading to an increased scope of usage for the product. However, the requirement of features, such as longer battery life, low-power wireless connections, and diversified sensors, in these products and applications are pushing RF component manufacturers and solution designers to focus more on technological developments in their deliverables. Owing to the aforementioned factors, the market is anticipated to attain significant growth in the years to come.
Technological advancements in the fields of cellular mobile and wireless communication, including the development and deployment of 5G networks, are driven by the increasing demand for broadband services and faster speeds for mobile internet connectivity. Moreover, like most new generations of mobile internet connectivity, the 5G network has a greater coverage area and reduced latency than the previous generations. Thus, the adoption of 5G networks in wireless communication will lead to the need for low-frequency, tall antenna macro cell sites for larger area coverage, which, in turn, will proliferate the for RF components.
However, a rise in the cost of raw materials is anticipated to negatively impact the RF components market. Primary raw materials used in the production of RF components include silicon wafers, a variety of chemicals, and photoresist materials. The shortage of such raw materials due to increasing demand from manufacturers has resulted in industry-wide price adjustments and delivery delays. For instance, there is a rise in the prices of silicon wafers due to their growing demand in the semiconductor industry.
Based on the product, the market has been segmented into filters, duplexers, power amplifiers, antenna switches, and modulators and demodulators. The power amplifiers segment held over 30% of the overall market share in 2018. It is expected to witness significant growth over the forecast period as well. Increasing applications of power amplifiers in HDTV, GSM, Radar, Point-to-Point Microwave, LTE & 5G signal amplification, etc. are anticipated to spur the segment growth over the forecast period. The filters segment is estimated to exhibit rapid growth over the forecast years, which is primarily attributed to rapid growth in the user base of mobile devices and 4G LTE networks. The antenna switches segment is estimated to witness a steady growth rate over the forecast years. This can be attributed to the increasing experimentation with switch architectures, rising applicability, and advancement of IoT technologies resulting in the development of small, inexpensive, and energy-efficient solutions.
Based on the application, the market has been segmented into consumer electronics, automotive, military, and wireless communication. The consumer electronics segment accounted for more than 60% of the overall market in 2018. The segment is further expected to witness substantial growth over the forecast period. This may be attributed to the rising disposable income and increasing spending on consumer electronic devices, such as smartphones, tablets, laptops and notebooks, smart wearables, and smart home accessories. Extensive usage of IoT technologies and technological advancements like the incorporation of AI functions (voice recognition/controls) in TVs and set-top boxes are also driving the product demand in consumer electronics.
Furthermore, government mandates for the installation of set-top boxes in the number of countries is estimated to fuel the segment growth further. The automotive sector is also anticipated to witness rapid growth from 2019 to 2025 owing to increasing demand for connectivity features, such as navigation systems, Bluetooth, location tracker, music system, and central locking systems, in vehicles. An increasing number of automation solution installations in vehicles is also expected to drive the product demand in this segment.
North America emerged as the leading regional market in 2018 due to the quick adoption of advanced technologies and a well-established telecommunication sector in the region. According to the International Telecommunication Union (ITU), in 2016, the percentage of individuals using the internet in the U.S. and Canada stood at 76.17% and 91.16% respectively. The market in Asia Pacific is anticipated to witness the fastest growth during the forecast period.
This growth is attributed to rising disposable income and the resultant rise in the adoption of consumer electronics with connectivity features. Rising demand for better connectivity and mobility solutions along with an increasing number of internet users in the region is also anticipated to drive the market. China, in particular, is expected to witness significant growth on account of heavy investments by multinational companies in collaboration with the Chinese government towards the 20 new semiconductor fab projects, which are to be completed by 2020, across the country.
Key industry participants compete on the basis of the development of inexpensive products that offer higher flexibility and performance along with faster access to mobile data. Manufacturers also invest in the development of products with energy-efficient components based on materials, such as Gallium Nitride (GaN) and Silicon Carbide (SiC).
Furthermore, companies are focusing on new specialty technologies, such as RF and 3D-intelligent sensors, targeting 5G and IoT applications. Leading companies in the market include Broadcom, Inc.; Fujitsu Limited; International Quantum Epitaxy Plc; NXP Semiconductors N.V.; Renesas Electronics Corporation; Murata Manufacturing Co. Limited; Taiwan Semiconductor Manufacturing Co. Limited; Texas Instruments, Inc.; and TDK Corporation.
Report Attribute |
Details |
Market size value in 2020 |
USD 23,793.7 million |
Revenue forecast in 2025 |
USD 45,052.6 million |
Growth Rate |
CAGR of 14.0% from 2019 to 2025 |
Base year for estimation |
2018 |
Historical data |
2014 - 2017 |
Forecast period |
2019 - 2025 |
Quantitative units |
Revenue in USD million and CAGR from 2019 to 2025 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, and region. |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
Country scope |
U.S.; Canada; U.K.; Germany; China; India; and Japan. |
Key companies profiled |
Broadcom, Inc.; Fujitsu Limited; International Quantum Epitaxy Plc; NXP Semiconductors N.V.; Renesas Electronics Corporation; Murata Manufacturing Co. Limited; Taiwan Semiconductor Manufacturing Co. Limited; Texas Instruments, Inc.; and TDK Corporation. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country; regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global radio frequency components market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million, 2014 - 2025)
Filters
Duplexer
Power Amplifiers
Antenna Switches
Modulators & Demodulators
Others
Application Outlook (Revenue, USD Million, 2014 - 2025)
Consumer electronics
Mobile phones
Tablets
Smart TVs & set-top boxes
Laptops & notebooks
Automotive
Military
Wireless Communication
Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
The U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Middle East & Africa (MEA)
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.