Radio Frequency Components Market Size Worth $88.12 Billion By 2030

Radio Frequency Components Market Growth & Trends

The global radio frequency components market size is expected to reach USD 88.12 billion by 2030 and it is expected to expand at 14.2% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. The growth is expected to be driven by the high demand for devices that can establish direct wireless connectivity with the internet, including tablets, smartphones, smartwatches, drones, smart televisions, and smart home devices. Radiofrequency (RF) components industry’s growth is also anticipated to be aided by technological advancements in the field of wireless communication and advancements in materials utilized in the production of RF components, such as gallium arsenide (GaAs) and silicon germanium (SiGe).

These materials make it possible to combine analog and digital circuits onto a single chip, reducing the cost of producing the component. These parts are used in a variety of sectors, including consumer electronics, automotive, and military. In the upcoming years, it is anticipated that the consumer electronics application category would expand significantly due to rising consumer spending on electronic devices such as tablets, laptops, smartphones, and personal computers. Additionally, new radio frequency technologies are being developed that offer goods with a dynamic power range, higher frequencies, and reduced noise parameters, allowing for the construction of next-generation electronic components. The demand for products has been considerably impacted by the rising acceptance of high-speed networks like 4G and 5G, which has fueled the market for radio frequency components.

The International Telecommunication Union (ITU) estimates that there were 3.7 billion internet users worldwide in 2018, and that figure will rise to 5.3 billion by 2022. The global trend of steadily increasing internet and mobile phone users is probably going to have a beneficial effect on the market's growth prospects in the near future. The demand for advanced radio frequency solutions, such as switches, integrated modules, phase shifters, and other high-performance radio frequency solutions, has increased due to the growing demand for wireless communication solutions, including 5G, to allow wider channel bandwidths and greater data capacity than current or previous generation networks.

Additionally, 5G offers high-data-rate wireless connections, such as 4K/8K ultra High-Definition (HD) TV streaming, with an operational frequency range of 24 GHz to 95 GHz. Due to 5G networks' expanded coverage and decreased latency, there is an increased need for radio frequency components in wireless devices. On the other hand, a rise in raw material costs is anticipated to have a negative impact on the expansion of the market for radio frequency components. The vendor landscape of the RF components market is extremely fragmented in nature, which leads to fierce competition among important businesses and volatility in price margins based on competitive dynamics.

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Radio Frequency Components Market Report Highlights

• The need for 4G smartphones will cause the power amplifiers in the product segment, which had over 34% of the market share in 2022, to grow even more throughout the projected period

• The consumer electronics sector will develop significantly between 2018 and 2030, accounting for almost 64% of all applications in 2022

• In 2023, the North American region accounted for about 29% of worldwide sales. It is projected that robust demand for better mobility solutions will propel the regional industry even further

Radio Frequency Components Market Segmentation

Grand View Research has segmented the global radio frequency components market based on product, application, and region:

Radio Frequency Components Product Outlook (Revenue, USD Million, 2018 - 2030)

• Filters

• Duplexer

• Power Amplifiers

• Antenna Switches

• Modulators & Demodulators

• Others

Radio Frequency Components Application Outlook (Revenue, USD Million, 2018 - 2030)

• Consumer Electronics

  • Mobile Phones

  • Tablets

  • Smart TVs & set-top boxes

  • Laptops & Notebooks

• Automotive

• Military

• Wireless Communication

Radio Frequency Components Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • Rest of Europe

• Asia Pacific

  • China

  • India

  • Japan

  • Rest of APAC

• Latin America

  • Brazil

  • Mexico

  • Rest of LA

• Middle East and Africa

List of Key Players in the Radio Frequency Components Market

• 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.

• TDK Corporation.