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RF Components Market Growth 2024: Emerging Technologies and Insights
RF Components Market Growth
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According to The Business Research Company's, The RF components market size has grown rapidly in recent years. It will grow from $31.02 billion in 2023 to $36.11 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth in the historic period can be attributed to wireless communication proliferation, mobile device boom, consumer electronics growth, increased military and defense applications, growth of telecommunication networks.
The RF components market size is expected to see rapid growth in the next few years. It will grow to $67.65 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to space exploration and satellite communication, connected and autonomous vehicles, smart manufacturing, supply chain challenges, semiconductor shortages. Major trends in the forecast period include RF front-end modules, AI and machine learning in RF design, quantum communication, RF MEMS (micro-electro-mechanical systems), mmWave technology.
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Market Drivers and Trends:
Increasing penetration of robots is significantly driving the growth of the RF components market. The penetration of robots helps in rapid industrial automation. Robots leverage wireless communication for easy and rapid information transmission. For wireless communication applications, various RF components such as RF transistors, amplifiers, diodes, and filters are integrated into industrial robots. This will create a huge demand for RF components. For instance, according to the International Federation of Robots' World Robotics 2021 report, a Germany-based non-profit organization, 3 million industrial robots were operating in companies around the world in 2021, a 10% increase over the previous year. Similarly, global robot installations are expected to rebound substantially, increasing by 13% to 435,000 units in 2021. Hence, the increasing penetration of robots is expected to propel the growth of the RF components market over the coming years.
Developing advanced technologies is a key trend gaining popularity in the RF components market. Major companies operating in the RF components sector are focused on developing technologically advanced products to reinforce their position. For instance, in October 2021, Qualcomm Technologies, a US-based semiconductor company, launched the Qualcomm ultraBAW RF filter technology for bands up to 7 GHz, adding to the company's modem-to-antenna solution, which is powering high-performance 5G and connectivity systems across wireless product sectors. The new Qualcomm ultraBAW RF filter technology will allow 5G and Wi-Fi solutions to access spectrum up to 7 GHz, resulting in outstanding performance at higher frequencies.
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Major Key Players of the Market:
Mitsubishi Electric Corporation, Taiwan Semiconductor Manufacturing Company Limited, Raytheon Technologies Corporation, MicroWave Technology Inc., Panasonic Corporation, Sumitomo Electric Industries Ltd., Arrow Electronics Inc., Fujitsu Limited, Broadcom Inc., Toshiba Corporation, Thales Group, Texas Instruments Incorporated, Murata Manufacturing Co Ltd., TDK Corporation, Infineon Technologies AG, STMicroelectronics N.V., NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, Microchip Technology Inc., Skyworks Solutions Inc., Qorvo Inc., ROHM Co Ltd., Cobham Limited, MACOM Technology Solutions Holdings Inc., API Technologies Corp, Astra Microwave Products Limited, RFHIC Corporation, Cree Inc., RFaxis Inc., Vectrawave Corporation, Hybrid Electronics, Satellink Inc., Conard Corp, NuWaves RF Solutions, Coilcraft Inc.
RF Components Market 2024 Key Insights:
• The RF components market size is expected to see rapid growth in the next few years. It will grow to $67.65 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.
• Robotic Revolution Is A Catalyst For Surging Demand In The RF Components Market
• Innovation With Launch Of Ultrabaw Rf Filter Technology In Advancing 5G And Connectivity Systems
• North America was the largest region in the RF components market in 2023
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