Radio Frequency Integrated Circuit Market Forecast 2023 - 2031

Report ID : CBI_1381 |  Category : Semiconductor And Electronics   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Component Amplifiers, Filters, Modulators/Demodulators, Switch, and Others
By Application Wireless Communication and Connectivity, Radar System, Satellite Communication, and Others
By End-User Telecommunication, Aerospace & Defense, Consumer Electronics, Automotive, Healthcare, and Others
By Region Asia-Pacific, Europe, North America, Latin America, Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 9.7%
Forecast Year: 2023 - 2031
Revenue 2022: $23,955.07 Mn
Revenue 2023: $25,733.97 Mn
Revenue 2031: $54,158.05 Mn

Radio Frequency Integrated Circuit Market Forecast 2023 - 2031

Market Overview :

Radio Frequency Integrated Circuit Market is estimated to reach over USD 54,158.05 Million by 2031 from a value of USD 23,955.07 Million in 2022 and is projected to grow by USD 25,733.97 Million in 2023, growing at a CAGR of 9.7% from 2023 to 2031.

Market Definition :

A radio frequency integrated circuit refers to electronic circuit that is designed to handle radio frequency signals. Radio frequency integrated circuits are optimized for operating at high frequencies, usually in the range of several hundred MHz to several GHz. Moreover, radio frequency integrated circuits offer a range of benefits including high data transfer rates, wide coverage, efficient signal processing, low noise, high gain, and others. The aforementioned benefits of radio frequency integrated circuits are major determinants for increasing its deployment in telecommunication, aerospace & defense, consumer electronics, automotive, healthcare, and other industries.

Radio Frequency Integrated Circuit Market :

Radio Frequency Integrated Circuit Market

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Market Dynamics :

Radio Frequency Integrated Circuit Market Dynamics

Drivers :

  • Rising utilization of radio frequency integrated circuit in telecommunication industry is driving the market growth.

    Radio frequency integrated circuits are primarily used in the telecommunication sector, particularly for communication and transmission of data over the wireless medium as electromagnetic waves. The ability of radio frequency integrated circuits to support various frequency bands including 4G, 5G, and others make it ideal for deployment in communication base stations and network stations.

    Factors including the growing deployments of 5G infrastructure, rising adoption of smartphones and advanced communication devices, and increasing demand for wireless communication are major prospects driving the growth of the telecommunication industry.

    For instance, according to the Ookla 5G Map, the total deployment of 5G network reached 112 countries in November 2021, representing an incline of 13% as compared to 99 countries in November 2020. Furthermore, Telefonica deployed its 5G services to nearly 1,400 municipalities in Spain in 2022, with the target of reaching 2,400 municipalities by the end of 2023, demonstrating an incline of 71.4%.

    Therefore, the of growth of telecommunication industry is fostering the utilization of radio frequency integrated circuits for its application in telecom base stations and network stations for communication and transmission of data over the wireless medium, in turn driving the growth of the market.

  • Growing automotive sector is spurring the market growth.

    Radio frequency integrated circuits are used in automotive sector, specifically in automotive radar systems for applications including adaptive cruise control, collision avoidance, and parking assistance among others. Moreover, the compact form factor of radio frequency integrated circuits enables its easy mounting in vehicles to provide improved safety.

    Factors including rising automotive production, increasing investments in automobile manufacturing facilities, advancement in autonomous driving, and growing adoption of electric vehicles are among the vital aspects driving the growth of the automotive sector.

    For instance, according to the International Organization of Motor Vehicle Manufacturers, the production of passenger cars across the world reached 61.59 million in 2022, representing an increase of around 8% as compared to 57.05 million in 2021.

    Meanwhile, according to the European Automobile Manufacturers Association, the production of passenger cars in European Union reached up to 10.9 million in 2022, demonstrating an incline of 8.3% in contrast to 2021. Hence, the rise in automobile production is driving the adoption of radio frequency integrated circuit for application in automobile radar system, in turn boosting the growth of the market.

Restraint :

  • Limitations and operational challenges associated with radio frequency integrated circuit are restraining the market growth.

    The utilization of radio frequency integrated circuits is usually associated with few limitations and operational challenges, which is a key factor limiting market growth.

    For instance, radio frequency integrated circuits mostly require medium to high power, which makes it inappropriate for battery powered applications or devices. Moreover, radio frequency integrated circuits are often associated with high design complexities, particularly for deployment in small devices.

    Additionally, radio frequency integrated circuits require mandatory compliance with regulatory standards including Federal Communications Commission (FFC) regulations, Radio and Telecommunications Terminal Equipment Directive (R&TTE), Australian/New Zealand Standard (AS/NZS 4268:2003), and others. Therefore, the aforementioned limitations and operational challenges associated with radio frequency integrated circuits are constraining the growth of the market.

Opportunities :

  • Rising application of radio frequency integrated circuit in healthcare sector is expected to promote potential opportunities for market growth.

    The rising application of radio frequency integrated circuits in healthcare sector is expected to present potential opportunities for the growth of the radio frequency integrated circuits market. Radio frequency integrated circuits are often used in healthcare sector, particularly in medical devices such as MRI machines, pacemakers, wireless patient monitoring devices, and others. Moreover, the characteristics of radio frequency integrated circuits including compact size, ultra-low power operation, higher accuracy, enhanced efficiency, and others are primary determinants for increasing its utilization in medical devices.

    Factors including the growth trend in healthcare expenditure, rising incidence of chronic diseases, and growing investments in efficient medical imaging solutions for early detection of diseases are primary aspects driving the growth of the healthcare sector.

    According to American Medical Association, the total healthcare spending in the United States reached up to USD 4.3 trillion in 2021, depicting an incline of 2.7% as compared to 2020. Moreover, healthcare expenditure in the U.S. accounted for 18.3% of the total GDP in 2021. Additionally, the European Commission invested approximately USD 6 billion budget during the 2021-27 period for facilitating the healthcare sector in Europe.

    Hence, rising investments in healthcare industry are projected to increase the integration of radio frequency integrated circuits for application in medical devices, in turn fostering opportunities for market growth during the forecast period.

 

Radio Frequency Integrated Circuit Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2031
Market Size in 2031 USD 54,158.05 Million
CAGR (2023-2031) 9.7%
By Component Amplifiers, Filters, Modulators/Demodulators, Switch, and Others
By Application Wireless Communication and Connectivity, Radar System, Satellite Communication, and Others
By End-User Telecommunication, Aerospace & Defense, Consumer Electronics, Automotive, Healthcare, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Qorvo Inc., NXP Semiconductors, Qualcomm Technologies Inc., Broadcom, Infineon Technologies AG, Microchip Technology Inc., Renesas Electronics Corporation, STMicroelectronics, Silicon Laboratories, Texas Instruments Incorporated

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Market Segmentation :

By Component :

Based on the component, the market is bifurcated into amplifiers, filters, modulators/demodulators, switch, and others. The amplifiers segment accounted for the largest revenue share of 31.74% in the year 2022. Amplifiers refer to devices that are designed for amplifying the weak signals or output of the mixer to a higher power for transmission. Moreover, the utilization of amplifiers offers a range of benefits including enhanced signal quality, increased coverage, and improved reception among others. The aforementioned benefits of amplifiers are driving its utilization in telecommunication, aerospace & defense, consumer electronics, healthcare, and other industries.

For instance, in October 2023, CommScope launched its new STARLINE RF amplifier integrated with modular designs with electronic setup including equalization, attenuation, and node segmentation. Therefore, the rising innovation associated with RF amplifiers is among the primary factors driving the growth of the market.

The filter segment is anticipated to register the fastest CAGR growth during the forecast period. RF filters are designed for restricting the signals in a specific frequency band. Moreover, RF filters offer several benefits including protection of circuits from power spikes and surges, filtering of unwanted harmonics, and reduction in electromagnetic interference among others. Additionally, RF filters are primarily used in consumer electronics, automotive, telecommunication, and other industrial sectors.

For instance, in September 2023, Akoustis Technologies Inc. launched its new XBAW RF filter that features ultra-wide bandwidth and high performance for mobile and wireless communication applications. The RF filter solution offers increased power handling, significant size reduction, and improved rejection performance. Therefore, rising advancements related to RF filters for deployment in industrial applications are anticipated to boost the growth of the market during the forecast period.

Global Radio Frequency Integrated Circuit Market, By Component, 2022

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By Application :

Based on the application, the market is segregated into wireless communication and connectivity, radar system, satellite communication, and others. The wireless communication and connectivity segment accounted for the largest revenue share in the year 2022. Radio frequency integrated circuits are primarily used for wireless communication in mobile phones, Internet of Things (IoT) devices, and others. Radio frequency integrated circuits enable transmission and retrieval of voice and data signals across multiple frequency bands and standards including 4G LTE and 5G, which makes it ideal for application in wireless communication systems. Additionally, Bluetooth and Wi-Fi-enabled devices rely on radio frequency integrated circuits for connecting to networks and communicating with other devices, which enables seamless data sharing and internet access.

For instance, Silvers Semiconductor AB offers TRB02801 and TRB03901 models of radio frequency integrated circuits in its product portfolio that are specifically designed for wireless communication applications among others. The radio frequency integrated circuits are capable of supporting full frequency range from 24.25 to 43.5 GHz with speeds up to 5 Gbit/s. Therefore, the increasing development of radio frequency integrated circuits for use in wireless communication application is a prime factor proliferating the market growth.

The radar system segment is anticipated to register fastest CAGR growth during the forecast period. Radio frequency integrated circuits are used in automotive radar systems for applications including adaptive cruise control, collision avoidance, and parking assistance among others. Similarly, radio frequency integrated circuits are also used in aviation & defense radar systems employed for detecting and tracking objects, analyzing weather patterns, and other related applications.

For instance, in April 2023, Cadence Design Systems Inc. partnered with TSMC to optimize complete 79GHz mmWave design reference flow on the N16 process for developing highly reliable, optimized, next-generation radio frequency integrated circuit designs for utilization in radar applications automotive and aerospace industries among others. Thus, the rising research and development activities related to radio frequency integrated circuit for radar applications is a significant factor projected to drive the growth of the market during the forecast period.

By End-User :

Based on the end-user, the market is segregated into telecommunication, aerospace & defense, consumer electronics, automotive, healthcare, and others. The telecommunication segment accounted for the largest revenue share in the year 2022. Factors including the growing deployments of 5G infrastructure, rising adoption of smartphones and advanced communication devices, and increasing demand for wireless communication are driving the growth of the telecommunication segment.

For instance, according to the Department of Telecommunication of India, the overall deployment of 5G base stations reached up to 324,192 units across India as of August 2023, witnessing a significant growth of over 100% from 53,590 base stations in January 2023. Therefore, the growth of telecommunication sector is driving the adoption of radio frequency integrated circuit for utilization in base stations and network stations for communication and transmission of data over the wireless medium, in turn proliferating the growth of the market.

Automotive segment is expected to witness the fastest CAGR growth during the forecast period. The growth of automotive segment is primarily driven by multiple factors including rising automotive production, increasing investments in automobile manufacturing facilities, advancement in autonomous driving, and growing adoption of electric vehicles among others.

For instance, according to the China Association of Automobile Manufacturers, the overall manufacturing of passenger cars in China reached 14.8 million units in January-August 2022, demonstrating a YoY growth of 14.7%. Radio frequency integrated circuits are used in automotive radar systems for applications including adaptive cruise control, collision avoidance, and parking assistance among others. Thus, the growing automotive industry is projected to drive the market growth during the forecast period.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 
North America Radio Frequency Integrated Circuit Market, 2022 (USD Million)

Regional Growth Insights

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North America is estimated to reach over USD 18,527.47 Million by 2031 from a value of USD 8,135.14 Million in 2022 and is projected to grow by USD 8,744.62 Million in 2023.

The market growth for radio frequency integrated circuit in the North American region is mainly driven by its deployment in automotive, telecommunication, aerospace & defense, healthcare, and other industries. Additionally, the rising utilization of radio frequency integrated circuits in telecommunication infrastructure including base stations and network stations for communication and transmission of data over the wireless medium as electromagnetic waves are among the significant factors driving the market growth in the region.

For instance, according to the GSM Association, the total 5G connection deployments across North America reached nearly 140 million as of 2022. Thus, the growing telecommunication industry is fostering the deployment of radio frequency integrated circuits in base stations and network stations, attributing to its ability to support various frequency bands including 4G, 5G, and others, in turn driving market growth in the North American region. Further, factor including the increasing investment in aviation & defense and healthcare sectors is anticipated to stimulate opportunities for market growth in North America during the forecast period.

Asia-Pacific is expected to grow with the highest CAGR growth of 10.2% and is estimated to reach over USD 14,021.52 Million by 2031 from a value of USD 5,972.00 Million in 2022 and is projected to grow by USD 6,436.07 Million in 2023. In addition, in the region, the China accounted for the maximum revenue share of 33.50% in the same year.

The growing pace of industrialization and development is providing lucrative growth prospects for the market in the region. In addition, factors including the growth of various industries including consumer electronics, aerospace & defense, telecommunication, and others are driving the market growth for radio frequency integrated circuits in the Asia-Pacific region.

For instance, according to Invest India, the Government of India allocated USD 70.6 billion to the Ministry of Defense as the part of its Union Budget 2022-23. The primary focus of the budget allocation to the Indian Ministry of Defense is to help in the development of new unmanned aerial vehicles and systems, military ground vehicles, and other related systems. Hence, the rising investment in aerospace & defense sector is anticipated to drive the utilization of radio frequency integrated circuits for application in wireless communication system and military radar system, thereby, driving market growth in the Asia-Pacific region during the forecast period.

North America Radio Frequency Integrated Circuit Market, By Countries (2022)

Details Countries Growth Insights

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Radio Frequency Integrated Circuit Market Competitive Landscape:

The radio frequency integrated circuit market is highly competitive with major players providing radio frequency integrated circuit to the national and international markets. Key players are adopting several strategies in research and development (R&D), product innovation, and end-user launches to hold a strong position in radio frequency integrated circuit market. Key players in the radio frequency integrated circuit market include-

Recent Developments :

  • In October 2021, Qualcomm Technologies Inc. introduced its new ultraBAW RF filter technology that is optimized for frequency bands ranging up to 7 GHz for facilitating high-performance 5G and wireless connectivity systems.
 

Frequently Asked Question

What is radio frequency integrated circuit?+

A radio frequency integrated circuit refers to electronic circuit that is designed to handle radio frequency signals.

What specific segmentation details are covered in the radio frequency integrated circuit report, and how is the dominating segment impacting the market growth?+

For instance, by component segment has witnessed amplifiers as the dominating segment in the year 2022, owing to the increasing adoption of RF amplifiers in telecommunication, aerospace & defense, consumer electronics, healthcare, and other industries.

What specific segmentation details are covered in the radio frequency integrated circuit market report, and how is the fastest segment anticipated to impact the market growth?+

For instance, by end-user segment has witnessed automotive as the fastest-growing segment during the forecast period due to rising adoption of radio frequency integrated circuit in automotive radar system among others.

Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031? +

Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as consumer electronics, aerospace & defense, telecommunication, and others.