The RF components market is forecasted to grow from $31.02 billion in 2023 to $36.11 billion in 2024, reflecting a CAGR of 16.4%. This growth stems from the proliferation of wireless communication and increased applications in defense. The market is expected to reach $67.65 billion by 2028, with a CAGR of 17.0%, fueled by advancements in satellite communication and smart manufacturing.
Major Driver In The RF Components Market
The growth of the RF components market is significantly propelled by the increasing penetration of robots, leading to rapid industrial automation. Robots leverage wireless communication for efficient information transmission, incorporating various RF components like transistors, amplifiers, diodes, and filters. This integration addresses the demand for RF components, exemplified by the International Federation of Robots’ World Robotics 2021 report, revealing a 10% increase in industrial robots worldwide in 2021. Additionally, global robot installations are expected to rise substantially by 13%, reaching 435,000 units in 2021. The surge in robot penetration is anticipated to drive the RF components market's growth, as indicated by the market size values in 2023 and 2024.
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RF Components Market Competitive Landscape
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.
Key RF Components Market Trend
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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RF Components Market Segmentation
The RF components market covered in this report is segmented –
1) By Component Type: Power Amplifier, Antenna, Switches, Multiplexer, Filter, Modulator and demodulator, Transistors and diodes, Other Components
2) By Material: Indium Phosphide, Nitride, Silicon, Gallium Arsenide
3) By Application: Consumer Electronics, Automotive, Military, Wireless Communication, Other Applications
4) By End User: Commercial, Residential
By Geography:The regions covered in the rf components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the RF components market in 2023.
The RF Components Global Market Report 2024 furnishes information about the global rf components market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
