Radio Frequency Components Market Size, Share & Trends Analysis Report By Product (Power Amplifier, Filters, Duplexer), By Application (Consumer Electronics, Military, Automotive), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global radio frequency components market size was valued at USD 30.68 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.2 % from 2023 to 2030. 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 mobile devices. This, in turn, is expected to spur the demand for radio frequency (RF) components during the forecast period.

IoT solutions require enhanced wireless connectivity, thereby driving the need for new and advanced radio frequency components. Moreover, increasing sales of smartphones owing to constant product development remains a prominent feature of the market. New smartphones offering improved performance, biosensors, long battery life, and more AI features, and the increasing popularity of low-end smartphones in emerging countries will boost the radio frequency components industry. Thus, the requirement of low-power ICs for maximizing battery life and reducing charging time in smartphones is expected to spur the demand for radio frequency components. Increasing adoption of IoT across industrial, residential, and consumer applications is also expected to impel the radio frequency components 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 technologies, leading to an increased scope of usage for the radio frequency component. However, the requirement for features, such as longer battery life, low-power wireless connections, and diversified sensors, in these products and applications are pushing radio frequency component manufacturers and solution designers to focus more on technological developments in their deliverables. Owing to the aforementioned factors, the radio frequency component industry is anticipated to attain significant growth in the years to come.

The need for broadband services and better speeds for mobile internet connectivity is driving technological breakthroughs in the sectors of wireless and cellular mobile communication, including the deployment and development stages of 5G networks. Moreover, the 5G network offers a wider coverage area and lower latency than the previous generations, similar to the new generation’s internet connectivity. Due to the necessity for low-frequency and tall antenna macro cell sites for greater area coverage brought on by the introduction of 5G networks in wireless communication, radio frequency components will become more and more common.

The Radio Frequency components market, however, is anticipated to be affected by an increase in raw material prices. Silicon wafers, a range of chemicals, and photoresist materials are among the main raw materials utilized in the manufacture of radio frequency components. Due to the scarcity of these raw materials as a result of rising manufacturer demand, there have been price adjustments and delivery delays across the whole market. For instance, the cost of silicon wafers has increased as a result of the semiconductor industry's increased demand.

Product Insights

Based on product type, the segment has been divided into, duplexers, filter power amplifiers, antenna switches, modulators, and demodulators. The power amplifier segment held 34.05% of the market in 2022. Over the projected time, it is also anticipated to experience significant growth. An increase in applications of power amplifiers in GSM, radar HDTV, LTE point-to-point microwave AND 5G signal amplification, etc. will propel the segment growth in the upcoming year.

The filters segment is estimated to exhibit rapid growth over the forecast period, which is primarily attributed to rapid growth in the user base of mobile devices and 4G LTE networks. The antenna switch segment is estimated to witness a steady growth rate over the forecast years. This can be attributed to the increasing experimentation with switch architecture, rising applicability, and advancement of IoT technologies resulting in the development of small, inexpensive, and energy-efficient solutions.

Application Insights

The market has been divided into automotive consumer electronics, military, and wireless communication based on the application. In 2022, the consumer electronics sector constituted a 64.71 % share of the whole market. Over the projected period, the segment is also anticipated to experience significant expansion. This could be attributable to increasing consumer electronics expenditure and rising disposable income on items like smartphones, tablets, laptops, smart wearable notebooks, and smart home accessories. The demand for consumer electronics products is also being driven by the widespread use of IoT technologies and technical innovations like the integration of AI features (control/voice recognition) in set-top boxes and TVs.

Furthermore, government mandates for the installation of set-top boxes in the number of countries are estimated to fuel the segment growth further. The automotive sector is also anticipated to witness rapid growth owing to increasing demand for connectivity features, such as navigation systems, Bluetooth, location trackers, music systems, 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.

Regional Insight

Asia Pacific stood as the leading regional market with the largest market share of 32.38 % in 2022 and the fastest growth rate of 16. 4 % during the forecast period. The growth is ascribed to increasing demand for Radio Frequency components in consumer electronics applications. Growing adoption of power amplifiers and duplexers for use in a wide range of devices such as mobile phones, tablets, and laptops & notebooks among others. The Radio frequency components are used for frequency up and down conversion. The radio frequency down converter converts the radio frequency signal to a baseband signal for use in GSM.

The demand for radio frequency components in the Asia Pacific region for consumer electronics applications is anticipated to grow exponentially, owing to the increasing adoption of radio frequency components due to their ability to provide or control coverage with some kind of antenna or transmission system.

Key Companies & Market Share Insights

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 radio frequency with 3D-intelligent sensors, targeting 5G and IoT applications. Some prominent players in the global radio frequency components 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.

• TDK Corporation.

Radio Frequency Components Market Report Scope

Global Radio Frequency Components Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global radio frequency components market report based on product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Filters

  • Duplexer

  • Power Amplifiers

  • Antenna Switches

  • Modulators & Demodulators

  • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Consumer Electronics

    • Mobile Phones

    • Tablets

    • Smart TVs & set-top boxes

    • Laptops & Notebooks

  • Automotive

  • Military

  • Wireless Communication

• 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 Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest LA

  • Middle East & Africa (MEA)