Radio Frequency Integrated Circuit Market Subjected to Expand to Showcase Rampant Growth by 2023
Market
Highlights
Among the vertical segments – consumer
elctronics, automotive, government and defense, and others; the market for
consumer electronics segment is expected to have highest market share
throughout the forecast period. The RFIC
chips also have a potential market in the automotive industry. The
vehicle-to-vehicle connection, security technologies and automated driving
technology, all comprise of RFIC based electronic devices. The concept of
autonomous vehicles, such as smart cars, connected cars and driverless cars is
gaining ground and thus, the application of RFIC is expected to grow in the
future. The automotive segment is expected to grow with the highest CAGR.
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Key Players
The key players in the RFIC market are
identified across all the major regions based on their country of origin,
presence across different regions, recent key developments, product
diversification, and industry expertise. Some of them are— Qualcomm
Technologies Inc. (US), Cree, Inc. (US), Silicon Laboratories (US), Infineon
Technologies AG (Germany), STMicroelectronics (Switzerland), Qorvo, Inc. (US),
OctoTech Inc. (US), Peak RF (UK), Skyworks Solutions Inc. (US), Analog Devices,
Inc. (US), NXP Semiconductors (US), Broadcom Inc. (US). The key strategies
adopted by most of the players are partnerships and agreements, collaborations,
and new product releases.
Apart from the
companies mentioned above, other companies from APAC are the key players in
this market. These include Samsung Electronics Co (South Korea), Renesas Electronics
Corporation (Japan), Kangxi Communication Technology Co. Ltd. (China) and
others.
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Regional
Analysis
The global RFIC market
is expected to grow at a CAGR of 10.4% during the forecast period. The
geographical analysis of RFIC market is studied for North America, Europe,
Asia-Pacific, and the rest of the world (including the Middle East, Africa, and
Latin America).
North America holds the largest market share
and is expected to continue this dominance during the forecast period. North
America has one of the most highly developed Consumer electronics and
semiconductor sectors in countries like the US and Canada, and thus has greater
adoption of RFIC. Further to this, APAC closely following North America in
terms of revenue generation considering APAC to be advancing in terms of technology
and its adoption. Also, APAC has large customer base and rapidly growing
electronics and semiconductor industry. In the past few years, the RFIC market
has experienced a high growth. Various RFIC manufacturers are present in Japan
and China, which boost the market share. China is expected to grow at the
highest CAGR in APAC region while Japan is projected to show single digit
growth rate during the forecast period. The market size of APAC is estimated to
grow at the highest CAGR from 2018-2023, followed by Europe.
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