RF Semiconductor Market Expected to Reach $39.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “RF Semiconductor Market," The RF semiconductor market was valued at $18.9 billion in 2021, and is estimated to reach $39.6 billion by 2031, growing at a CAGR of 8.4% from 2022 to 2031. The rapid development of 5G technology and the rapid adoption of IoT technology has increased the need for robust network capacity are some of the factors driving the RF Semiconductor market.  

RF Power Semiconductors stands for Radio Frequency Power Semiconductors. These electronic devices are used for cellular and mobile wireless communications. There are numerous applications such as military radar, air and maritime traffic control systems. Various materials such as silicon, gallium arsenide, and silicon germanium are used to manufacture RF power semiconductors.  

The growth of the RF semiconductor market is fueled by the massive adoption of AI technology. AI enhances business by improving the customer experience, enabling predictive maintenance and improving network reliability. By integrating effective machine learning algorithms, the company can reduce the design complexity of RF semiconductor devices and maximize RF parameters such as channel bandwidth, spectrum monitoring and antenna sensitivity. And while AI unlocks new capabilities for military applications, wireless applications in spectrum acquisition, communication systems, signal classification and detection in adverse spectrum conditions will also benefit greatly.  

Robust network capacity has become essential with the proliferation of IoT technologies. IoT helps build a connected framework of physical things, such as smart devices, through secure networks using RF technology. For example, RF transceivers are used in smart home devices to connect to the internet via Bluetooth and Wi-Fi. Moreover, with the increasing number of smart city projects in various regions of the world, the demand for smart devices has increased significantly. In recent years, players in the RF semiconductor industry have been focused on product innovation, to stay ahead of their competitors. For instance: In January 2020, Qorvo Inc. launched the Qorvo QPG7015M IoT transceiver, which enables the simultaneous operation of all low-power, open-standard smart home technologies. Additionally, it is targeted at gateway IoT solutions that require the full-range capability of Bluetooth low energy (BLE), Zigbee, and Thread protocols, with +20 dBm (decibel per milliwatt) outputs. 

The RF Semiconductor market is segmented on the basis of product type, application, and region. By product type, the market is segmented into RF power amplifiers, RF switches, RF filters, RF duplexers, and other RF devices. By application, the market is categorized into telecommunication, consumer electronics, automotive, aerospace & defense, healthcare, and others. Region-wise, the RF Semiconductor market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific) and LAMEA (Latin America, the Middle East, and Africa).   

The outbreak of COVID-19 has significantly impacted the growth of the global RF Semiconductor sector in 2020, owing to the significant impact on prime players operating in the supply chain. On the contrary, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as a lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdowns, globally.  

According to Minulata Nayak, Lead Analyst, Semiconductor and Electronics, at Allied Market Research, “The global RF Semiconductor market share is expected to witness considerable growth, owing to rising demand for the rapid development of 5G technology and the rapid adoption of IoT technology has increased the need for robust network capacity and has developed the RF semiconductor market size. On the other hand, the use of alternative materials such as gallium arsenide or gallium nitride improves device efficiency but also increases the cost of RF devices which is restraining the market growth during the anticipated period. Furthermore, the increased use of RF energy in the number of smart city projects in various countries around the world is creating opportunities for the RF Semiconductor market trends.” 

According to RF Semiconductor market analysis, country-wise, the rest of the Asia-Pacific region holds a significant share of the global RF Semiconductor market, owing to the presence of prime players. Major organizations and government institutions in this country are intensely putting resources into these global automotive data cables. These prime sectors have strengthened the RF Semiconductor market growth in the region.  

KEY FINDINGS OF THE STUDY 

• In 2021, by product type, the RF filters segment was the highest revenue contributor to the market, with $5,372.82 million in 2021, and is expected to follow the same trend during the forecast period.   

• By application, the consumer electronics segment was the highest revenue contributor to the market, with $6,436.63 million in 2021. 

• Asia-Pacific contributed the major share in the RF Semiconductor market, accounting for $7,937.05 million in 2021, and is estimated to reach $17,059.52 million by 2031, with a CAGR of 8.62%. 

The RF Semiconductor market key players profiled in the report include Analog Devices Inc., Microchip Technology Inc., MACOM Technology, NXP Semiconductors, Qorvo, Inc., Qualcomm Incorporated, Texas Instruments Inc., Toshiba Electronic Devices & Storage Corporation, TDK Electronics, and Teledyne Technologies Inc. The market players have adopted various strategies, such as product launches, collaborations & partnerships, joint ventures, and acquisitions to expand their foothold in the RF Semiconductor industry.