The radio frequency integrated circuit market is garnering substantial traction across the globe. Radio frequency integrated circuit (RFIC) is a chip that transmits and receives radio waves. RFIC chips are used in portable devices such as cellphones, Wi-Fi devices, wireless stations & routers, telephones, satellite transceivers, microwave equipment, and many others. The market growth attributes to the rising uses of RFICs in various industry verticals, including consumer electronics, automotive, government, and defense.
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Besides, rapid technological advances in wireless communication and the increasing adoption of consumer electronics are the major driving forces behind the growing market landscape. Moreover, the growing network of the universal mobile telecommunications system escalates the market growth. According to the well-known research firm - Market Research Future (MRFR), the global radio frequency integrated circuit market is poised to grow at 10.4% CAGR throughout the forecast period (2018-2023).
The increasing proliferation of LTE networks has forced the semiconductor and electronic device manufacturers to integrate more RFICs. This adoption of RFIC is expected to increase in the future, which would provide a huge impetus to the growth of the market. Another trend observed during the market analysis is the increasing deployment of next-generation Long-Term Evolution (LTE) wireless networks that would influence market growth.
Radio Frequency Integrated Circuit Market – Segments
The report is segmented into three dynamics;
By Application: Global Positioning System (GPS), Near-field Communication (NFC), Radio Frequency Microelectromechanical System (RF Mems), Bluetooth, Wi-Fi, Wi-max, ZigBee, GPS, NFC, Power Amplifier, Transceiver, Wireless USB, and others.
By Vertical : Consumer Electronics, Automotive, Government, Defense, and others.
By Regions : Europe, North America, Asia Pacific, and Rest-of-the-World.
Radio Frequency Integrated Circuit (RFIC) Market – Regional Analysis
North America dominates the global radio frequency integrated circuit market. The largest market share attributes to the strong presence of notable industry players and well-established technology development centers in the region. Besides, considerable developments and early uptake of advanced technologies foster the growth of the region's market.
Moreover, large defense sectors in this region create opportunities for the radio frequency integrated circuit market to grow significantly. The North American RFIC market is estimated to retain its dominance throughout the projected period.
Europe stands second in the global radio frequency integrated circuit market. The market growth is driven by the vast demand from the consumer electronics, automotive, government, and defense sectors. Additionally, the increasing use of electronic devices for industrial, commercial, and residential purposes boosts the regional market growth.
European countries such as Germany, the UK, Italy, and France account for considerable shares in the regional market due to vast advances and enormous investments in related technologies. The European RFIC market is anticipated to experience huge demand over the assessment period.
The Asia Pacific radio frequency integrated circuit market is growing rapidly. Factors such as the adoption of consumer electronic products with connectivity features led by the rapidly developing economy influence the regional market growth. Furthermore, RFIC key players having a strong customer base in the region, including Samsung Electronics Co (South Korea), Renesas Electronics Corporation (Japan), and Kangxi Communication Technology Co. Ltd. (China), foster the growth of the market.
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