(MENAFN- GlobeNewsWire - Nasdaq) Growing Acquisition of 5G technology in telecommunication, automotive and IoT are boosting the 5G millimeter wave radio frequency chips market.New York, USA, Dec. 16, 2024 (GLOBE NEWSWIRE) -- market Dynamics
The global 5G millimeter wave Radio frequency chips market size is projected to grow from USD 37.14 billion in 2024 to USD 231.68 billion by 2034, at a CAGR of 20.1%, according to a new report by Polaris Market Research.
Market Overview
5G millimeter wave radio frequency chips are specific constituents that function in the elevated frequency spectrum, normally spanning 24 GHz to 100 GHz. These chips are competent in reinforcing the ultra-speedier data rates and low latency interactions needed by 5G networks. Dissimilar to conventional cellular technologies, which depend on lesser frequency bands, 5G frameworks utilize an amalgamation of low, mid, and high-frequency bands with millimeter waves showcasing the elevated frequency spectrum. This sanctions 5G to convey faster speeds, more dependable links, and profound network potential.
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Key Insights from Report
The market for 5G millimeter wave radio frequency chips is significantly shaped by the growing demand for accelerated, low latency interaction frameworks. The 5G millimeter wave radio frequency chips market segmentation is mainly based on type, application, and region. Based on type, the ASIC segment is expected to experience the highest CAGR during the forecast period. By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
5G Millimeter Wave Radio Frequency Chips Market Scope
| Report Attributes | Details |
| Market size value in 2024 | USD 37.14 billion |
| Market size value in 2025 | USD 44.57 billion |
| Revenue Forecast in 2034 | USD 231.68 billion |
| CAGR | 20.1% from 2025 to 2034 |
| Base Year | 2024 |
| Historical Data | 2020-2023 |
| Forecast Period | 2025-2034 |
Market's Growth Drivers
Integration of Chips into Consumer Electronics: There is a growing amalgamation of 5G millimeter wave radio frequency chips into consumer electronics, especially smartphones, tablets, and wearable gadgets. As the 5G network augments worldwide, consumers want gadgets that can capitalize on the full possibility of elevated speed and low latency links. Makers are reacting by embodying mmWave RF chips into their commodities, sanctioning speedier data transfer rates and enhanced connectivity, contributing to the 5G millimeter wave radio frequency chips market growth.
Escalating Automotive Industry : The application of 5G mmWave RF chips is surging in the automotive industry, especially in autonomous vehicles. The requirement for ultra-dependable, low-latency interaction is important for the secure functioning of autonomous vehicles, which depend on real-time data transference for navigation, hurdle detection, and authority.
Progression in Semiconductor Technology : Progression in semiconductor technology sanctions the advancement of compact, productive, and economical chips. Inventions in substances, outline, and fabrication procedures have caused the generation of elevated presentation mmWave RF chips that can be combined into a broad gamut of gadgets and applications.
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List of 5G Millimeter Wave Radio Frequency Chips Market Key Players
Qualcomm Technologies, Inc. Analog Devices, Inc. Qorvo, Inc. Broadcom Inc. Skyworks Solutions, Inc. NXP Semiconductors MediaTek Inc. Texas Instruments, Inc. Murata Manufacturing Co., Ltd. Infineon Technologies AG Anokiwave, Inc.
Geographical Analysis
North America accounted for the largest 5G millimeter wave radio frequency chips market share. This is primarily due to the premature and extensive acquisition of 5G technology covering the region. The US especially has observed notable funding in the 5G framework due to private sector enterprise and government reinforcement.
Europe is also expected to grow at the highest CAGR during the forecast period owing to robust government enterprise and notable funding in the 5G framework. The European Union has been dynamic in establishing policies and frameworks to speed up 5G deployment, covering member nations such as Germany, the UK, and France, spearheading the regional market share.
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Market Segmentation
By Type Outlook
CPU GPU FPGA DSP ASIC Others
By Application Outlook
Consumer Electronics Automotive Electronics Robot IoT Big Data and Cloud Computing Others
By Region Outlook
North America Europe Germany France UK Italy Spain Netherlands Russia Rest of Europe
Asia Pacific China Japan India Malaysia South Korea Indonesia Australia Vietnam Rest of Asia Pacific
Middle East & Africa Saudi Arabia UAE Israel South Africa Rest of the Middle East & Africa
Latin America Mexico Brazil Argentina Rest of Latin America
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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