The millimeter wave and microwave RF transceiver market is projected to experience substantial growth, with an estimated increase of USD 2.72 billion between 2021 and 2026, at a compound annual growth rate (CAGR) of 9.01%, according to report released by Technavio. The market's intensifying competition is driving vendors to adopt diverse growth strategies, including promotional activities and increased advertising expenditure, to enhance the visibility of their services.
The Technavio report examines the market's competitive landscape and provides insights into various key players, such as Analog Devices Inc., Cisco Systems Inc., GCT Semiconductor Inc., Lime Microsystems Ltd., MediaTek Inc., Microchip Technology Inc., Millimeter Wave Products Inc., Norden Millimeter Inc., NVIDIA Corp., NXP Semiconductors NV, Phi Microtech Inc., Qorvo Inc., Qualcomm Inc., Renaissance Electronics and Communication LLC, Renesas Electronics Corp., RF Microtech srl, and Skyworks Solutions Inc.
Millimeter wave and microwave RF transceiver market insights
Vendors: 15+, Analog Devices Inc., Cisco Systems Inc., GCT Semiconductor Inc., Lime Microsystems Ltd., MediaTek Inc., Microchip Technology Inc., Millimeter Wave Products Inc., Norden Millimeter Inc., NVIDIA Corp., NXP Semiconductors NV, Phi Microtech Inc., Qorvo Inc., Qualcomm Inc., Renaissance Electronics and Communication LLC, Renesas Electronics Corp., RF Microtech srl, and Skyworks Solutions Inc., among others
Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
Segments: Application (mobile phones, tablets, PCs and laptops, smart TVs, and set-top boxes) and Geography (APAC, North America, Europe, South America, and the Middle East and Africa)
Key Millimeter Wave and Microwave RF Transceiver Market Driver- The increasing use of smartphones is a major factor notably driving the market growth. The significant growth of the global millimeter wave and microwave RF transceiver market can be attributed to the increasing adoption of smartphones in countries such as India, China, Japan, Australia, and Brazil. Over the past decade, the rise in smartphone sales has provided RF transceiver vendors with opportunities to expand their global presence, resulting in promising growth prospects for the forecast period. The widespread use of advanced wireless technology has made transceiver chips essential components in smartphones and tablets. This trend is expected to drive transceiver chip manufacturers to develop high-performance chips that meet the requirements of smartphone and tablet manufacturers. Consequently, the increasing smartphone usage is anticipated to fuel the growth of the global millimeter wave and microwave RF transceiver market.
Key Millimeter Wave and Microwave RF Transceiver Market Trend- The growing applications of IoT is an emerging trend shaping market growth. The global IoT market is experiencing rapid growth, with an estimated 34 billion connected devices and 50 trillion GB of data generated by 2023. IoT enables devices to collect data through sensors and actuators and transmit it in real-time to a central location. The adoption of IoT is increasing across various sectors, including consumer electronics, automotive, and medical. IoT combines technologies such as data communication, hardware design, data storage, and mining. Transceiver chips, utilizing RF technology, play a crucial role in facilitating communication between IoT devices and 4G networks, and other electronic devices within the IoT network. As the IoT continues to expand, the demand for transceiver chips is expected to grow in the forecast period.
Key Millimeter Wave and Microwave RF Transceiver Market Challenge- The high design complexity will be a major challenge hindering market growth. The growing demand for compact electronic devices, such as smartphones, tablets, fitness bands, and smartwatches, has led to a higher level of integration of transistors on a single integrated circuit (IC). This increased integration presents challenges in the design and development of transceiver chips, necessitating the use of new processing tools and equipment for their manufacturing. The continuous release of new electronic devices with advanced features requires vendors to adapt their manufacturing processes and design new products that are compatible with existing and emerging standards. To meet these demands, vendors are making significant investments in the development of high-performance and power-efficient transceiver chips. Such factors will hinder market growth during the forecast period.
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