The major factors leading to the rising demand for radiofrequency (RF) semiconductors are the increasing popularity of smartphones, enhancements in the wireless communication technologies, and escalating adoption of the internet of things (IoT). As a result, from $2.1 billion in 2019, the RF semiconductor market will witness an 8.8% CAGR during 2020–2030 (forecast period), to reach $5.0 billion by 2030. Made of semiconductor materials, such components enable RF communication in an array of sectors.

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The categories under the component segment of the RF semiconductor market are power amplifiers, filters, tuners, low-noise amplifiers, switches, and others. The power amplifiers category dominated the market in 2019, as these components are crucial for telecommunication equipment and consumer electronics. Thus, the rising demand for smartphones, laptops, surveillance systems, networking equipment, and IoT devices is driving the market. The highest CAGR during the forecast period is predicted to be experienced in the tuners category due to the high importance of tuners in mobile communication equipment and for high-speed data transmission.

A key trend in the RF semiconductor market is the usage of mmWave for 5G telecommunications. The increasing mobile data consumption is driving the demand for a greater bandwidth, which has put the existing telecommunication technologies under immense pressure. Hence, the need for a technology that can support higher rates of data transmission and a larger bandwidth has significantly increased. Therefore, with a frequency band range of 24–300 Gigahertz (GHz), mmWave offers more coverage, improved performance, and smooth connectivity.

A key opportunity area for the RF semiconductor market players is the rising adoption of advanced driver-assistance systems (ADAS). With the increasing incidence of road accidents, the government of many countries has made the integration of ADAS in automobiles mandatory. The idea is to offer the driver assistance and information about the road traffic and conditions, considering that most of the accidents are a result of human errors. Therefore, with the increasing adoption of ADAS, coupled with the rising vehicle sales, the demand for RF semiconductors will grow.

Therefore, with the rising demand for equipment that allows for telecommunication, the sale of RF semiconductors will keep escalating.