5G Chipset Market to Transcend USD 94.63 Billion Valuation by 2031, High Demand for Low Latency Networks Drives Market Growth | SkyQuest Technology
WESTFORD, Mass., July 15, 2024 /PRNewswire/ -- According to SkyQuest, the global 5G Chipset Market size was valued at USD 16.04 Billion in 2022 and is poised to grow from USD 19.54 Billion in 2023 to USD 94.63 Billion by 2031, growing at a CAGR of 21.8% in the forecast period (2024-2031).
Chipsets or integrated circuits designed specifically for 5G applications and 5G technology are known as 5G chipsets. Advancements in semiconductor manufacturing technologies will also alter the global 5G chipset demand outlook across the forecast period and beyond. High investments in the development of 5G infrastructure and an increase in the deployment of new 5G networks are projected to promote sales of 5G chipsets over the coming years. The global 5G chipset market is segmented into type, end user, and region.
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5G Chipset Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $ 19.54 billion |
Estimated Value by 2031 | $ 94.63 billion |
Growth Rate | Poised to grow at a CAGR of 21.8% |
Forecast Period | 2024–2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type and End User |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | High demand for better 5G communication and 5G-enabled devices |
Key Market Drivers | Growing investments in the development of 5G infrastructure |
Segments covered in 5G Chipset Market are as follows:
- Type
- Telecommunication Infrastructure (Macro Cells, Small Cell, Customer Premises Equipment (CPE)), Mobile Devices (Smartphones, Tablets & Laptops, Mobile Hubs, Robots/Drones, Wearables, AR/VR Devices), Non-mobile Devices (IoT Gateways, Surveillance Cameras), and Automobile
- End-Use
- Flat Panel, Flexible Panel, and Transparent Panel
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Vital Nature of RFICs in the Development of 5G Infrastructure Allows it to Become a Top Segment
Radio frequency integrated circuits (RFICs) are an essential part of 5G communication infrastructure and are extensively used by network providers as well as users. The rising implementation of 5G networks around the world is projected to create new opportunities for RFIC manufacturers and suppliers in the future. Advancements in the development of novel semiconductor manufacturing technologies are also estimated to help this segment account for a substantial share of the global 5G chipset market.
Rapidly increasing use of 5G networks by multiple devices around the world is also estimated to push sales of new 5G modems going forward. The development and launch of new 5G-enabled devices will also help this segment create new opportunities in the future. Development of smart infrastructure and the need for appropriate 5G hardware will also help bolster market growth via this segment in the long run.
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Development of New 5G Networks Helps Telecommunication Infrastructure Hold Sway Over 5G chipset Sales
The growing need for fast and efficient data transfer speeds to support digital technologies has led to increased adoption of 5G networks and devices. Telecommunication companies are continually focusing on bringing 5G technology to consumers by investing in the development of new infrastructure to support the rising demand for better low-latency data transfer. 5G chipsets play a crucial role in helping telecommunication companies deploy 5G and this is why this emerges as a key segment for market players.
The rising availability of 5G networks has also bolstered the demand for 5G-enabled mobile devices as well. Mobile device manufacturers are continually focusing on developing new mobile devices that are compatible and optimized for 5G technology and networks. Emphasis on innovation is also expected to help this segment create new opportunities for 5G chipset companies going forward.
5G technology is still in its initial stages of development and adoption. This is why new companies as well as leading companies have multiple opportunities to improve their revenue generation in the long run.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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