Selbyville, Delaware, Sept. 03, 2024 (GLOBE NEWSWIRE) -- 5G Chipsets Market size will exceed USD 132 billion by 2032, as per a recent study by Global Market Insights Inc.
The growing adoption of connected devices and IoT applications is a significant driver for the market. According to Exploding Topics, there are currently more than 14 billion connected IoT devices worldwide in 2024. As the number of connected devices surges, ranging from smart home gadgets to industrial sensors, the demand for high-speed, reliable, and low-latency communication becomes crucial. 5G technology offers the enhanced bandwidth and reduced latency required to support the seamless connectivity of these devices, facilitating real-time data exchange and improved performance. The proliferation of IoT applications across various sectors, including healthcare, manufacturing, and smart cities, further fuels the need for advanced 5G chipsets.
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RF transceivers segment to grow rapidly
The RF transceivers segment will experience robust growth through 2032, due to its pivotal role in ensuring the efficient functioning of 5G networks. Manufacturers are increasingly focusing on developing advanced RF transceivers that offer enhanced performance, energy efficiency, and miniaturization. These innovations are not only driving the adoption of 5G technology in smartphones and other consumer electronics but also expanding its application across various industrial sectors.
Connected vehicles to witness quick adoption
5G chipsets market share from connected vehicles segment will witness steady growth through 2032, as automakers and technology companies invest heavily in developing and deploying 5G-enabled vehicles. The integration of 5G chipsets in connected vehicles allows for a more connected and automated driving experience, enhancing safety, efficiency, and convenience for consumers. Moreover, the growing trend of vehicle electrification and the development of smart cities are further fueling the demand for 5G-enabled connected vehicles. As the automotive industry continues to innovate and incorporate 5G technology, there will be wider adoption of 5G chipsets.
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Europe to come up as a market leader
Europe 5G Chipsets Market will grow substantially over 2024-2032, driven by the region's strong focus on digital transformation and the widespread adoption of 5G technology across various sectors. Europe has been at the forefront of 5G deployment, with several countries rolling out 5G networks and investing in infrastructure to support the technology. The European Union's commitment to fostering innovation and digitalization has further accelerated the adoption of 5G. Further, as European automakers increasingly integrate 5G technology into their vehicles to support connected and autonomous driving, shaping the regional market outlook.
5G chipsets Market Players
Major companies in the 5G chipsets industry include, Qualcomm Technologies, Inc., MediaTek Inc., Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd., Intel Corporation, Broadcom Inc., Nokia Corporation, Ericsson, Marvell Technology Group Ltd., Infineon Technologies AG. Their major strategies include partnerships and collaborations to enhance their technological capabilities and expand market reach. They are heavily investing in research and development to innovate and improve the performance of 5G chipsets, ensuring compatibility with emerging applications like connected vehicles and IoT devices. Additionally, these companies are expanding their production capacities and enhancing supply chain efficiencies to meet the growing global demand for 5G technology. They are also targeting new markets, particularly in Europe and Asia-Pacific, to capitalize on the widespread adoption of 5G networks in these regions.
In February 2023, Qualcomm Technologies, Inc., a leading semiconductor technology firm, introduced the Snapdragon X75, its latest 6th generation 5G radio frequency modem. A key innovation of the Snapdragon X75 is its support for 5G-Advanced (5G-A), an enhanced network protocol designed to offer superior performance beyond conventional 5G connections.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
