Global Millimeter Wave RFIC Market
Millimeter Wave RFIC Market size was valued at USD 313.4 million in 2023 and is projected to reach a valuation of USD 659.6 million by the end of 2035, rising at a CAGR of 6.5% during the forecast period, i.e., 2023-2035. In 2024, the industry size of millimeter wave RFIC is evaluated at USD 329.5 million.
The market is anticipated to rise significantly owing to the rapid adoption of 5G technology worldwide. These components are vital in enhancing high-frequency communication and, as such, important for next-generation network infrastructure. In December 2023, T-Mobile made history by combining eight channels of mmWave spectrum to deliver download speeds of more than 4.3 Gbps. Such advancements proves that RFICs play an important role in the realization of superior network performance. Several governments are investing in the development of 5G infrastructure that will serve to increase connectivity and further drive the growth of the millimeter wave RFIC market.
Integration of emerging fields such as telecommunications, automotive, and healthcare sectors is presenting new opportunities via millimeter wave RFICs. A number of companies are highly interested and investing in research and development that enables them to innovate advanced RFIC solutions for high-speed wireless communication. For example, in August 2024, Intel collaborated with major telecom providers to fine-tune mmWave technology, accelerating the deployment of 5G networks. Government initiatives support digital transformation by improving the overall infrastructure and facilitating seamless adoption. These developments underpin millimeter wave RFICs for the future of communication.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2023-2035 |
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CAGR |
6.5% |
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Base Year Market Size (2023) |
USD 313.4 million |
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Forecast Year Market Size (2035) |
USD 659.6 million |
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Regional Scope |
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Frequency Band (Ka-Band, V-Band, W-Band)
Ka-Band segment is likely to hold over 60.5% millimeter wave RFIC market share by the end of 2037, due to its usage in advanced communication systems. Furthermore, the growth in dependency of the aerospace and telecommunications industries on the Ka-Band frequency has also garnered significant demand. In March 2024, Pharrowtech secured USD 18.4 million in funding to advance 60 GHz RFICs, emphasizing the rising investment in this frequency band. Moreover, Ka-Band’s ability to deliver enhanced bandwidth efficiency ensures its expanding adoption, propelling the market growth through 2037.
Component (Transceivers, Power Amplifiers, Mixers, Oscillators, Filters, Switches, Others)
By 2037, transceivers segment is predicted to hold more than 27.7% millimeter wave RFIC market share, due to their indispensability in connecting communication systems for continuous data flow. These components integrate transmit and receive functions, enabling savings in space and performance for high-frequency applications. The integration into 5G devices, IoT systems, and satellite communication proves the versatility of these components and their importance in such systems. In April 2023, Semtech Corporation released a new IC featuring advanced RF control for 5G devices that demonstrated the evolution in transceiver technology. Transceivers continue to remain central to developing advanced RFIC solutions with the growing demand for high-speed connectivity.
Our in-depth analysis of the global market includes the following segments:
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Frequency Band |
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Component |
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Satellite Type |
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End user |
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North America Market Analysis
North America millimeter wave RFIC market is predicted to account for revenue share of more than 45% by the end of 2035. The region currently leads the market with significant investment in 5G infrastructure and rapid adoption of mmWave technologies for advanced communication. North America is known for innovation in RFIC solutions due to the presence of leading players and extended research initiatives. Additional strong support through regulations and funding for technology innovations further supplements the growth in the market.
The U.S. is anticipated to lead North America market through 2037. Due to strategic investments in 5G infrastructure as well as sophisticated communication technology, the U.S. is spearheading innovations in RFIC design around the globe. The regional expansion business of e-commerce announced by NextPlat Corp in March 2024 has shown the chip integration of mmWave technology into different sectors. It enjoys the advantage of a developed ecosystem comprising technology providers, research institutions, and government initiatives that foster innovation.
The market in Canada is driven by increasing momentum for the adoption of 5G networks and an emphasis on developing better telecommunication infrastructure within the country. A strong focus on closing the gap in connectivity for remote areas is considered a driving factor in the demand for advanced RFIC solutions in Canada. Furthermore, strategic collaborations between companies and global leaders in technology drive market expansion. In addition, tech-driven industries, along with government-backed projects for digital connectivity, have emerged as strong drivers for the growth of mmWave RFIC technologies in Canada.
Asia Pacific Market Analysis
Asia Pacific millimeter wave RFIC market is anticipated to observe around 7.6% growth between 2023 and 2035, due to high investments in 5G infrastructure development and rapid dissemination of wireless technologies. The diversified industrial base added to the great consumer markets offers a huge opportunity for applications of RFIC. The regional companies are focused on innovations that can meet local and global demands for high-frequency communication solutions. Further, increasing smartphone and IoT device penetration acts as fuel to growth in the market.
India is swiftly turning into a major player in Asia Pacific market, supported by its rapidly growing telecommunications sector. In August 2022, HFCL Limited partnered with Qualcomm to design mmWave solutions for both India and international markets, demonstrating the country's focus on innovation. Furthermore, the government's push for digital connectivity and the rollout of 5G networks have accelerated the adoption of advanced RFIC technologies. The market in India is anticipated to witness rapid growth due to a healthy electronics manufacturing sector and growth in the country's tech ecosystem.
China has surged forward in the Asia Pacific mmWave RFIC market on strong investments in 5G and other telecommunication infrastructure in recent times. The country has become considerably advanced with millimeter wave technology and is well ahead in wireless innovations. Partnerships between domestic companies and global tech leaders contribute to the rapid adoption of mmWave RFICs in sectors such as telecommunications, defense, and IoT. Also, China has a high-class manufacturing infrastructure and government-supported initiatives, enabling the country to be a major player in the global RFIC market.
The millimeter wave RFIC market is highly fragmented and competitive due to the presence of established players. Some of the leading players include Analog Devices, Inc., Sivers Semiconductors AB, RF Integration Inc., RFIC Solutions Inc., Anokiwave, Inc., MMTRON, TUSK IC, Altum RF, Akronic, P.C. These companies are leading due to technological innovation and huge investments in R&D for the development of advanced RFIC solutions. Therefore, strategic partnerships and collaborations are highly essential for further market penetration in reaching emerging opportunities provided by 5G, IoT, and satellite communication.
In August 2023, Siklu also made an important contribution to the market with a new addition to its portfolio, the MultiHaul TG T261 terminal unit. The addition to Siklu's 60 GHz line indicates the advancement of mmWave frequency application for ensuring high-quality connectivity and superior performance of next-generation communication systems. Efficiency and reliability in design have been paid due attention, keeping in mind growing requirements related to a broad range of wireless communications solutions. Such innovations underline the competitive nature of the market, with companies aiming to stay in the lead.
Here are some leading companies in the millimeter wave RFIC market:
Author Credits: Abhishek Verma
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