![Global 5G Chipset Market](https://res.cloudinary.com/devmoveo/image/upload/v1707219482/skyquest/report/phpxJhIq6.jpg)
Report ID: SQMIG45I2067
Report ID:
SQMIG45I2067 |
Region:
Global |
Published Date: June, 2024
Pages:
162
|
Tables:
121 |
Figures:
77
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).
The widespread use of high-speed internet and increasing adoption of communication technologies are some of the major growth drivers affecting the adoption of 5G networks in automobiles, smart cities and healthcare sector. Increased use of communication connected cars, connected devices, smartphones and tablets further contribute to the growth of the market.
The rise, adoption and rollout of 5G smartphones across the globe is driving the demand for 5G chipsets. According to the GSMA’s The Mobile Economy 2023 report, 5G adoption is expected to increase due to the deployment of cheaper devices and new networks. By January 2023, there were around 229 commercial 5G networks across the globe, with more than 700 5G smartphone models launched, including more than 200 in 2022. Thus, with the growing number of 5G smartphone launches worldwide, the demand for 5G chipsets is expected to rise between 2024 and 2031.
US 5G Chipset Market is poised to grow at a sustainable CAGR for the next forecast year.
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REQUEST FREE CUSTOMIZATION5G Chipset Market size was valued at USD 16.04 billion in 2019 and is poised to grow from USD 19.28 billion in 2023 to USD 92.05 billion by 2031, growing at a CAGR of 21.8% in the forecast period (2024-2031).
In terms of the competitive landscape, a few companies have dominated this market due to their strong product portfolios and key strategic decisions. To strengthen their position in the market for 5G chipsets, companies are employing a variety of strategies, including new product development and strategic collaborations. Simultaneously, key smartphone manufacturers, such as Apple Inc., are focusing on vertical integration to expand their product portfolios with 5G-enabled devices. Market incumbents are focusing aggressively on developing new and innovative products, expanding overall product portfolios, and gaining a significant market share. 'Qualcomm Technologies, Inc.', 'Samsung Electronics Co., Ltd.', 'MediaTek Inc.', 'Intel Corporation', 'Xilinx Inc.', 'Infineon Technologies AG', 'Huawei Technologies Co. Ltd.', 'Broadcom Inc.', 'Qorvo Inc.', 'Nokia Corporation', 'Ericsson AB', 'Fujitsu Limited', 'Analog Devices Inc.', 'Murata Manufacturing Co., Ltd.', 'NXP Semiconductors N.V.', 'Marvell Technology Group Ltd.', 'Texas Instruments Inc.', 'ZTE Corporation', 'Renesas Electronics Corporation', 'Unisoc Communications Inc.'
The speed and reliability of 5G are expected to have a significant impact on machine-to-machine (M2M) and Internet of Things (IoT). Better connectivity for smooth communication and low power requirements are key reasons for the increased adoption of new M2M technologies. To achieve effective M2M communication, mobile networks' existing capacity must be able to handle billions of nodes that are expected to ascend in the coming years. The network capacity is currently insufficient to handle M2M and human-based communications, as well as their various communication patterns such as latency time. As a result, a next-generation cellular network for mobile communication is required, with hyper-connectivity and increased bandwidth (e.g., 5G network). M2M communication technology will be widely used in heavy manufacturing and process industries (e.g., food industries) to improve process efficiency and reduce human interference with machines. As a result, M2M communication is expected to drive the 5G chipset market.
Intelligent cities and smart infrastructure are vital aspects of IoT applications. As organizations already utilize IoT to monitor equipment efficiency, the tendency to use IoT is likely to also increase requirements for 5G chipsets.
The Asia Pacific region held the highest share of global 5G chipset market in 2021. As a result, 5G smartphone investments have grown in the region. Over the forecast period, the growing preference for smart manufacturing in emerging economies such as China and India is expected to drive the adoption of 5G chipset components.
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Report ID: SQMIG45I2067