Published Date : 26 May 2023
The global 5G chipset market size was projected to more than double in size from USD 18.67 billion in 2022 to roughly USD 126.4 billion in 2030, progressing with a CAGR of 27.01% between 2022 and 2030.
The newest technology, 5G, is thought to accelerate wireless cellular networks' speed. A 5G chipset is made up of a variety of microchips. It speeds up the transmission of data across wireless networks. With the use of a 5G microchip set, network operators may build one or more networks inside of a single 5G cell connection. The amount of Internet and smartphone users has dramatically increased globally. Additionally, when accessing the internet, people opt for networks with minimal battery consumption and high-speed internet capabilities. These features are only available to users of 5G cellular networks. As a result, these elements fuel the expansion of the 5G chipset industry.
One of the main drivers of the industry is the increased need for high-speed internet and broad network coverage for multiuser gaming, live streaming, and file-sharing. Additionally, a number of businesses use Internet of things (IoT) devices to track machine performance in real time in an effort to reduce total downtime and boost operational effectiveness. The development of smart cities, infrastructure, and grid projects globally is utilizing the Internet of things (IoT) more and more, and this is accelerating the market's growth. The global reliance on distance learning as a result of the coronavirus disease (COVID-19) outbreak has led to an increase in videoconferencing, live streaming, telemedicine, and business applications. This in turn has a favorable impact on the market. In addition, the market is developing as a result of the increasing usage of 5G chipsets in V2V, V2I, V2P, and V2N (vehicle-to-network) applications. Another element driving growth is the development of autonomous driving, digital logistics, and the enormous acceptance of artificial intelligence (AI) and machine learning (ML). Additionally, major market companies are heavily spending in research and development (R&D) projects to create software-defined networks and network function virtualization that are affordable, which is expected to support the industry's expansion.
5G Chipset Market Report Scope:
|Market Revenue in 2023||USD 23.71 Billion|
|Projected Forecast Revenue in 2030||USD 126.4 Billion|
|Growth Rate from 2022 to 2030||CAGR of 27.01%|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Due to the growing adoption of cutting-edge technologies that require high-speed Internet, such as machine to machine communication or Internet of Things connectivity, in various industry sectors, the North American market is anticipated to account for the largest revenue share over the forecast period. In addition, the region's countries are home to several significant market players, including Qualcomm Incorporated, Intel, MediaTek Inc., and others, which is anticipated to fuel regional revenue growth throughout the course of the projected year.
The United States is anticipated to introduce 5G technology, wireless apps, and infrastructures first in the globe as authorities open the door for quickly expanding next-generation services. For instance, in July the US government announced $400 million in initiatives to study 5G wireless connectivity. Additionally, through fostering an environment for innovation that supports ICT growth, the Canadian government is highly committed to increasing participation in 5G technologies and next-generation communication networks.
The market for 5g chipsets is expanding as a result of more cellular IoT connectivity. Machine-to-machine (M2M) and the Internet of Things (IoT) are predicted to be significantly impacted by 5G's speed and dependability. The improved communication capabilities and reduced power requirements of emerging M2M technologies are major drivers of their rising usage. In order to accomplish successful M2M communication, the current capacity of mobile networks must be sufficient to handle the billions of nodes that are anticipated to proliferate over the next couple of years. M2M and human-based communications, as well as their various communication patterns such lag time, cannot yet be handled by the network due to its capacity.
This necessitates the development of a next-generation cellular network for mobile communication that offers hyper-connectivity and increased capacity (e.g., 5G network). To improve the effectiveness of various processes and decrease human interaction with machines, M2M communication technology will be widely employed in heavy manufacturing and process sectors (such as the food industries). Thus, it is anticipated that M2M communication would boost the 5G chipset industry.
The adoption of 5G chipsets may be constrained by limited worldwide 5G coverage and availability of 5G networks in some locations, which may increase the cost of constructing tower stations. This is anticipated to restrain market revenue growth to some extent throughout the projected period. Additionally, the use of 5G chipsets in workflows and production lines to speed up production and support Industrial Revolution 4.0 has significantly raised demand for 5G chipsets, which is anticipated to fuel the rise of the 5G chipset market's revenue throughout the projected period.
As soon as 5G was revealed and its potential advantages were made public on a worldwide scale, several nations have offered their support for a healthy development of this technology. Numerous international players have also invested in worldwide 5G technology research, development, and innovations. Qualcomm, Ericsson, Nokia Networks, Huawei Telecommunications Inc., Samsung Corporation, and ZTE Corporation are some of the top vendors, carriers, and stakeholders in the 5G chipset market. These companies have partnered with numerous stakeholders around the world to raise money for 5G technology research and development. The development of 5G technology has the ability to connect the social, virtual, and physical worlds of customers. Numerous industrial verticals will see real economic prospects as a result of the linked shift into the digital age.
Spectrum pricing, spectrum availability, and device compatibility with 5G new radios are the main obstacles to 5G implementation and infrastructure development (NR). For the right to transmit signals across particular bands of the electromagnetic spectrum, telecom operators must get a license from the government or telecom regulatory agencies and pay significant fees.
Additionally, governments all around the world only permit a small spectrum to be licensed by telecom carriers. These elements are anticipated to hinder the growth of the 5G infrastructure. Due to the rise in data traffic and the strong consumer demand for fast data transfer rates, there is a rising requirement for radio access network densification in addition to the deployment of more network nodes. Additionally, the high frequency 5G bands are susceptible to signal loss, hence it is predicted that network densification would play a big part in the successful global rollout of 5G.
Major Key Players:
By Frequency Type
By Processing Node Type
By Deployment Type
By End Use
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