Surge in adoption of image cameras for automotive industry verticals, rise in use of image sensors in improved healthcare imaging solutions, and increase in demand for image sensor solution for security & surveillance drive the growth of the global 5G chipset market.
PORTLAND, Ore., March 2, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "5G Chipset Market by IC Type (ASIC, RFIC, Cellular IC, and mmWave IC), Operational Frequency (Sub 6GHz, Between 26 & 39 GHz, and Above 39 GHz), Product (Devices, Customer Premises Equipment, and Network Infrastructure Equipment), and Industry Vertical (Automotive & Transportation, Energy & Utilities, Healthcare, Retail, Consumer Electronics, Industrial Automation, and Others): Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global 5G Chipset industry generated $13.26 billion in 2020, and is anticipated to generate $92.05 billion by 2030, witnessing a CAGR of 21.8% from 2021 to 2030.
Prime Determinants of Growth
Surge in adoption of image cameras for automotive industry verticals, rise in use of image sensors in improved healthcare imaging solutions, and increase in demand for image sensor solution for security & surveillance drive the growth of the global 5G chipset market. However, decline in adoption of CCD image sensors hinder the market growth. On the other hand, increase in adoption of image sensor cameras in autonomous vehicles presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global 5G chipset market, owing to disruptions in the supply chain.
- In addition, lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdown hampered the market growth.
- However, rise in demand for three-dimensional printing solutions across prime sectors is one of the major factors that propels the market growth. In a nutshell, the pandemic has had a mixed impact on the growth of 5G chipset market during the pandemic.
The Devices Segment to Maintain its Leadership Status Throughout the Forecast Period
Based on product, the devices segment held the highest market share in 2020, accounting for more than three-fourths of the global 5G chipset market, and is estimated to maintain its leadership status throughout the forecast period. The consumer devices segment includes consumer electronic devices such as smartphones, laptops, tablets, smart TVs, and others, which are increasingly used in the current scenario globally, hence anticipated to make it the largest segment of the market. Moreover, the network infrastructure equipment segment is projected to manifest the highest CAGR of 23.1% from 2021 to 2030. Network infrastructure equipment is usually a part of the IT infrastructure found in most of the IT sectors. This is boosting the growth of the segment.
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The Consumer Electronics Segment to Maintain its Lead Position During the Forecast Period
Based on industry vertical, the consumer electronics segment accounted for the largest share in 2020, contributing to more than two-thirds of the global 5G chipset market, and is projected to maintain its lead position during the forecast period. This is owing to rise in demand for consumer electronics such as smart televisions, smartphones, and other electronics. However, the automotive & transportation segment is expected to portray the largest CAGR of 24.3% from 2021 to 2030, owing to the introduction of 5G chipset in the automotive & transportation sector.
Asia-Pacific, Followed by North America, to Maintain its Dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global 5G chipset market, owing to surge in investment by key market players. Moreover, the LAMEA region is expected to witness the fastest CAGR of 26.2% during the forecast period. This is attributed to rising awareness about artificial intelligence and IoT technology.
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Leading Market Players
- Qualcomm Technologies, Inc.
- Broadcom
- Intel Corporation
- Nokia Corporation
- Samsung Electronics Co., Ltd.
- Mediatek Inc.
- Xilinx Inc.
- Huawei Technologies Co., Ltd.
- Qorvo
- Infineon Technologies AG
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