5G Chipset Market Size USD 22,929 Million by 2026 at CAGR 48.7% | Valuates Reports
BANGALORE, India, Nov. 22, 2020 /PRNewswire/ — The 5G Chipset Market is Segmented by IC Type ( ASIC, RFIC, Cellular IC, mmWave IC), by Operational Frequency ( Sub 6GHz, Between 26 & 39 Ghz, Above 39 Ghz), by Product (Devices, Customer Premises Equipment, Network Infrastructure Equipment), by Industry Vertical (Automotive & Transportation, Energy & Utilities, Healthcare, Retail, Consumer Electronics, Industrial Automation, Others). This report is published on Valuates Reports in the Mobile & Wireless Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2026.
The global 5G Chipset market size is expected to be USD 2,120.0 Million in 2020 and is projected to reach USD 22,929.0 Million by 2026, registering a CAGR of 48.7% from 2020 to 2026.
Asia-Pacific is expected to be the highest contributor to the global market, with $752.6 million in 2020, and is estimated to reach $8,713.0 million by 2026, registering a CAGR of 50.5% during the forecast period.
Major factors driving the growth of the 5G Chipset market size are the increasing demand for high-speed Internet, large network coverage with reduced latency, power consumption and improved M2M/IoT connections.
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TRENDS INFLUENCING THE 5G CHIPSET MARKET SIZE
The growing demand for mobile data services is expected to increase the 5G chipset market size growth. Demand for mobile data services is driven primarily by increasing consumer electronic devices and business-to-business (B2B) communication systems. As a result, increasing mobile data traffic will push network providers to deliver more bandwidth to consumers; this aspect is expected to fuel demand for 5G mobile broadband technology in the future.
The growing need for high-speed chipset components for applications such as Vehicle to Everything (V2X) and drone connectivity that require ultra-reliable low-latency connectivity is expected to boost the 5G chipset market size.
The Internet of Things (IoT) continues to increase globally as a variety of smart cities, smart infrastructure and smart grid initiatives are underway in various parts of the world. Several manufacturing companies have begun deploying IoT devices to track machine output in real-time to minimize total downtime and increase operational efficiency. The rise in demand for IoT devices is projected to fuel the 5G chipset market size growth.
The continued focus on creating new and creative chipset modules for telecommunications base stations to reduce the overall size and power consumption is expected to further drive the growth of the 5G chipset market size during the forecast period.
While COVID-19 has reduced the rate of adoption of 5G services globally, it has had a marginal effect on the 5G chipset market as it is an evolving technology, and only a few industries use 5G-enabled network services. In addition, COVID-19 has led various industries to move their operations entirely to remote servers, requiring a high-speed data link and lower latency. This is expected to boost the 5G chipsets market size during the forecast period.
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5G CHIPSET MARKET SHARE ANALYSIS
North America is expected to hold the largest 5G chipset market share. The dominance of North America is attributed to the high rate of adoption of advanced technologies. The U.S. sees robust investments in the development of smart houses, the implementation of smart industries, and the deployment of smart cities. The nation is also emerging as an early adopter of self-driving cars and smart infrastructure for transport. All these factors are, in turn, expected to drive the growth of the 5G chipset market size in North America.
Asia-Pacific is expected to witness the highest …