Acoustic Wave Filters Market expected to surpass US$ 24.5 billion by 2031

The acoustic wave filter market revenue will total US$ 8.9 billion by 2021, as per a Future Market Insights (FMI) analysis. Registering growth at 10.6% CAGR between 2021 and 2031, the market’s valuation is expected to surpass US$ 24.5 billion by 2031.

Lithium tantalate will remain highly sought-after among material used. The study forecasts, the demand for acoustic wave filters made from lithium tantalate to rise at 13.4% CAGR

Increasing penetration of smartphones and advancements in the automotive industry are likely to drive the acoustic wave filters market in the coming years. The demand will rise at 10.6% CAGR between 2021 and 2031 in comparison to the 9.8% CAGR registered during 2016-2020.

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Businesses are increasingly compelled to manage mobile devices, apps, and a variety of voice and collaboration tools for teams to connect across geographies, platforms, and devices. Moreover, a significant increase in the number of smartphone users around the world will encourage consumers to adopt 5G-enabled services.

This includes autonomous driving, ultra-HD video, augmented reality, virtual reality, and artificial intelligence. These factors are anticipated to fuel demand for LTE advanced and 5G technologies, which will boost growth of the acoustic wave filter market.

Lithium tantalite and lithium liobate are expected to lead the material segment, accounting for a valuation of US$ 6,127 million, according to FMI. Lithium niobate is likely to hold a market share of around 43.4% through 2021, making it a center point for the expansion of the market.

“Leading manufacturers in the market are aiming at product innovation to address the increasing demand for acoustic wave filter owing to progressive development and commercialization of 5G technologies,” says the FMI analyst.

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Key Takeaways

• Owing to increasing adoption of RF filter technologies by aviation customers, the U.S. is expected to hold a market share of over 89% in North America.
• In Indonesia, the demand for acoustic wave filters is likely to rise at a CAGR of 15.3% over the forecast period.
• China is estimated to emerge as a highly lucrative market, accounting for a value share of over 54% in the East Asia market.
• By 2031, India is projected to hold a market share of nearly 54% in South Asia and Pacific, owing to rise in investments in the public transport infrastructure.
• The telecommunications sector is dominating the segment and is estimated to register a maximum revenue share of over 33.5% by the end of 2021.

Key Drivers

• Increasing adoption of bulk acoustic wave (BAW) filters for wireless systems with boost the market growth.
• Rising smartphone penetration will fuel the demand for acoustic wave filters.
• Increasing usage of RF filter technology in RADAR systems, surveillance, electronic, navigation, and others will bolster the growth of the market.
Key Restraints
• Volatility in the cost of raw material is a factor hampering the market growth for acoustic wave filters.
• The COVID-19 pandemic has negatively impacted the growth of the market.

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Competitive Landscape

Companies operating in the acoustic wave filters market are focusing on product innovation to expand their portfolio. Besides this, some key players are acquiring and establishing strategic partnerships with other market players to expand their manufacturing capabilities. For instance,

• TDK and Qualcomm announced launch of a joint venture in February 2021. The joint venture will enable Qualcomm’s RFFE business unit to deliver fully integrated systems such as RF front-end (RFFE) modules for mobile devices and fast-growing business segments.
• In March 2021, Resonant, the U.S. based company, announced an acquisition of GVR Trade SA (GVR). The acquisition will assist Resonant to expand its Enhanced ISN capabilities.

Some of the leading companies operating in the acoustic wave filters market profiled by FMI are:

• KYOCERA Corporation
• Murata Manufacturing Co., Ltd
• Microchip Technologies
• Skyworks Solutions, Inc.
• Qualcomm Technologies, Inc.
• Qorvo, Inc.
• Tai-Saw Technology Co., Ltd.
• Microsaw OY
• API Technologies Corp
• Crystek Corporation
• Anatech Electronics, Inc.
• Taiyo Yuden Co., Ltd.
• Abracon
• Broadcom

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About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth.

This release was published on openPR.