The RF test equipment market is expected to reach USD 3.21 billion by 2023 from USD 2.41 billion in 2017, at a CAGR of 4.92 percent between 2017 and 2023, states Research and Markets. The major factors driving the growth of the RF test equipment market include the growing adoption of wireless networking in in-building communication systems, rising focus on developing 5G network-based devices, and increasing deployment of IoT technology-based devices for various applications. However, the requirement of longer timelines and extended R&D for developing new communication technologies inhibit the overall RF test equipment market growth.
The market for RF test equipment with more than 6 GHz frequency is expected to witness a significant growth between 2017 and 2023. With the growing demand for 5G connectivity technology, the demand for RF test equipment with more than 6 GHz frequency is likely to be driven. In October 2017, Qualcomm (US) launched the Snapdragon X50 5G modem chipset. With this launch, the company is able to establish a 5G connection with unprecedented wireless broadband speeds, which is up to 5 gigabits per second download speeds, using multiple 5G carriers and is also able to demonstrate over-the-air connection, using a tiny 28 GHz mmWave antenna module. Hence, the market for RF test equipment with more than 6 GHz frequency is expected to grow at the highest CAGR during 2017–2023.
The market for benchtop RF test equipment held the largest share of ~62 percent in 2017. The product development phase is very critical and needs equipment with high-precision performance. Benchtop equipment are offered with high-precision capabilities; therefore, they are preferred by the designers in the product development phase. For instance, Keysight (US) offers most advanced and affordable benchtop signal analyzers. Keysight can increase the longevity of its analyzers by increasing its frequency range based on evolving customer needs.
Asia-Pacific (APAC) is expected to hold the largest share of the RF test equipment market over the next 6 years. A number of OEMs as well as semiconductor device and product manufacturers are situated in APAC. The growing demand for RF test equipment is attributed to the increasing number of smartphones and continuous advancements in next-generation telecommunication standards, such as LTE, 4G, and upcoming projects on 5G. Yokogawa Electric (Japan) and Anritsu (Japan) are some of the major RF test equipment providers based in this region.