Driven by defense and base station applications, RF GaN technology had another banner year in 2018. We estimate that revenues will grow to reach slightly more than $1.7 billion in 2023. Base station applications will continue to represent the largest GaN revenue segment, driven by 5G deployments, but ongoing political tensions between the US and China may mute the growth of this segment. The defense segment will grow a bit faster than the commercial segment, reaching nearly $800 million in 2023. Given the political uncertainty in the base station market, the defense market may prove to be the more reliable growth engine for RF GaN revenue.
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