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RedCap module receives FCC verification, new opportunities arise for the proliferation of internet of things applications.
Recently, a RedCap module successfully passed FCC testing and obtained verification, making it the first RedCap module in the industry to achieve FCC certification. The certification of this module means that terminal devices using this technology can rapidly deploy RedCap devices and applications in the Americas.
RedCap, as a "lightweight version" of 5G technology dedicated to the Internet of Things (IoT), is expected to accelerate the popularization of IoT applications. It is a 5G technology branch specifically tailored for the IoT field, effectively reducing the complexity, power consumption, and size of modules by simplifying certain 5G NR functions, thereby lowering overall costs and speeding up the intelligent networking process of various hardware devices. At the same time, RedCap retains the core advantages of 5G technology, such as low latency and high reliability. As 5G technology continues to advance and the RedCap standard is gradually refined, this new low-cost and high-reliability solution is expected to penetrate rapidly, leading to an increase in the number of connected hardware terminals and potentially enhancing the prosperity of the IoT industry.
In China, the development of RedCap is supported by policies and industry promotion, and its penetration rate is rapidly increasing. The relevant notice issued by the Ministry of Industry and Information Technology states that by 2025, the application scale of 5G RedCap will continue to grow, with 5G RedCap coverage achieved in cities at or above the county level nationwide, and the number of connections reaching tens of millions, while creating multiple application fields with millions of connections. The three major telecommunications operators are also actively laying out 5G RedCap, launching related products and services.
In the overseas market, although the global cellular IoT module market shipment volume declined by 2% year-on-year in 2023, some companies still achieved double-digit growth in market share. Analysts expect that the IoT module market will resume growth in the second half of 2024 as inventory levels normalize and demand increases in smart metering, POS, and automotive sectors. Significant growth for 5G and 5G RedCap technology is anticipated in 2025, primarily driven by widespread adoption in video surveillance, routers/CPE, and IoT-related applications.
The development of AIPC and the wave of device upgrades will also drive the demand for networking modules. After experiencing an inventory adjustment period, the global PC market continues to recover, and it is expected to maintain a growth rate of 3% for the entire year of 2024, with the main drivers being AIPC and the new device upgrade cycle. Market leaders in PC networking modules are expected to be the first to seize the overall recovery trend of laptops, and with AIPC's higher reliance on networking capabilities, the demand for laptop networking modules is also expected to increase accordingly.
Overall, the AIoT market has a positive outlook, driven by the development of RedCap technology and AIPC, which together boost the industry's prosperity. The demand for cellular module industry is expected to increase accordingly. Leading companies in the industry have stable operations, sustained revenue growth, high internal management efficiency, and their development status is expected to gradually improve.
However, investors should also be aware of the risks that the development of the PC module market and the penetration rate of the Internet of Vehicles may not meet expectations.