On January 16, 2024, Tower Semiconductor announced a partnership with Renesas to produce SiGe-based beamforming ICs aimed at Tier-1 customers in satellite communications, 5G, and defense sectors, capitalizing on a growing market forecasted to reach 150 million users by 2031. This collaboration is significant as it aligns with the anticipated $400 million increase in annual demand for SiGe wafers over the next decade.