The global integrated microwave assembly market is projected to generate USD 2,514.1 million revenue by 2030, advancing at a CAGR of 7.0% during 2024–2030. This can be ascribed to the rapid technological developments in the communications and military & defense sectors, growing number of product launches, high defense expenditure, improving internet access, mounting need for efficient satellite communications, and booming end-use industries. Furthermore, the expanding trend of portable electronic devices and the strong government support and favorable policies to advance defense forces contribute to the market growth.
Based on vertical, the market is categorized into avionics, military & defense, communications, and others. Among these, the communications category will witness the fastest growth during the forecast period, with a CAGR of 7.8%. This is due to the rising need for effective commercial as well as military communications, increasing usage of electronic elements in the communication sector, rapidly advancing 5G technology, and growing need for improved performance, higher data rates, and expanded bandwidth in the communications.
Additionally, governments of several emerging as well as advanced economies are investing in the IT & telecommunications sectors, which will essentially help the market grow at a high pace in the coming years.
Amplifiers, based on product, hold the largest revenue share in 2023, and they are further expected to maintain their dominance during the forecast period. This can be ascribed to telecom infrastructure development, adoption of the 5G technology, and high R&D investment by the industry players to fulfill customers’ requirement for integrated microwave assemblies. Amplifier-based IMAs can attain high power switching and feature multiple outputs, a digital interface, and voltage sequencing capabilities.
Based on frequency, the market is divided into the Ku-band, C-band, Ka-band, L-band, X-band, and others. Among these, the Ku-band contributes significant revenue since it is the ideal frequency band for all kinds of satellite communications, such as data, video, and voice services. Additionally, it is more cost-effective than others, and the growing oil & gas, finance, mining, and energy industries require high bandwidths for multiple operations, where the Ku-band provides various benefits.
Geographically, APAC will register the highest growth rate during the prediction period. This can be ascribed to the increasing demand for microwave products, such as frequency converters, frequency synthesizers, and amplifiers, in manufacturing plants. Other key drivers for the regional market are the growing electronics industry owing to the easy availability of sensors and electronic chips and the shift of market giants’ production facilities to the region owing to the availability of cheap labor and raw material.
Additionally, North America is contributing the majority of the revenue in 2023, and it is expected to maintain its dominance during the forecast period. This can be attributed to the high spending on defense and military equipment, high rate of adoption of new technologies, such as advanced radar systems, in the military; rising preference for 5G networks owing to the mounting need for high-speed connectivity, and high count of innovative product launches.
The U.S. holds the larger revenue share in the regional market owing to the presence of many industry titans and a high spending by the government on the electronic gadgets used in the defense sector.
Some of the major players in the integrated microwave assembly market are Analog Devices Inc., Teledyne Technologies Incorporated, MACOM Technology Solutions Inc., Cobham Advanced Electronic Solutions, CPI International Inc., Spectrum Control, Narda-MITEQ, Knowles Corporation, Mercury Systems Inc., and AKON Inc.