The monolithic microwave IC market size is expected to advance at a CAGR of 11.4% during 2022–2030, to reach USD 22,649.1 million by 2030.
The accessibility of 5G technology and, subsequently, the increase in the demand for smartphones, as well as higher bandwidths; the deployment of highly advanced technologies for enhancing defense inventory, and the rate at which the number of space programs is progressing would propel the growth of the monolithic microwave IC market.
‘MMIC’ refers to integrated circuits that have the capacity to function at various frequencies ranging from 300 MHz to approximately 300 GHz. They are typically small in size and manufactured in enormous numbers, thus entailing a low cost of production as well.
The constant improvement in the standard of living of people, the convenience of installment payment options, the presence of low-priced smartphones, and the need to have a constant access to the internet as well as web-based applications are some of the major reasons due to which the demand for smartphones is on an unabated rise.
Additionally, a high demand for 5G network technologies and infrastructure development is being witnessed in various regions across the globe. The high rate at which data is being transferred, the mobile traffic that can be accommodated, and the range of the frequency utilized for mobile communication can be enhanced via the deployment of 5G network technologies.
Thus, the growth in the demand for smartphones and the latest network technologies is expected to propel the sale of MMICs for meeting the various advanced requirements related to signal reception and transmission.
The MMIC market in the North American region is likely to grow at a CAGR of around 10% during the projection period and continue holding a significant global share. The growth can be attributed to the presence of various companies that manufacture MMICs, the growing adoption of the latest smartphones, the development of wireless infrastructure, and the deployment of 5G network technologies for improving the access to higher bandwidths, as well as increasing the rate of data transmission.
In the North American region, the U.S. is expected to hold the larger market share during the projection period, owing to the rapid pace of technological advancements, such as 5G coverage by cellular networks. Additionally, the U.S. is one of the leading countries in terms of the number of smartphone users. Moreover, its position as one of the topmost countries for space exploration activities and technologies is a contributing factor to its market growth, as MMICs promote efficient communication via satellites.
Furthermore, the U.S. has planned a budget of more than USD 700 billion for the Department of Defense, to ensure national security and the safety of its citizen. Thus, the efforts of the DoD to acquire advanced military equipment hint at a bright prospect for MIMC providers.
Some of the major companies operating in the monolithic microwave IC market are Qorvo Inc., MACOM Technology Solutions Inc., Skyworks Solutions Inc., NXP Semiconductors N.V., Infineon Technologies AG, WIN Semiconductors Corp., STMicroelectronics N.V., Semiconductor Components Industries LLC, Aspen Electronics Ltd., and VectraWave.