Market Momentum: Monolithic Microwave IC Market Dynamics
The global Monolithic Microwave Integrated Circuit (MMIC) Market experienced rapid growth and was valued at USD 9.7 billion in 2022. Forecasts point to a sustained rising trend, with the market expected to reach USD 17.0 billion by 2027, exhibiting a strong Compound Annual Growth Rate (CAGR) of 11.9% for the 2022–2027 forecast period.
The demand for components like power amplifiers, low noise amplifiers (LNA), and switches across a variety of applications including automotive and aerospace & defence (A&D) is rising, which is one of the factors contributing to the growth of the MMIC market. Further driving the market's growth are technological developments, such as the application of materials like gallium arsenide (GaAs), indium phosphate (InP), and gallium nitride (GaN), as well as breakthroughs in frequency bands like Ka, S, and X. These patterns highlight how important the MMIC market is to advancing technology and satisfying the changing needs of many industries.
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The MMIC market is expanding rapidly due to a number of important factors. The growing need for MMICs in the smartphone sector, where these integrated circuits are essential to improving the operation and performance of devices, is one important driver. The need for MMICs is also being fueled by the growing usage of E band frequencies to meet the growing bandwidth requirements of wireless and cellular networks. Furthermore, the market is expanding due to rising defence spending by nations all over the world to update their armaments, with MMICs playing a crucial role in cutting-edge defence applications and systems. The need for complex electronic systems is also being driven by the increasing use of next-generation combat tactics, which is fueling the MMIC market's growth.
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Ka band segment to account for the largest share of MMIC market during the forecast period
With the biggest market share and fastest growth rate over the course of the projection period, the Ka band category is expected to dominate the MMIC market. Numerous factors, notably the broad adoption of this technology by satellite operators, contribute to its supremacy. Since the Ka band can provide broadband services at a reasonable cost and is versatile in its application, it has become the go-to option for satellite communication. Compared to other frequency bands, it is notable for providing fast upload and download speeds while preserving efficiency and minimal congestion. Moreover, it is expected that the Ka band spectrum would be utilised by the upcoming global rollout of 5G networks, which will accelerate its growth trajectory.
Wireless communication infrastructure application is expected to grow with the highest CAGR in MMIC market during the forecast period
The MMIC market's highest compound annual growth rate (CAGR) is expected to be experienced by the wireless communication infrastructure sector during the forecast period. The primary cause of this growth spurt is the critical role MMICs play in meeting the needs of microwave backhaul systems, which are necessary for wireless communication networks. Global demand for reliable wireless infrastructure is rising in tandem with the growing requirement for carrier frequencies to enable the provision of high-quality wireless communication services. The adoption of MMIC-based systems becomes essential in satisfying these changing requirements as telecommunications providers try to improve network capacity, coverage, and dependability.
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North America to account for the second largest share MMIC market during the forecast period
North America emerges as the MMIC industry's second-largest market over the forecast period. The presence of major industry firms with North American headquarters, such as Qorvo, Inc., Skyworks Solutions, Inc., and MACOM Technology Solutions Holdings, Inc., highlights the prominence of this region. The rapid adoption of cutting-edge technologies like pHEMT, E-pHEMT, and mHEMT, made possible by the strong presence of significant MMIC firms, is another factor driving the market's consistent expansion. To further strengthen market dynamics, private equity investments are led by North America. The MMIC market landscape in North America is thriving due to a number of factors, including the increasing use of smartphones, the impending rollout of 5G infrastructure, ongoing and upcoming space programmes, and the growing connected vehicle ecosystem.
Some of the key companies in the MMIC market are Analog Devices, Inc. (US), NXP Semiconductors N.V. (Netherlands), MACOM Technology Solutions Holdings, Inc. (US), Qorvo, Inc. (US), Skyworks Solutions, inc. (US), Infineon Technologies AG (Germany), Mini-Circuits (US), OMMIC (France), WIN Semiconductors Corp. (Taiwan), United Monolithic Semiconductors (UMS) (France), ON Semiconductor Corporation (onsemi) (US), Microarray Technologies Corporation Limited (China), VectraWave (France), BeRex Co., Ltd. (South Korea), Wolfspeed, Inc. (US), MicroWave Technology, Inc. (MwT) (US), ASB Inc. (South Korea), Texas Instruments (US), Northrop Grumman Corporation (US), Toshiba Infrastructure Systems and Solutions Corporation (Japan), STMicroelectronics (Switzerland), Microchip Technology Inc. (US), Sumitomo Electric Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), and Arralis (Ireland) are the major players operating in the MMIC market.
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