Monolithic Microwave IC (MMIC) Market by Component (Power Amplifiers, LNA, Switches), Material Type (GaAs, InP, GaN), Frequency Band (Ka, S, X), Technology (MESFET, HEMT), Application (Automotive, A&D) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The global Monolithic Microwave IC (MMIC) Market size is projected to reach a CAGR of 11.9% from 2023-2030.
A monolithic microwave IC (MMIC) is a type of integrated circuit that operates at microwave frequencies. The functions of this device are microwave mixing, low noise amplification, power amplification, and high-frequency switching. The market for MMIC is growing as there is a rising demand for MMIC from the smartphone manufacturing industry.
Major factors that are expected to boost the growth of the monolithic microwave IC market in the forecast period are the rise in the need for monolithic microwave integrated circuits (MMICs) from the smartphone industry. Furthermore, the increase in the acceptance of E band to meet the growing bandwidth needs of cellular and wireless networks is further propelling the growth of the monolithic microwave IC market. Moreover, the rise in defense expenditure by the countries to upgrade their defense inventories is estimated to cushion the growth of the monolithic microwave IC market. In addition, the evolution of 5G technology to rise in the need for (MMICs) will further provide opportunities for the monolithic microwave IC market in the coming years.
On the other hand, the rise in the development expenditure of monolithic microwave integrated circuits (MMICs) is further anticipated to impede the growth of the monolithic microwave IC market in the timeline period. However, the designing of sturdy monolithic microwave integrated circuits (MMICs) might further challenge the growth of the monolithic microwave IC market in the near future.
The COVID-19 pandemic outbreak had varying effects on the global MMIC market. Initially, due to several lockdowns and strict restrictions imposed, the demand for these circuits in aerospace was affected due to a fall in commercial aviation and passenger volume. MMICs used in the defense industry also suffered from supply chain disruptions. However, on the contrary, the pandemic led to increased dependence on digital technologies, thus, investments in wireless communications and 5G networks increased.
The Monolithic Microwave IC (MMIC) Market is expected to see significant growth in the coming years due to the increasing demand for high-frequency applications across various industries, such as telecommunications, aerospace, defense, and automotive. With the advent of 5G technology, the need for high-speed wireless connectivity is expected to further boost the market growth of MMICs. Additionally, advancements in technology, such as the development of gallium nitride (GaN) and silicon carbide (SiC) materials, are expected to drive the adoption of MMICs in various applications. The Asia Pacific region is expected to be the largest market for MMICs due to the presence of a large number of semiconductor foundries and the increasing demand for wireless communication technology. Overall, the MMIC market is poised for significant growth in the coming years, and industry players are expected to focus on developing innovative products and expanding their customer base to stay competitive in this dynamic market.
Asia Pacific to Dominate the Market