The total value of the global monolithic microwave IC market was USD 9,541.3 million in 2022, and it will rise at a growth rate of above 11.4% shortly, reaching USD 22,649.1 million by 2030.
This growth can be credited to the distribution of the 5G technology and the successive increment in the utilization of smartphones, the surge in the need for better bandwidths, technological improvements in defense machines, and development in the count of space missions and programs.
The augmentation in the per-capita income of individuals, the obtainability of inexpensive smartphones, and the fast growths in telecommunications are some of the major reasons boosting the demand for smartphones.
Their utilization has also been growing because of several drives they fulfill for individuals with a steady internet connection, like searching for item reviews, voice searches, online shopping, bill payment, and social media.
Many countries, like the U.S., China, India, Japan, and EU members are doing operations in space, fuelled by government and also private investments. The presence of numerous lucrative business opportunities, the reduction in the cost of many space components because of technological improvements, and the innovations being carried out for improved and quicker communication are inspiring private establishments to be a part of space programs.
Nations across the globe are constantly investing to guarantee that they have simpler access to the latest tools and technologies for advancing national security. Wireless communication systems have demanded the usage of MMICs for helping advanced frequencies and bandwidths and guaranteeing quicker communication with small and lightweight equipment that provide low power utilization aids as well.
In the coming few years, the power amplifiers category is projected to experience a CAGR of 16%, as power amplifiers are a vital component utilized for well-organized signal transmissions during wireless communications. They also aid high frequencies and are dependable, hence extensively utilized for military applications. Additionally, the deployment of 5G networks is projected to lead to a high requirement for power amplifiers for smartphones.
The monolithic microwave IC market in the APAC region is projected to advance at a CAGR of 15% in the forecast period and hold the largest share as well. This growth can be credited to the existence of a tremendously crowded nation in the region, extensive urbanization, and the high rate at which new-age technologies are being accepted.
In the coming few years, the Ka-band category is projected to grow at a CAGR of 14%. Ka-band ICs’ function in satellite communications and also in developing network technologies, i.e., 5G, and their benefit of a better bandwidth would quicken the development of their acceptance in the coming years.
Hence, the distribution of the 5G technology and the successive increment in the utilization of smartphones, the surge in the need for better bandwidths, and technological improvements in defense machines are the major factors propelling the market.
