As of 2022, the Monolithic Microwave IC (MMIC) Market was valued at USD 9.7 billion, and by 2027, it is expected to have grown to USD 17.0 billion. The strong expansion can be ascribed to a compound annual growth rate (CAGR) of 11.9% from 2022 to 2027.

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A number of factors, such as the growing need for sophisticated components including switches, power amplifiers, and low noise amplifiers (LNA), are driving the industry. The market's growth is further aided by the use of several materials, including gallium arsenide (GaAs), indium phosphate (InP), and gallium nitride (GaN). Applications such as automotive and aerospace & defence (A&D) rely heavily on the frequency band and technology segments, which include the Ka, S, and X bands and the Metal-Semiconductor Field-Effect Transistor (MESFET) and High Electron Mobility Transistor (HEMT), respectively. In the MMIC industry, continuous expansion and a wider worldwide market reach are expected as innovation is propelled forward by technological advancements.

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The expansion of the Monolithic Microwave IC (MMIC) market is driven by multiple significant factors. One significant factor boosting MMIC demand is the smartphone industry, which highlights how important these integrated circuits are to improving mobile device performance. Additionally, the use of E band frequencies has become essential for meeting the growing bandwidth requirements of wireless and cellular networks, establishing MMICs as key elements in smooth, fast communication. Furthermore, the demand for cutting-edge technology has been boosted by countries' increased defence spending, especially for modernising their defence stockpiles. MMICs are essential to the modernization of defence systems. The industry is also impacted by the increasing use of next-generation military tactics, where MMICs play a key role in the creation of sophisticated radar and communication systems. For the foreseeable future, the MMIC market is expected to grow steadily as long as these drivers keep driving demand.

Ka band segment to account for the largest share of MMIC market during the forecast period

Over the course of the projection period, the Ka band is expected to dominate the Monolithic Microwave IC (MMIC) market in terms of both market share and growth rate. The reason for this domination is that many satellite operators choose the Ka band because of its advantageous properties. Low bandwidth costs, widespread application in broadband services, excellent efficiency, and remarkable upload and download speeds are some of its benefits. The Ka band is also less crowded than other frequency bands, which adds to its appeal in a variety of applications. The Ka band is expected to become even more significant with the upcoming global rollout of 5G networks, making it a major factor in the MMIC market's expansion.

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Wireless communication infrastructure application is expected to grow with the highest CAGR in MMIC market during the forecast period

Over the course of the projection period, the Monolithic Microwave IC (MMIC) market is expected to witness the highest Compound Annual Growth Rate (CAGR) in the wireless communication infrastructure category. MMICs are essential to meeting wireless communication networks' microwave backhaul requirements. Globally, the increased use of MMICs in wireless infrastructure is anticipated to be mostly driven by the rising demand for carrier frequencies, which are necessary to provide high-quality wireless communication services. The market scenario for MMICs is expected to observe significant expansion in the wireless communication infrastructure segment as need for reliable and efficient wireless networks grows.

North America to account for the second largest share MMIC market during the forecast period

During the projected period, Monolithic Microwave ICs (MMICs) see North America emerge as the second-largest market. Prominent industry participants in the area, such as Qorvo, Inc., MACOM Technology Solutions Holdings, Inc., and Skyworks Solutions, Inc., make substantial contributions to the MMIC market. Innovations such as pHEMT, E-pHEMT, and mHEMT are being rapidly integrated, which is driving consistent growth in the North American market. Furthermore, the area is at the forefront of private equity investments, which promotes growth and innovation in the MMIC sector. The thriving MMIC market in North America is mostly due to factors including the increasing use of smartphones, the impending deployment of 5G infrastructure, ongoing and planned space programmes, and the growth of the connected vehicle ecosystem.

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