Global Monolithic Microwave IC Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

A monolithic microwave integrated circuit (MMIC) refers to a type of integrated circuit device that operates at microwave frequencies ranging from 300 MHz to 300 GHz. MMIC is used for microwave mixing, low-noise amplification, and high-frequency switching.

Sizing and Forecast
The monolithic microwave ic market size has grown rapidly in recent years. It will grow from $9.91 billion in 2023 to $11.16 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%.  The  growth in the historic period can be attributed to wireless communication evolution, satellite communication, rising demand for broadband services, defense and aerospace applications, medical imaging application.

The monolithic microwave ic market size is expected to see rapid growth in the next few years. It will grow to $17.19 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.  The growth in the forecast period can be attributed to increased bandwidth requirements, environmental sensing and weather monitoring, energy efficiency solutions, iot connectivity, smart cities initiatives, industrial automation, rapid urbanization. Major trends in the forecast period include eco-friendly manufacturing, integration with ai , technological advancements in silicon photonics, integration with machine learning, advanced packaging technologies.

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Segmentation & Regional Insights
The monolithic microwave ic market covered in this report is segmented –
1) By Component: Power Amplifiers, Low-noise Amplifiers, Attenuators, Switches, Phase Shifters, Mixers, Voltage-controlled Oscillators, Frequency Multipliers
2) By Type of Material: Gallium Arsenide, Indium Phosphide, Indium Gallium Phosphide, Silicon Germanium, Gallium Nitride
3) By Frequency Band: W Band, V Band, L Band, Ka Band, S Band, K Band, C Band, Ku Band, X Band
4) By Technology: Metal-Semiconductor Field-Effect Transistor, High Electron Mobility Transistor, Pseudomorphic High Electron Mobility Transistor, Enhancement-Mode Pseudomorphic High Electron Mobility Transistor, Metamorphic High Electron Mobility Transistor, Heterojunction Bipolar Transistor, Metal-Oxide Semiconductor
5) By Application: Consumer Or Enterprise Electronics, Wireless Communication Infrastructure, Automotive, Aerospace And Defense, CATV And Wired Broadband, Test And Measurement, Other Applications

Asia-Pacific was the largest region in the monolithic microwave IC market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the monolithic microwave ic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East,  Africa.

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Major Driver Impacting Market Growth
Increased defense spending is expected to propel the growth of the monolithic microwave IC market going forward. Defense spending refers to the amount of money a government spends on military and defense-related expenses. Increased defense spending helps to develop advanced monolithic microwave integrated circuits that play a significant role in defense applications. MMICs are used for advanced RF and microwave applications like radar, munitions guidance, and electronic warfare (EW). For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Sweden-based independent resource on global security, world military spending continued to grow in 2021, reaching an all-time high of $2.1 trillion. Total global military expenditure increased by 0.7% in real terms in 2021 to reach $2,113 billion. Therefore, increased defense spending is driving the growth of the monolithic microwave IC market.

Key Industry Players
Major companies operating in the monolithic microwave ic market report are Renesas Electronics Corporation, Mitsubishi Electric Corporation, Broadcom Inc., Texas Instruments Incorporated, Infineon Technologies AG, NXP Semiconductors N.V., Analog Devices Inc., Northrop Grumman Corporation, Microchip Technology Inc., Skyworks Solutions Inc., Teledyne Technologies Incorporated, Qorvo Inc., VectraWave, Wolfspeed Inc., MACOM Technology Solutions Holdings Inc., WIN Semiconductors Corp., RFHIC Corporation, Mini-Circuits, Arralis Ltd., United Monolithic Semiconductors GmbH, Astra Microwave Products Limited, Advantech Wireless Technologies Inc., STMicroelectronics N.V., ASB Inc., Marki Microwave Inc., AMCOM Communications, Silicon Radar GmbH, Aelius Semiconductors Pte Ltd, E-Band Communications LLC, Guerrilla RF Inc.

The monolithic microwave ic market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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