According to a research report "Monolithic Microwave IC 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 Geography - Global Forecast to 2027" published by MarketsandMarkets, the global MMIC market was valued at USD 9.7 billion in 2022 and is projected to reach USD 17.0 billion by 2027, growing at a CAGR of 11.9% during the forecast period from 2022 to 2027. The key factors driving the growth of the MMIC market include increased demand for MMICs from the smartphone industry, the adoption of E band to meet the growing bandwidth requirements of cellular and wireless networks, increased defense spending of countries for the upgrade of their defense inventories, and the growing adoption of next-generation warfare techniques.

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

The Ka band segment is expected to hold the largest market share and highest growth rate during the forecast period. The Ka band has become the band of choice for several satellite operators due to its low bandwidth cost and wide applicability in broadband services. It is highly efficient, has low bandwidth cost, provides high download and upload speeds, and is less congested as compared to other bands. Moreover, the deployment of 5G across the world is expected to take place in the Ka band, thereby fueling the growth of this segment.

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

The wireless communication infrastructure segment is expected to witness the highest CAGR during the forecast period. MMICs cater to the requirement for microwave backhauls. The rise in demand for carrier frequencies to provide high-quality wireless communication is expected to contribute to the increased demand for wireless infrastructure across the world.

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

North America is the second-largest market during the forecast period. Major players in the MMIC market such as Qorvo, Inc., MACOM Technology Solutions Holdings, Inc., and Skyworks Solutions, Inc. are based in the North American region. The rapid adoption of new technologies such as pHEMT, E-pHEMT, and mHEMT along with the presence of major MMIC companies have resulted in the steady growth of the market in this region. Moreover, the North American region is also leading in terms of private equity investments. The increasing adoption of smartphones, upcoming 5G infrastructure, ongoing and future space programs, and growing connected vehicle ecosystem are other factors contributing to the growth of the MMIC market in North America.

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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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