Northbrook, IL 60062 -- (SBWIRE) -- 06/03/2022 -- The global Monolithic Microwave IC Market was valued at USD 8.5 billion in 2021 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.
Based on component, the MMIC market includes Power Amplifiers, Low-noise Amplifiers, Attenuators, Switches, Phase Shifters, Mixers, Voltage-controlled Oscillators, and Frequency Multipliers. Power amplifiers hold the largest market share and are expected to retain their position during the forecast period. The growth of this segment can be attributed to the increased use of power amplifiers in defense, automotive, smartphones, and wireless communication applications. Moreover, the continuously growing demand for high data transfer rates in communication systems has led to an increased demand for power amplifiers.
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Based on Application, the MMIC market has been segmented into consumer/enterprise electronics, wireless communication infrastructure, automotive, aerospace and defense, community antenna television (CATV) and wired broadband, test and measurement, and others. The consumer/enterprise electronics segment holds the largest market share and is expected to retain its position during the forecast period. With the upcoming 5G technology, the data transfer rate is expected to increase further, thereby leading to an increased demand for MMICs used in smartphone technologies. Moreover, the growing use of smartphones and increasing demand for fast transfer data rates are expected to contribute to the growth of the market for the consumer/enterprise electronics segment during the forecast period.
The MMIC market in Asia Pacific region holds the largest market share and growing with the highest CAGR during the forecast period owing to the increasing adoption rate of smartphones, a significant shift toward high-speed mobile technologies such as 3G to 4G and 4G to 5G, and rise in the military expenditure of countries such as China, India, Japan, and South Korea.