Global $22.64 Bn Monolithic Microwave IC Industry Outlook to 2030: 5G Technology and Smartphone Usage Driving Growth
DUBLIN, Sept. 6, 2023 /PRNewswire/ -- The "Monolithic Microwave IC Market Outlook by Component, Material, Technology, Frequency Band, Application - Global Industry Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global monolithic microwave IC market witnessed a valuation of USD 9,541.3 million in 2022, with a projected growth rate of over 11.4%.
Anticipated to surge to USD 22,649.1 million by 2030, this growth can be attributed to various factors including the widespread adoption of 5G technology, increased smartphone usage, enhanced bandwidth requirements, technological advancements in defense systems, and the expansion of space missions and programs.
5G Technology and Smartphone Usage Driving Growth
The significant growth of the monolithic microwave IC market is largely credited to the widespread deployment of 5G technology and the subsequent surge in smartphone usage. The increasing demand for faster and more reliable bandwidths, as well as the technological improvements in defense equipment, have collectively contributed to this upward trajectory.
Rising Demand for Smartphones
The market's growth is further accelerated by the rising per-capita income, affordability of smartphones, and rapid advancements in telecommunications. These factors are driving the increasing demand for smartphones as they fulfill various needs for individuals with steady internet connectivity. Activities such as online shopping, voice searches, bill payments, social media engagement, and reading product reviews are facilitated by smartphones.
Growing Interest in Space Programs
Multiple countries, including the United States, China, India, Japan, and EU members, are actively engaged in space operations fueled by both governmental and private investments. Lucrative business opportunities, cost reductions in space components due to technological advancements, and innovations in communication methods are attracting private enterprises to participate in space programs.
Advancements in Wireless Communication Systems
Governments worldwide are investing significantly to ensure access to cutting-edge tools and technologies for national security advancement. Wireless communication systems are increasingly relying on monolithic microwave ICs (MMICs) to support advanced frequencies and bandwidths, enabling faster communication with lightweight, low-power equipment.
Projected Growth in Power Amplifiers and 5G Networks
In the near future, the power amplifiers category is poised to experience a Compound Annual Growth Rate (CAGR) of 16%. These amplifiers play a crucial role in efficient signal transmission for wireless communications and are extensively used in military applications due to their reliability and support for high frequencies. Furthermore, the imminent deployment of 5G networks is expected to drive demand for power amplifiers in smartphones.
APAC Region Dominating Market Growth
The Asia-Pacific (APAC) region is projected to exhibit substantial growth, with a forecasted CAGR of 15% and the largest market share. The region's rapid urbanization, high adoption rate of new-age technologies, and densely populated nations are key drivers behind this growth.
Ka-band ICs Poised for Expansion
Over the coming years, the Ka-band IC category is expected to grow at a CAGR of 14%. These ICs are instrumental in satellite communications and the development of network technologies, notably 5G. Their advantage of providing better bandwidth is likely to accelerate their adoption in the foreseeable future.
Global Market Overview
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SOURCE Research and Markets