The overall monolithic microwave integrated circuit (MMIC) market is projected to grow from USD 7.7 billion in 2019 to USD 12.7 billion by 2024, at a CAGR of 10.6% between 2019 and 2024. The growth of this monolithic microwave IC market is being fueled by the amplified demand for MMICs from the flourishing smartphone industry; increasing adoption of E band to meet the growing bandwidth requirements of the space, defense, and wireless communication infrastructure sectors; and rising defense spending of countries, globally.

Asia Pacific is expected to be the largest MMIC market during the forecast period.

Asia Pacific was the major MMIC market in 2018. The key drivers for the growth of the MMIC market in Asia Pacific are the growing cellular infrastructure in the region and the increasing number of telecom equipment shipments in countries such as China and India. Japan has been a dominant player in the global semiconductor industry since the 1960s, while the strategy of China is to develop the highest-performance products at the lowest cost, which has helped it gain a large share of the Asia Pacific MMIC market. The increased production of electronic devices in the region due to the low manufacturing cost and availability of cheap labor is another driver for the growth of the MMIC market in Asia Pacific. Rising demand for smartphones, digital televisions, automobile electronics, and electro-medical devices in Asia Pacific is expected to contribute to the growth of the MMIC market in the region.

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Key players operating in the MMIC market include Analog Devices (US), NXP Semiconductor (Netherlands), MACOM (US), Qorvo (US), Skyworks Solutions (US), Broadcom (US), Infineon Technologies (Germany), Maxim Integrated (US), Mini-Circuits (US), OMMIC (France), WIN Semiconductors (Taiwan), United Monolithic Semiconductors (UMS) (France), Custom MMIC Design Services (US), Microarray Technologies (China), VectraWave (France), BeRex (South Korea), and Arralis (Ireland).

NXP Semiconductors (Netherlands) is a major player in the field of semiconductor solutions, owing to its wide geographic presence combined with its robust R&D capabilities. The company is growing due to the positive outlook for the automotive semiconductors, wearables, and the Internet of Things markets across the globe. NXP Semiconductors focuses on adopting organic growth strategies such as product launches to enhance its market position. For instance, it launched RF GaN wideband power transistors and expanded its Airfast third-generation Si-LDMOS portfolio of macro and outdoor small cell solutions for 5G in 2018.

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