Monolithic Microwave Integrated Circuits Market is growing at a CAGR of 11%
Monolithic microwave integrated circuits market is set to witness steady growth during 2021-2031. One of the major growth drivers for the monolithic microwave integrated circuits happen to be its lower prices, smaller size, batch processing, reproducibility, and compact size, as compared to those of silicon integrated circuits.
Additionally, the market for monolithic microwave integrated circuits is mounting due to rise in adoption of monolithic microwave integrated circuits by the smartphone manufacturing industry.
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What is Driving Demand for Monolithic Microwave Integrated Circuits?
Growing demand for signal processing applications is primarily deriving the growth of monolithic microwave integrated circuits across the globe. The monolithic microwave integrated circuits are increasingly being used in aerospace applications owing to its better design flexibility, low power components, and low overall cost at quantity.
Furthermore, increasing emergence of advanced technologies such as 5G and rise in demand for fast data transfer rates is driving the smartphones market, which is eventually driving the growth of monolithic microwave integrated circuits across the globe.
Moreover, rapid growth in the smartphone industry coupled with rise in demand for bandwidth has in turn increased demand for monolithic microwave integrated circuits. Additionally, increase in need for wireless communication is further expected to drive the demand for monolithic microwave integrated circuits.
However, higher cost of monolithic microwave integrated circuits is anticipated to cause hindrance in the growth of monolithic microwave integrated circuits market.
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Attenuators is expected to hold the largest share of the Monolithic Microwave Integrated Circuits Market by Component
On the basis of component, the sensor market has been bifurcated in to power amplifiers, low noise amplifiers, switches, attenuators, mixers, phase shifters, voltage-controlled oscillators, and frequency multipliers. Out of which attenuators are expected to grow at the highest rate over the forecast period.
Attenuators are used commonly in electronic and telecommunication warfare applications to adjust the variations in signal levels in operating temperature. Attenuators are primarily used in applications that possess the need of an adequate amount of adjustable attenuation and fast attenuation control from direct current to millimeter frequencies.
US and Canada Monolithic Microwave Integrated Circuits Demand Outlook
U.S. happens to be one of the largest markets for monolithic microwave integrated circuits across the globe. The growth in U.S. is attributed to the presence of established players such as NXP Semiconductor, Analog Devices, and Infineon Technologies among others in the region.
Moreover, US happens to be the major countries driving the demand for monolithic microwave integrated circuits, owing to increasing adoption of advanced technologies such as 5G and other wireless technologies.
Increasing utilization of mobile services, including social media, video, and internet business, happens to be another major factor driving the growth for monolithic microwave integrated circuits in the region.
Europe Demand Outlook for Monolithic Microwave Integrated Circuits
The market in Europe region is largely influenced by the rising demand for applications of monolithic microwave integrated circuits. Monolithic microwave integrated circuits are widely used in applications ranging from optical communications components to mobile phones and home satellite receivers.
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The advantages of monolithic microwave integrated circuits include highly accurate internal component placement, fast signal propagation, low overall cost for large quantities, and high-reliability wire-bonding among others.
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