The smartphone industry is expected to contribute significantly to the growth of the monolithic microwave IC market. The smartphone industry has witnessed immense growth over the years with strong technology advancements and developments in the electronics industry with companies rapidly developing new products. Rapid growth in the number of smartphone users has created the need for highly capable wireless communication technologies as well as faster data transfers; hence, telecommunication organizations are shifting toward the adoption of these devices, driving the growth of the market.
The country holds several leading smartphone companies including Huawei, Lenovo, and Xiaomi, adding to the need for wireless communication technologies in the country. South Korea has been among the early adopters of 5G technologies, fueling the growth of the monolithic microwave IC market.
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The space industry is integrating technologies, such as E-band, to improve the information transfer, creating the demand for higher bandwidths & frequencies and ensuing the market demand. E-band comprises radio frequencies, which are generally between 60 GHz to 90 GHz. This range of frequencies provides a highly improved wireless communication network. Multiple scanning beam antenna systems in satellites are being implemented with these devices for improving the functional capabilities as they offer a reduction in volume, power consumption, and cost. They can be used to achieve higher data rates and point-to-point communications, propelling the growth of the monolithic microwave IC market.
High costs associated with the requirements of robust design of devices can hamper the growth of the monolithic microwave IC market to some extent. The technologies required for the development of these devices are generally developed by major manufacturers and will take time for new entrants to develop and manufacture these products. The other factor is the need for high investments and sophisticated technology for building 5G network infrastructure, limiting many countries from adopting the technology.
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Asia Pacific is expected to be one of the key regions in the monolithic microwave IC market. The region has witnessed rapid growth in the consumer electronics industry, influencing the growth of wireless networks and infrastructures. China, South Korea, India, and Japan will be the key contributors for the growth of the market in the Asia Pacific region. China is one of the largest markets as well as manufacturers of electronics products particularly smartphones.
Monolithic Microwave IC Market by Component
- Power Amplifiers
Monolithic Microwave IC Market by Material Type
Monolithic Microwave IC Market by Application
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