The United States has three distinct market segments for point-to-point microwave radio links: common carriers such as Bell, private companies such as railroad, pipeline and utilities, and federal organizations such as the FAA and DOE, The authors outline the characteristics of each of these three markets and describe the impact of the changing regulatory environment upon them. Trends are explored, including growth in the private market, changing capacity requirements, link reliability and maintenance. SONET compatibility issues are discussed.