Take a second to look around while sitting in traffic or waiting in line at the supermarket, and it immediately becomes apparent how much people like to yak on their cell phones. That, in turn, has led to oodles of investment opportunities in the sector -- from handset and equipment plays like Nokia (NYSE:NOK) to service providers like Verizon (NYSE:VZ), and everything in between. A smaller play that may not be so obvious is PowerwaveTechnologies (NASDAQ:PWAV), a supplier of all manner of communications infrastructure subsystems.

The third quarter was another period of solid growth for this company. Reported revenue climbed 57%, helped in part by an acquisition, and the company saw a little bit better diversity in that revenue. Margin comparisons are a bit confounded by acquisition expenses, but earnings growth was still very solid whether or not you back those items out.

The basic story with Powerwave is the ongoing growth in the wireless communications market. Not only are there new system build-outs (like for 3G service), but there are also ongoing efforts to expand capacity and/or upgrade existing equipment. What's more, Powerwave's client list is pretty much a who's-who of the wireless world. Nokia, Nortel (NYSE:NT), Ericsson (NASDAQ:ERICY), and many others all buy from Powerwave, as do operators like Cingular (co-owned by BellSouth and SBC (NYSE:SBC)) and Vodafone (NYSE:VOD).

Although presently getting most of its business from the U.S. and Western Europe, the potential for picking up business in places like India and China should be significant as well. So it would appear to be something of a win-win situation -- a profitable and growing base of business in developed counties with upside potential from emerging market growth, as well.

I shouldn't need to tell you that a small, fast-growing tech company that relies upon sales to bigger suppliers has an above-average element of risk to it. Heck, a quick look at the short interest would support the notion, as almost 10% of the shares are sold short. Nevertheless, more aggressive investors who are willing to do some due diligence might find an interesting opportunity here in this still relatively unknown tech name.

Dial in for more wireless takes:

SBC is a Motley Fool Stock Advisor recommendation. Vodafone is a Motley Fool Inside Value pick. For a 30-day free trial subscription, click here and here, respectively.

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).