Microwave Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Microwave Devices Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Microwave Devices Market

The microwave devices market size was valued at USD 5.85 billion in 2021, and the market is now projected to grow from USD 6.09 billion in 2022 to USD 9.88 billion by 2029, exhibiting a CAGR of 7.15% during the forecast period of 2022-2029.

The COVID-19 pandemic impacted the delivery chains in several ways, including satellite TV for PC and area missions. Some major players in the microwave devices market growth experienced a downfall in demand throughout 2020, particularly in the space segment. Nonetheless, recovery was observed in 2021 with increased demand for microwave solutions which finds application in satellite communication, navigation systems and homeland security. Due to this expanded demand, the market rapidly grows in the following years. The market has refreshed and is recovering through increasing application of this substance in different fields.

The advancement in the healthcare industry has created the need for medical instruments merged with microwave technology which is famous for its accuracy of test results. Microwave tomography has proved to be very useful in detecting cancer and microwave ablation is very effective in treating cancer, especially in the liver and lung. Cancer is also one of the deadliest diseases and proved fatal in 9.6 million people in the year 2020 thus making the detection systems paramount. Rising patient traffic proves that solutions such as early diagnostics and treatment of tumours are essential. This trend alone will probably considerably enhance the proportional representation of microwave devices market share in the medical industry.

Also, the demand for innovative 5G network services fueled market growth, and 5G helped to create new applications and improve communication devices. Microwave technologies especially E-Band remain relevant as a wireless backhaul for 5G support for enabling connectivity for self-driving cars and industrial IoT sensors. Its ability to be cost-efficient in implementation is of the essence in developing the 5G network in developing nations. As the subscribers to 5G reached 580 million at the end of 2021, the demand for high-speed data is still growing. As such, telecom operators are purchasing more modern microwave technologies for extending 5G coverage in populated and unpopulated places globally.

Comprehensive Analysis of Microwave Devices Market

The microwave devices market and aerospace & defence industry are rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the aerospace & defence industry. These segmentations are methodically segregated by types, by frequencies and by end-use industry. The type includes, Active and Passive. The frequency includes, Ku-Band, Ka-Band, S-Band, C-Band, X-Band, L-Band, and Others. The end-use industry includes, Telecommunication, Space, Defense, Industrial, Healthcare and Others.

North America dominated the microwave gadgets market percentage in 2021. The marketplace stood at USD 1.95 billion in 2021. This growth of integrated communication technologies in the defence, aviation, industrial and commercial structures will also be a major factor for the North American market. Also, the relatively high defence budgets and the availability of several key players in the U.S. are stimulating the microwave devices market growth.

The top players in the market play a crucial role in the aerospace & defence industry assuring industrial prospectus growth and setting market standards. These players include, Analog Devices Inc. (U.S.), Communications & Power Industries LLC (U.S.), General Dynamics Corporation (U.S.), Kratos Defense & Security Solutions, Inc. (U.S.), L3Harris Technologies, Inc. (U.S.), MACOM Technology Solutions Inc. (U.S.), Microsemi Corporation (U.S.), Microwave Technology, Inc. (U.K.), Qorvo Inc. (U.S.), Richardson Electronics, Ltd. (U.S.), Teledyne Technologies Incorporated (U.S.), Thales Group (France), TMD Technologies Ltd (U.K.), Toshiba Corporation (Japan) and Cytec Corporation (U.S.). These market players provide a level-playing competitive landscape.

In April 2022, MACOM Technology Solutions Inc. (MACOM) declared that it was awarded a contract by the U.S. Department of Defense (DoD) to develop a high-power transmitter.

Segmentation Table

Global Microwave Devices Market Scope

Study Period 2018-2029

Base Year 2021

Forecast Period 2022-2029

Growth Rate CAGR of 7.15% from 2022 to 2029

Historical Period 2018-2020

Unit Value (USD Billion)

Segmentation By Type, Frequency, End-use Industry, and Geography

By Type Active

Passive

By Frequency Ku-Band

Ka-Band

S-Band

C-band

X-band

L-Band

Others

By End-use Industry Telecommunication

Space

Defense

Industrial

Healthcare

Others

By Geography North America (By Type, Frequency, End-use Industry, and Country)

U.S. (By Type)

Canada (By Type)

Europe (By Type, Frequency, End-use Industry, and Country)

U.K. (By Type)

Germany (By Type)

France (By Type)

Russia (By Type)

Norway (By Type)

Sweden (By Type)

Finland (By Type)

Rest of Europe (By Type)

Asia Pacific (By Type, Frequency, End-use Industry, and Country)

China (By Type)

India (By Type)

Japan (By Type)

South Korea (By Type)

Rest of Asia Pacific (By Type)

Rest of the World (By Type, Frequency, End-use Industry, and Sub-Region)

Latin America (By Type)

Middle East & Africa (By Type)


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