What Has Been the Growth Trajectory of the Microwave Devices Market?
The microwave devices market has seen considerable growth due to a variety of factors.
• Over recent years, the market size for microwave devices has seen substantial growth. It's predicted to expand from a value of $7.47 billion in 2024, up to $7.99 billion by 2025, with a compound annual growth rate (CAGR) of 6.8%.
The notable growth during the historical period is credited to various factors such as military applications, satellite communications, wireless networks, microwave ovens and radar systems.
What Does the Future Hold for the Microwave Devices Market?
The microwave devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for microwave devices is anticipated to experience robust expansion in the coming years, with projections indicating a leap to $10.97 billion by 2029, boasting a compound annual growth rate (CAGR) of 8.3%.
This surge during the forecasted period is linked with several sectors such as medical imaging, telecommunication infrastructure, consumer electronics, space exploration, scientific research, and energy harvesting. In the same forecast period, key market trends are expected such as the use of microwave devices in biomedical applications, sustainable agriculture, smart grids, 5G technology, and quantum computing.
What Are The Leading Drivers Of Growth In The Microwave Devices Market?
The escalating expenditure in military and defense is significantly fueling the expansion of the microwave devices market. As the key resources responsible for a country's defense and security, the military and defense departments recognize the vital role of microwave devices in executing secure and reliable operations like intense signal processing, data security, and effective information transmission in high-risk scenarios. The heightened focus and investment by these sectors in sophisticated devices are accelerating the growth of the microwave devices market. For instance, the Stockholm International Peace Research Institute, a Sweden-based global organization, stated in April 2023 that global military spending surged by 3.7% in 2022, hitting $2240 billion in actual terms. Consequently, the increasing expenditure of military and defense sectors is propelling the expansion of the microwave devices market.
How Are The Segments Defined Within The Global Microwave Devices Market?
The microwave devices market covered in this report is segmented –
1) By Type: Active, Passive
2) By Frequency: Ku Band, Ka Band, S Band, C Band, X Band, L Band
3) By End User: Space And Communication, Defense, Commercial, Other End-Users
Subsegments:
1) By Active: Microwave Amplifiers, Microwave Oscillators, Microwave Transmitters, Microwave Generators
2) By Passive: Microwave Filters, Microwave Couplers, Microwave Antennas, Microwave Isolators, Waveguides
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How Are New Trends Expected To Influence The Growth Of The Microwave Devices Market?
The microwave devices market is being primarily molded by product innovations. To strategize their growth in the market, the players are introducing advanced and innovative products. For instance, in March 2023, Huawei, a company focusing on technology based in China, introduced MAGICSwave. This product is made for standard microwave applications, including urban high-capacity and suburban ultra-long-reach transmission. It integrates cutting-edge technologies like all-band new 2T, true wideband, ultra-long-reach transmission, and a highly integrated unified platform. This allows operators to construct cost-effective 5G transport networks.
Who Are the Key Players in the Microwave Devices Market?
Major companies operating in the microwave devices market include:
• API Technologies Corp.
• Thales Group
• Electron Energy Corporation
• CableFree
• Teledyne UK Limited
• Toshiba Corporation
• CPI International Inc.
• Cytec Corporation
• TMD Technologies Ltd.
• Richardson Electronics Ltd.
• Microsemi Corporation
• Qorvo Inc.
• Texas Instruments Inc.
• Communications & Power Industries LLC
• NXP Semiconductors N.V.
• MACOM Technology Solutions Inc.
• Analog Devices Inc.
• Fujitsu Limited
• Hitachi Ltd.
• Infineon Technologies AG
• Kyocera Corporation
• LG Electronics Inc.
• Mitsubishi Electric Corporation
• Murata Manufacturing Co. Ltd.
• NEC Corporation
• Panasonic Corporation
• Samsung Electronics Co. Ltd.
• Sharp Corporation
• Skyworks Solutions Inc.
• Sony Corporation
What Is The Most Dominant Region In The Microwave Devices Market?
North America was the largest region in the microwave devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microwave devices market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
