The Microwave Devices Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Microwave Devices Global Market Report 2024, The microwave devices market size has grown strongly in recent years. It will grow from $7.06 billion in 2023 to $7.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to military applications, satellite communications, wireless networks, microwave ovens, radar systems.
The microwave devices market size is expected to see strong growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to medical imaging, telecommunication infrastructure, consumer electronics, space exploration, scientific research, energy harvesting. Major trends in the forecast period include biomedical applications, sustainable agriculture, smart grids, 5g technology, quantum computing.
The rising military and defense expenditure is significantly contributing to the growth of the microwave devices market. The military and defense are the armed forces that are mainly responsible for defending and securing a country. The microwave devices have greater importance in performing secure and reliable operations such as intensive signal processing, data security, and proficient information transmission in critical environments. The increasing focus and expenditure by the military and defense on adopting advanced devices will propel the growth of microwave devices. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based international institute, world military spending increased by 3.7% in 2022, reaching $2240 billion in real terms. Therefore, the rising military and defense expenditure is driving the growth of the microwave devices market.
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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, Defence, Commercial, Other End-Users
Product innovations are the key trends shaping the microwave devices market. The market players are developing advanced products with innovations for their market growth strategy. For instance, in September 2021, NEC India, an IT service provider company launched iPASOLINK EX Advanced Dual, a wireless microwave radio system that supports 70-80 GHz E-band communications. It is an integrated and ultra-compact microwave radio system that works on advanced LTE and 5G services.
The microwave devices market report table of contents includes:
1. Executive Summary
2. Microwave Devices Market Characteristics
3. Microwave Devices Market Trends And Strategies
4. Microwave Devices Market – Macro Economic Scenario
5. Global Microwave Devices Market Size and Growth
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26. South America Microwave Devices Market
27. Brazil Microwave Devices Market
28. Middle East Microwave Devices Market
29. Africa Microwave Devices Market
30. Microwave Devices Market Competitive Landscape And Company Profiles
Top Major Players:
- L3 Technologies Inc
- API Technologies Corp
- Thales Group
- Electron Energy Corporation
- CableFree
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