According to a report from Fortune Business Insights™, the global microwave devices market reached a valuation of USD 5.85 billion in 2021. It is anticipated to grow from USD 6.09 billion in 2022 to approximately USD 9.88 billion by 2029, with a projected compound annual growth rate (CAGR) of 7.15% during the forecast period. The increasing demand for medical instruments incorporating microwave devices is identified as the key driver behind this market expansion. Titled "Microwave Devices Market, 2022-2029," the report outlines the factors contributing to this growth trajectory.
List of Key Players Profiled in the Report:
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)
Cytec Corporation (U.S.)
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https://www.fortunebusinessinsights.com/microwave-devices-market-103542
Russia-Ukraine War Impact:
The Russia-Ukraine war crisis-affected the avionics and electronic industry globally. The closure of national borders affected the supply of essential electronic and semiconductor devices required by the aviation sector. Also, Ukraine is the largest provider of noble gas neon and semiconductor-grade neon tube. The war crisis affected the supply chain of these gases from Ukraine to other countries.
Segments:
Active Segment to Lead the Market Due to Rising Demand from Networking & Telecom Services
By type, the Microwave Devices Market is bifurcated into active and passive. The active segment is expected to hold a dominant share in the global market due to increasing demand for these devices in telecom and networking services.
Increasing Adoption of Ku-Band to Drive the Segment Growth
Based on frequency, the market is divided into Ku-Band, Ka-Band, S-Band, C-Band, X-Band, L-Band, and others. The Ku-Band segment leads the market share due to its rising space and defense application adoption during the forecast period.
Rising Demand for Telecommunication Services to Bolster Segmental Growth
On the basis of end-use industry, the market is segmented into telecommunication, space, defense, industrial, healthcare, and others. The increasing demand for telecommunication services is expected to fuel the segmental growth.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage: Microwave Devices Market
The report provides completely analyzed data regarding recent developments and trends in the market, including the impact of COVID-19 pandemic. Also, the ongoing Russia-Ukraine ware crisis is discussed further in this report. Drivers and restraints affecting the global market growth during the forecast period are highlighted further along with the regional insights on segmented market areas. A list of key market players is mentioned further in this report.
Drivers & Restraints: Microwave Devices Market
Increasing Demand for Improved Communication Services to Bolster Market Growth
The market is expected to witness rapid growth during the projected period due to increasing demand for 5G network services in various industries. Also, the rising demand for medical instruments equipped with microwave devices is expected to fuel the market growth in the coming years. Furthermore, the increasing need for enhanced communication services is anticipated to drive the global market.
However, the high risk of communication jamming may hamper the market growth in the coming years.
Regional Insights:
North America Dominates Global Market Share Due to Rising Adoption of Advanced Communication Services
North America dominated the global microwave devices market share in 2021. The regional market stood at USD 1.95 billion in 2021. This is attributed to the increasing adoption of advanced communication systems in aviation, defense, commercial, and industrial sectors.
Europe is expected to grow at a substantial CAGR during the forecast period due to increasing semiconductor production and its utilization in healthcare, automotive, and manufacturing industries in the U.K., Germany, and France.
Competitive Landscape:
New Product Launch Allow Companies to Propel Growth
The key players focus on implementing several strategies to improve their business performance. These strategies include forming strategic alliances, collaborations, and partnerships. Also, introducing new products and getting recognized for these launches allow key players to enhance their brand value globally.
Key Industry Development: Microwave Devices Market
May 2021: Samsung awarded Qorvo the Best Quality Award in the Mobile Communications Business Division. The award recognizes Qorvo's continuous quality improvement on projects for Samsung Galaxy 21 platform.