Global Microwave Devices market growth 2024, Forecast To 2033
6 Feb, 2024
The microwave devices market has exhibited strong growth, increasing from $7.06 billion in 2023 to $7.6 billion in 2024, demonstrating 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, and radar systems. The microwave devices market is expected to see strong growth in the next few years, reaching $10.36 billion in 2028, with a CAGR of 8.0%. The growth in the forecast period can be attributed to medical imaging, telecommunication infrastructure, consumer electronics, space exploration, scientific research, and energy harvesting. Major trends in the forecast period include biomedical applications, sustainable agriculture, smart grids, 5G technology, and quantum computing.
Global Microwave Devices Market Key Driver
The microwave devices market is experiencing significant growth due to the rising military and defense expenditure. Microwave devices play a crucial role in secure and reliable military operations, including signal processing and data security. According to the Stockholm International Peace Research Institute, global military spending increased by 3.7% in 2022, reaching $2240 billion in real terms. This increased focus and expenditure by the military and defense sector are driving the growth of the microwave devices market.
Get A Free Sample Of The Global Microwave Devices Market ReportGlobal Microwave Devices Market Segments
The global 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
By Geography: The regions covered in the Microwave Devices market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the microwave devices market in 2023. Asia-Pacificis 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.
Major Microwave Devices Industry Players
L3 Technologies Inc., 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
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Microwave Devices Market Overview
Microwave devices are devices that are capable of generating, modifying, amplifying, detecting, and measuring microwaves frequencies. Microwave devices include microwaves technology which is generally referred to as line-of-sight wireless communication technology uses high-frequency beams of radio waves for high-speed wireless connections.
Microwave Devices Global Market Report 2023 provides data on the global microwave devices market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The microwave devices market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.