Overview and Scope
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.
Sizing and Forecast
The microwave devices market size has grown strongly in recent years. It will grow from <b>$7.06 billion in 2023 to $7.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. </b> 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 <b>$10.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. </b> 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.
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Segmentation & Regional Insights
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
<b>North America</b> was the largest region in the microwave devices market in 2023. <b>Asia-Pacific</b> 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the microwave devices market include <b> 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 </b>
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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31. Global Microwave Devices Market Competitive Benchmarking
32. Global Microwave Devices Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Microwave Devices Market
34. Microwave Devices Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
L3 Technologies Inc
API Technologies Corp
Electron Energy Corporation
CableFree
Teledyne UK Limited
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