Global Microwave Devices Market Report and Forecast 2024-2032

Global Microwave Devices Market Outlook

The global microwave devices market reached a value of USD 11.26 billion in 2023. The industry is further expected to grow at a CAGR of 5.3% in the forecast period of 2024-2032 to reach a value of USD 17.91 billion by 2032.

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North America and the Asia Pacific to be Significant Regional Markets for Microwave Devices

North America accounts for a considerable share in the overall market growth of microwave devices due to the rise in the implementation of the latest technologies such as broadband data links, surface radars, and well-established industrial infrastructure. In addition, North America is home to a well-developed medical infrastructure that utilises microwave devices for diagnosis and treatment purposes, thereby contributing to the market growth. In line with this, the spending on healthcare services in the area is continuously expanding, owing to the ageing population that requires and demands cost-effective medical facilities, thereby increasing the demand for microwave products such as imaging systems. Further, the market growth can be associated with the development of advanced technologies that facilitate the extensive use of microwave devices across end-use sectors.

Following North America, the Asia Pacific region is expected to significantly contribute towards the market growth of microwave devices. The market expansion in the region can be ascribed to an increase in space operations and increased defence spending. The Asia Pacific region represents one of the key markets of microwave devices catering to telecom network bands, 4G. The introduction of 5G cellular technology is further likely to bolster the market demand for microwave devices in the forecast period and boost the growth of the market. These are some of the factors expected to drive the growth of the microwave devices in the Asia Pacific region.

Microwave Devices Market Segmentation

Microwave devices are referred to devices that let users send and receive audio, video, and data over high-speed wireless links. These devices represent the basic components of microwave circuits that operate at frequencies ranging from 300 MHz to 300 GHz. They are employed in terrestrial point-to-point links, as well as satellite and deep-space radio communications. In addition, radars, radio navigation systems, sensor systems, and radio astronomy use them.

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On the basis of band frequency, the market is divided into:

• S-Band
• C-Band
• X-Band
• Ku-Band
• Ka-Band

Based on application, the market can be segmented into:

• Communication
• Medical
• Military and Defence
• Others

The EMR report looks into the regional markets for  microwave devices like  North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Enhanced Communication Services in the Defence Sector Augmenting the Market Growth

Microwave devices use microwave links to establish point-to-point communication that aids in delivering maximum information enabled with high security to the end-user. The increasing need to transfer confidential information leads to the growing adoption of these devices across the defence sector, thereby enhancing the growth of the market. The rising expenditure on defence by developed and emerging economies owing to the rising cases of international disputes, terrorism, and need to strengthen national security are factors propelling the growth of the market. Furthermore, the market growth can be associated with favourable physical properties of the product like high efficiency, high thermal tolerance, and ability to withstand extreme environment conditions.

Moreover, with the increasing focus on implementing connected technologies such as the Internet of Things (IoT), the market is predicted to further witness growth in the coming years owing to optimum performance. Apart from this, the rising prevalence of cancer is expected to boost the demand for microwave technology in the healthcare sector for applications in medical imaging to detect life-threatening diseases. Hence, these are some of the factors expected to augment the market growth of microwave devices across industry verticals during the forecast period.

Key Industry Players in the Global Microwave Devices Market

The report gives a detailed analysis of the following key players in the global microwave devices market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Cytec Corporation.
• Communications & Power Industries (CPI)
• Teledyne e2V
• Richardson Electronics, Ltd.
• TMD Technologies Ltd
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report