Market Size of Microwave Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Microwave Devices Market Analysis
The Microwave Devices Market has registered a CAGR of 3.23% over the forecast period 2021 - 2026. According to the Satellite Industry Association, in 2018, the global satellite navigation equipment industry generated about USD 93.3 billion in revenue while in 2016, it was USD 84.6 billion. In response to increasing satellite navigation equipment industry, the microwave devices market will also increase.
- Moreover, in 2018, there was a total of 88 satellites launched, an increase from the 85 satellites launched in 2016. The increasing launch of satellites is promoting the use of microwave devices, such as frequency emitting towers and satellites, for sending and receiving data signals.
- For instance, in April 2018, the Sentinel-3B satellite, built by Thales Alenia Space for the European Space Agency (ESA), was successfully launched and orbited. This satellite is featured with SRAL (Synthetic-aperture Radar ALtimeter), and MWR (Microwave Radiometer), which provides measurements to determine the topography of oceans, sea ice and bodies of water on land. This would help to improve oceanographic and atmospheric forecasts.
- Further, growing customer base owing to increasing focus towards implementation of connected technology such as IoT is anticipated to boost the market growth in upcoming years as well. This growth is characterized by optimum performance, in terms of low signal loss and high-frequency range.
- However, high production cost, and research and development expenses to improve technology are few factors which is reatraing the market to grow during the forecast period.
Microwave Devices Industry Segmentation
Microwaves devicesare most widely used in satellite communications, radar signals, phones, and navigational applications. These devices are also used in cancer detection and ablation of tissue & cornea, due to their optimum surface penetration. The microwave devices industry is divided into regions such as North America, Europe, andAsia-Pacific. North America has shown major growth in recent years
| By Application | |
| Space & Communication | |
| Medical | |
| Defense | |
| Others (Commercial) |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Rest of the World |
Microwave Devices Market Size Summary
The microwave devices market is experiencing steady growth, driven by advancements in satellite navigation and space exploration. The increasing number of satellite launches and the focus on connected technologies like IoT are key factors propelling market expansion. Microwave devices, such as frequency emitting towers and satellites, play a crucial role in data signal transmission, supporting applications in oceanographic and atmospheric forecasting. However, the market faces challenges due to high production costs and the need for significant research and development investments to enhance technology. Despite these challenges, the evolution of space exploration, including NASA's ambitious plans for lunar and Martian missions, presents substantial opportunities for microwave devices, particularly in deep-space communication systems.
North America holds a significant share of the microwave devices market, supported by advanced industrial infrastructure and increased spending on healthcare services. The region's demand for microwave products, such as imaging systems, is rising due to an aging population. Additionally, military applications, like the Tactical High Power Microwave Operational Responder, are expected to boost market growth. The competitive landscape is characterized by the presence of global players such as L3 Technologies, Thales Group, and Teledyne Technologies, who are actively engaging in product launches, research and development, and strategic partnerships to maintain their market positions. Government investments in defense and space communication are anticipated to further intensify competition and drive market growth globally.
Microwave Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Introduction to Market Drivers and Restraints
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1.3 Market Drivers
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1.3.1 Increasing Demand for Secured Military Communication
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1.3.2 Rapid Commercialization of Microwave Devices in the Telecommunication Industry
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1.4 Market Restraints
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1.4.1 High Technological Cost of Microwave Devices
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1.5 Value Chain / Supply Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Force Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers/Consumers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Application
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2.1.1 Space & Communication
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2.1.2 Medical
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2.1.3 Defense
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2.1.4 Others (Commercial)
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Rest of the World
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Microwave Devices Market Size FAQs
What is the current Microwave Devices Market size?
The Microwave Devices Market is projected to register a CAGR of 3.23% during the forecast period (2024-2029)
Who are the key players in Microwave Devices Market?
L3 Technologies, Thales Group, Cytec Corporation and Richardson Electronics, Ltd are the major companies operating in the Microwave Devices Market.
