The global microwave devices market size is expected to showcase considerable growth by reaching USD 11.08 billion by 2028 while exhibiting a CAGR of 8.76% Fortune Business Insights published this information in its latest report, titled, “Microwave Devices Market, 2021-2028”. The report further mentions that the market stood at USD 5.20 billion in 2020 and is projected to experience exponential growth during the forecast period. This is attributable to the increasing demand for advanced communication services and the increasing focus on launching advanced communication satellites that will favor the adoption of microwave devices globally. For instance, on 26th March 2020, the U.S. Space Force announced the launch of Alliance Atlas 5 rocket carrying worth USD 1.20 billion military communication satellites.
COVID-19 Impact: Market to Exhibit Sluggish Growth with 1.4% CAGR in 2020
Major disruption in supply chain owing to reduced workforce and limited availability of raw materials is expected to affect the market growth amid COVID-19. Several companies have either postponed or cancelled space launches that are further affecting the market growth. Taking this into consideration, the market will exhibit slow growth of around 1.4% CAGR in 2020.
MARKET SEGMENTATION:
We have divided the market based on type, frequency, end-user, and region. Based on type, the market is segmented into active and passive. On the basis of frequency, the market is segregated into Ku-Band, Ka-Band, S-Band, C-Band, X-Band, L-Band, and others. Moreover, based on end-user, the market is categorized into telecommunication, space, defense, industrial, healthcare, and others.
- Based on end-user, the telecommunications segment is expected to showcase considerable growth backed by the growing demand for advanced communications satellites that will bode well for the adoption of microwave devices to offer point-to-point communication enhancing data security and reliability.
Lastly, based on region, the market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World.
What does the Report Include?
The market report provides in-depth analysis on key aspects such as optimization of manufacturing processes and RD capabilities. Additionally, the report provides details about the market trends and highlights key industry developments, regional analysis, and key company profiles using several research methodologies. Moreover, it enlists the factors that will contribute to the growth of the market between 2020 and 2027.
DRIVING FACTORS
Increasing Demand for Advanced Communication Systems to Propel Market Growth
In March 2020, the U.S. Space Force announced the launch of the AEHF -6 (USA-298) satellite to provide secured and advanced military services. The increasing need to provide advanced communication devices to ensure quick and secure delivery of information is expected to propel the demand for advanced microwave devices worldwide. In addition to this, the growing RD activities in medical imaging technology to provide accurate and quick detection of chronic diseases such as cancer, malignant tumor tissue, and others is expected to boost the global microwave devices market growth in the forthcoming years.
REGIONAL INSIGHTS
North America – The region stood at USD 2.48 billion in 2019 and is expected to hold the largest global microwave devices market share in terms of revenue in the forthcoming years. This is attributable to the presence of established players such as Qorvo Inc., L3Harris Technologies, Inc., and Teledyne Technologies Incorporated in the region.
Europe – The region is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as increasing focus on developing the healthcare industry in countries such as Germany, Sweden, and the U.K that is likely to boost the adoption of advanced microwave devices in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Key Players Focus on Joint Ventures to Amplify Their Market Positions
The global market for microwave devices is fragmented by the presence of key players that are striving to maintain their presence by focusing on joint ventures to develop advanced data transmission systems to cater to the growing demand from several industrial applications. Other key players are adopting strategies such as collaboration, partnership and facility expansion that will bode well for the growth of the market in the forthcoming years.
Industry Development:
- June 2020 –Richardson Electronics, Ltd. signed a new distribution agreement with Guangdong DaPu Telecom Technology Co., LTD. As per the agreement, the companies will develop high-quality products across various applications such as RF and microwave communications, industrial, radar, wired and wireless transmission, and test equipment.
List of the Companies Profiled in the Global Market:
- Analog Devices Inc. (The U.S.)
- Communications Power Industries LLC (CPI) (The U.S.)
- General Dynamics Corporation (The U.S.)
- Kratos Defense Security Solutions, Inc. (The U.S.)
- L3Harris Technologies, Inc. (The U.S.)
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