The global microwave devices market size is expected to gain momentum by reaching USD 9.00 billion by 2027 while exhibiting a CAGR of 5.45% between 2020 and 2027. This is attributable to the growing demand for enhanced communication services that propel the demand for advanced microwave devices for several defense purposes across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Microwave Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Active Microwave Devices and Passive Microwave Devices), By Frequency (Ku-Band, Ka-Band, S-Band, C-Band, X-Band, L-Band, and Others), By End-use Industry (Telecommunication, Space, Defense, Industrial, Healthcare, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 6.12 billion in 2019.
Postponed Space Launches to Reduce Product Demand amid COVID-19
The COVID-19 pandemic has led to the cancellation of several space missions owing to the reduced workforce and the lockdown announced by the government agencies globally. The postponement of several projects has further disrupted the supply chain of the space industry. Additionally, many companies are facing bankruptcy due to the stalled operations. However, active government efforts to focus on several space exploration programs is expected to contribute to the market growth in the forthcoming years.
Microwave devices are generally the building blocks of microwave circuits that operate across the frequency range of 300 MHz to 300 GHz. The microwave circuit is a combination of active and passive components, wherein the passive component constitutes about 75% of the circuit real estate area. The devices are extensively adopted across several industrial applications as they provide several benefits such as high rate of data transmission, low power consumption, and secured communication.
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List of the Companies Profiled In The Global Microwave Devices 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.)
- L3 Harris Technologies, Inc. (The U.S.)
- MACOM Technology Solutions Inc. (The U.S.)
- Microsemi Corporation (The U.S.)
- Microwave Technology, Inc. (The U.K.)
- Qorvo Inc. (The U.S.)
- Richardson Electronics, Ltd. (The U.S.)
- Teledyne Technologies Incorporated (The U.S.)
- Thales Group (France)
- TMD Technologies Ltd (The U.K.)
- Toshiba Corporation (Japan)
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth during the forecast period. Moreover, the research analyst has adopted several research methodologies such as Porter’s five forces analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
KEY DRIVING FACTORS
Increasing Demand for Enhanced Communication Services by Defense Sector to Aid Growth
Microwave devices use microwave links to establish a 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 defense sector. Furthermore, the increasing prevalence of cancer is expected to boost the demand for microwave technology extensively adopted for medical imaging to detect life-threatening disease across the healthcare industry globally. These factors are expected to contribute to the global microwave devices market growth in the forthcoming years.
Active Segment Held 59.45% Market Share in 2019
The active microwave devices segment, based on type, held a market share of about 59.45% in 2019 and is anticipated to gain momentum in the forthcoming years. This is ascribable to factors such as the growing development of these devices owing to its high demand for several industrial applications such as defense, space, and healthcare, among others.
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Presence of Key Companies in North America to Propel its Dominance
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global market in the forthcoming years. This is attributable to the presence of major companies such as Teledyne Technologies Incorporated, Analog Devices Inc., Qorvo Inc., and L3 Harris Technologies that are developing advanced microwave devices to cater to the growing demand from the healthcare and defense sector in the region between 2020 and 2027. The region stood at USD 2.48 billion in 2019.
Europe, on the other hand, is expected to hold the second position in the market backed by the increasing focus on developing healthcare services in countries such as the U.K., Sweden, Germany, and Denmark.
Product Launches by Key Players to Expand Their Product Portfolio & Boost Sales Revenue
The global microwave devices market is consolidated by the presence of key players that are striving to maintain their dominance by launching advanced devices to cater to the growing demand from industrial applications. Furthermore, the major companies are adopting strategies such as partnership, merger and acquisition, and facility expansion to maintain their presence that will bode well for the market growth during the forecast period.
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