With 5.1% CAGR, Microwave Devices Market Growth to Surpass USD 9.0 billion

The microwave devices market was valued at USD 6.7 billion in 2021 and is projected to reach USD 9.0 billion by 2027; it is expected to grow at a CAGR of 5.1% from 2021 to 2027. The growth of the microwave devices market is driven by rising military & defense expenditure, growing need for secure and fast communications, and rising demand for microwave devices in patient monitoring. The rising penetration of 5G and IoT infrastructure is expected to attract lucrative opportunities for the microwave devices market.

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The active devices segment of microwave devices market is expected to hold the biggest market share during the forecast period. The high usage of active microwave devices in various defense and space electronics has led to the segment's growth. Active devices are widely used for detecting, mixing, amplifying, filtering, and switching microwave signals in standalone equipment. The active devices segment based on type has been bifurcated into solid-state and vacuum electron microwave devices. The microwave devices have evolved from the deployment of tubes to now solid-state components. The solid-state microwave devices feature long life, wider bandwidths, lower production costs, improved air cooling, operate at low voltages, and enable easy control of transmitted wave form's amplitude.

The Ku-band captured the largest revenue share of the overall market in 2020. The rising penetration of the internet and the growing need for high-speed connectivity are expected to propel the segment's growth during the forecast period. High usage of Ku-band in high data rate-demanding verticals such as telecommunications, enterprise & broadband, manufacturing, and media & broadcast is expected to drive the growth of the microwave devices market.

The space & communication segment of microwave devices market is expected to grow at the highest CAGR during the forecast period. Satellites utilize microwave frequencies for transmitting and receiving signals. Furthermore, microwave devices operating at higher frequencies facilitate the transmission of a large volume of data in less time. The growing prominence of real-time video and audio streaming services has led to an increase in the use of microwave devices. Additionally, the emergence of 5G for cellular communication is also expected to fuel the demand for microwave equipment during the forecast period.

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North America region is expected to hold the biggest market share for the microwave devices market during the forecast period. On account of the rapid deployment of microwave devices in their warfare equipment, the US and North American microwave devices market is expected to foresee immense opportunities over the forecast period.

News also Covered: https://www.prnewswire.com/news-releases/microwave-devices-market-worth-9-0-billion-by-2027--exclusive-report-by-marketsandmarkets-301445137.html

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This release was published on openPR.