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Microwave Devices Market Trends, Top Companies, Share, Growth And Forecast 2033
Microwave Devices Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the microwave devices industry. This report on microwave devices market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The microwave devices market size has grown strongly in recent years. It will grow from $7.06 billion in 2023 to $7.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to military applications, satellite communications, wireless networks, microwave ovens, radar systems.
The microwave devices market size is expected to see strong growth in the next few years. It will grow to $10.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to medical imaging, telecommunication infrastructure, consumer electronics, space exploration, scientific research, energy harvesting. Major trends in the forecast period include biomedical applications, sustainable agriculture, smart grids, 5g technology, quantum computing.
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Key Market Players:
L3 Technologies Inc., API Technologies Corp., Thales Group, Electron Energy Corporation, CableFree, Teledyne UK Limited, Toshiba Corporation, CPI International Inc., Cytec Corporation, TMD Technologies Ltd., Richardson Electronics Ltd., Microsemi Corporation, Qorvo Inc., Texas Instruments Inc., Communications & Power Industries LLC, NXP Semiconductors N.V., MACOM Technology Solutions Inc., Analog Devices Inc., Fujitsu Limited, Hitachi Ltd., Infineon Technologies AG, Kyocera Corporation, LG Electronics Inc., Mitsubishi Electric Corporation, Murata Manufacturing Co. Ltd., NEC Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Sharp Corporation, Skyworks Solutions Inc., Sony Corporation
Market Drivers:
According to the Microwave Devices Market Report 2024 by The Business Research Company, the key factors driving the growth of the microwave devices market, includes the rising military and defense expenditure is significantly contributing to the growth of the microwave devices market. The military and defense are the armed forces that are mainly responsible for defending and securing a country. The microwave devices have greater importance in performing secure and reliable operations such as intensive signal processing, data security, and proficient information transmission in critical environments. The increasing focus and expenditure by the military and defense on adopting advanced devices will propel the growth of microwave devices. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based international institute, world military spending increased by 3.7% in 2022, reaching $2240 billion in real terms. Therefore, the rising military and defense expenditure is driving the growth of the microwave devices market.
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Market segments for microwave devices include:
1) By Type: Active, Passive
2) By Frequency: Ku Band, Ka Band, S Band, C Band, X Band, L Band
3) By End User: Space And Communication, Defense, Commercial, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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