Press release
Waveguide Market Size, Share, Trends Analysis And Forecasts (2024 - 2033)
Waveguide Market
According to The Business Research Company's, The waveguide market size has grown strongly in recent years. It will grow from $1.36 billion in 2023 to $1.46 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing demand for high-frequency applications, rise in defense expenditure, expansion of telecommunication networks, growth in aerospace industry, increasing use in medical applications.
The waveguide market size is expected to see strong growth in the next few years. It will grow to $1.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing use in autonomous vehicles, demand for high-bandwidth applications, rise in space exploration activities, rapid expansion of iot devices, 5g technology implementation. Major trends in the forecast period include integration with emerging technologies, advancements in materials and manufacturing, miniaturization and size reduction, increased frequency range and bandwidth, photonic integration.
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Market Drivers and Trends:
The increasing number of satellite launches is expected to propel the growth of the waveguide market going forward. A satellite is a self-contained communications equipment that can receive signals from the earth and retransmit them. Waveguides are the ideal medium for high frequency and high-power signal transmission in radar and aerospace defense applications during a satellite launch. From antenna feeds to testing facilities, waveguide routing includes a trade-off between perfect flange alignment and space constraints, with rigid waveguides being more space-efficient than alternative routing methods. Thus, these functionalities increase the demand for waveguides. For instance, in December 2022, according to an article by the United Nations Office for Outer Space Affairs, an office of the U.N., 8261 individual satellites were orbiting the earth, an increase of 11.84% compared to April 2021. Additionally, there are 6,542 satellites, of which 3,372 are active, and 3,170 are inactive, as of January 1, 2021. Therefore, the increasing number of satellite launches drives the waveguide market.
Technological innovation has emerged as a key trend gaining popularity in the waveguide market. Major companies operating in the waveguide market are focused on innovating new technologies to sustain their position in the market. For instance, in January 2023, Lumus, an Israel-based provider of augmented reality solutions, launched 2nd generation Z-Lens 2D waveguide architecture. Z-Lens allows for the development of AR glasses that are 50% smaller and lighter than glasses made with the Maximus architecture. Z-Lens can be integrated with prescription lenses, making it possible for people who wear glasses to use AR glasses without having to wear separate lenses. Lumus believes that the Z-Lens architecture is a breakthrough that enables the development of stylish and functional AR glasses that can be worn by everyday consumers.
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Major Key Players of the Market:
Penn Engineering Components Inc; Jupiter Microwave Components Inc; Quantic Electronics; Cobham Advanced Electronic Solutions; Ducommun Incorporated; Smith's Interconnect; DigiLens Inc; Global Invacom; Flann Microwave Ltd; SAS Industries Inc.; ARRA Inc.; Centric RF; DEEWAVE Electronics; Fairview Microwave; Pasternack Enterprises Inc; Precision millimeter wave; Sumitomo Electric Industries Ltd.; Prysmian SpA; Corning Incorporated; Synopsys Inc.; Fujikura Ltd.; FibreHome Telecommunication Co. Ltd.; Mouser Electronics Inc.; Yangtze Optical Fiber and Cable Co. Ltd.; America Fujikura Ltd.; Bizlink Technology Inc.; Sterlite Technologies Ltd.; Accelink Technologies Corporation; Himachal Futuristic Communications Ltd.; Eoptolink Technology Inc. Ltd.
Waveguide Market 2024 Key Insights:
• The waveguide market will grow to $1.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Surge In Satellite Launches Propels Growth In The Waveguide Market
• Innovative Breakthrough Paving The Way For Sleeker And Lighter Ar Glasses
• Asia-Pacific was the largest region in the waveguide market in 2023
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