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According to a new report by EMR titled, ‘Global Microwave Devices Market Report and Forecast 2022-2027’, the global microwave devices market reached a value of USD 10.16 billion in 2021. The industry is further expected to grow at a CAGR of 5.29% in the forecast period of 2022-2027 to reach a value of USD 13.84 billion by 2027.
An increase in demand for microwave technology has surged in recent years due to the ability of technology to transmit through huge bandwidth without the requirement of cable. Microwave devices are faster and reliable and can carry bulk information to long distances, which are the other factors contributing to the growth of the microwave device market. There is a rise in demand for microwave devices, for instance, in remote sensing, tracking, and other applications in the satellite industry and the huge demand from residential and healthcare segments, thereby facilitating the growth of the microwave device market. As the necessity to communicate sensitive information grows, these devices are becoming more widely used in the defence sector. Furthermore, the rising prevalence of cancer is predicted to increase demand for microwave technology, which is widely used in medical imaging to diagnose life-threatening disorders worldwide. These factors are projected to contribute to the global microwave devices market's growth in the coming years. Also, the Gallium Nitride devices and Silicon Carbide devices are adopted widely by amplifier technology. Due to high efficiency, high thermal tolerance, and high sustainability in critical environmental conditions is expected to upsurge the global microwave devices industry.
Huge expenditure by the governments on the defence, space communication sector is expected to open new opportunities for microwave devices globally, which will increase competition among players. For example, in August 2019, Communications & Power Industries LLC (CPI) has entered into an agreement to purchase SATCOM Technologies, the antenna systems business of General Dynamics Mission Systems, Inc., a business unit of General Dynamics. This business would complement CPI's existing portfolio of communications products for government, military, and commercial applications.
Market Analysis by Band Frequency, Application, and Regions:
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The major players in the global microwave devices industry are Cytec Corporation, Communications & Power Industries (CPI), Teledyne e2V, Richardson Electronics, Ltd., and TMD Technologies Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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