The global microwave devices market size is expected to reach USD 11.28 billion by 2030 according to a new study by Polaris Market Research. The report “Microwave Devices Market Share, Size, Trends, Industry Analysis Report, By End-Use (Space & Communication, Military & Defense, Healthcare, Others); By Product; By Frequency; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The key factors driving the market's growth include the adoption of the technology across various verticals, such as rising military & defense expenditure and others. Due to growing tensions between two or more countries, such as the oil price war between Saudi Arabia and Russia and the drawdown of US military forces in Afghanistan, the global political environment is likely to remain unpredictable for a long time.
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Regulatory agencies in many nations are requesting increased resources from their respective governments to address this issue. Although defense spending worldwide decreased during the COVID-19 pandemic because governments focused on containing the virus's spread and providing emergency aid, they may see a significant increase after 2021. In the current unstable political context, the market for such devices is quickly rising as the global military sector focuses on building state-of-the-art warfare infrastructure for defensive aims.
Moreover, high precision systems are critical for data security, intensive signal processing, and effective information transmission in the military. Defense forces may be able to undertake secure and reliable operations in critical areas by automating crucial equipment. These are built into defense equipment, including planes, missiles, radars, and other communication systems, allowing more efficient wartime operations. As a result, nations devote a significant portion of their military budgets to developing and deploying communication equipment.
Based on the end-use, the defense segment accounted for the leading share in the market in 2020. During the projected period, the defense segment is expected to develop significantly in the industry. This increase can be ascribed to the growing requirement to improve military communication security. As a result, in recent years, the use of these gadgets for military purposes has expanded.
Market players such as General Dynamics, Cobham Limited, CPI International, Cytec Corporation, Panasonic Corporation, Analog Devices, Inc., Honeywell International Inc., L3 Harris Technologies, Inc., Macom, Mitsubishi Electric Corporation, Thales Group, Qorvo, Richardson Electronics, Teledyne Technologies, Texas Instruments, and Toshiba Corporation are some key players operating in the global market.
In September 2021, 2 bulk acoustic wave filters were released by Qorvo, Inc. The QPQ3500 and QPQ3501 filters are pin-compatible and provide OEMs with 5G base stations.
Polaris Market Research has segmented the microwave devices market report based on product, frequency, end-use, and region:
Microwave Devices, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Microwave Devices, Frequency Outlook (Revenue - USD Billion, 2018 - 2030)
Microwave Devices, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Microwave Devices, Regional Outlook (Revenue - USD Billion, 2018 - 2030)