Market Size of Microwave Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Microwave Devices Market Analysis
The Microwave Devices Market has registered a CAGR of 3.23% over the forecast period 2021 - 2026. According to the Satellite Industry Association, in 2018, the global satellite navigation equipment industry generated about USD 93.3 billion in revenue while in 2016, it was USD 84.6 billion. In response to increasing satellite navigation equipment industry, the microwave devices market will also increase.
- Moreover, in 2018, there was a total of 88 satellites launched, an increase from the 85 satellites launched in 2016. The increasing launch of satellites is promoting the use of microwave devices, such as frequency emitting towers and satellites, for sending and receiving data signals.
- For instance, in April 2018, the Sentinel-3B satellite, built by Thales Alenia Space for the European Space Agency (ESA), was successfully launched and orbited. This satellite is featured with SRAL (Synthetic-aperture Radar ALtimeter), and MWR (Microwave Radiometer), which provides measurements to determine the topography of oceans, sea ice and bodies of water on land. This would help to improve oceanographic and atmospheric forecasts.
- Further, growing customer base owing to increasing focus towards implementation of connected technology such as IoT is anticipated to boost the market growth in upcoming years as well. This growth is characterized by optimum performance, in terms of low signal loss and high-frequency range.
- However, high production cost, and research and development expenses to improve technology are few factors which is reatraing the market to grow during the forecast period.
