Microwave devices are described as any devices that are capable of possessing microwave frequencies for amplification, modification, generation, measurement and detection of microwaves and voltages. These devices find numerous applications across different industries. Growth in the rate of adoption and technological advancements in the market are some of the major contributors for the overall growth of the microwave devices market on global scale. Thanks to the unique characteristics and global appeal in terms of production and application of these devices, the global industry is hoping to witness steady growth. This growth is expected to drive more business in the market with opportunities for both small and large businesses to flourish.
Drivers & Restraints for Microwave Device Market
The global microwave devices market is strongly driven by the rising demand and rate of adoption. The demand in the global market is driven by great applications and technological evolution in the microwave systems. Increased demand from military and defense industries are also driving the industry at healthy CAGR. Increased applications of navigation radars in the UAVs are considered as a significant growth driver for the global industry. Major restraining factors for the market include lack of standardization and rising threat from the GaN devices. Changing trends in global markets and replacement with semiconductor switches remain major challenges for the businesses in this market.
Segments and Forecasting – What to Expect?
In order to understand the future growth trends, researchers segment the global microwave devices market on the basis of the types of applications, end-user industries, and demand patterns across different geographic regions. Major industrial applications of microwave devices include food sterilization and food decontamination. Other applications of these products include scientific research, therapy, energy production, and so on. Availability of military-unique microwave power tubes is also creating major applications of these products in the global market. Geographically, the market is categorized into North America, Latin America, Europe, Middle East and Asia Pacific. Analysis of all these segments suggests steady growth in the market during the next few years.
According to the experts, the global microwave devices market is expected to maintain a steady CAGR of over 3% from 2014 to 2019. At the projected growth rate, the industry is estimated to become worth more than $1.2 billion by the end of the year 2019. Growing military applications are expected to give major boost to the industry in the years to come. North America is expected to dominate the global market. However, emerging markets are also expected to witness impressive growth in the next few years to come.