Pune, India, Sept. 26, 2022 (GLOBE NEWSWIRE) — The global market for microwave ovens size was $5.85 billion in 2021. The market size is expected to increase $6.09 billion 2022 to $9.88 billion until 2029 at a CAGR of 7.15% during the forecast period. According to the report, the market is expected to rise during the forecast period owing to the rising demand for microwave-equipped medical instruments. Fortune Business Insights™ shares this information in a report entitled “Microwave Appliances Market, 2022 – 2029”.
Effects of COVID-19:
Supply chain disruptions amid pandemic hampered market growth
The outbreak of COVID-19 negatively impacted the growth of the microwave oven market due to supply chain disruptions and revised import/export policies. Also, strict government restrictions on transportation and travel activities hampered the supply of essential raw materials and hampered the production and manufacturing rate of leading companies. In addition, businesses started to recover due to the increasing demand for microwave solutions.
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List of key players profiled in the report:
- Analog Devices Inc. (USA)
- Communications & Power Industries LLC (US)
- General Dynamics Corporation (USA)
- Kratos Defense & Security Solutions, Inc. (USA)
- L3Harris Technologies, Inc. (US)
- MACOM Technology Solutions Inc. (USA)
- Microsemi Corporation (USA)
- Microwave Technology, Inc. (UK)
- Qorvo Inc. (USA)
- Richardson Electronics, Ltd. (UNITED STATES)
- Teledyne Technologies Incorporated (USA)
- Thales Group (France)
- TMD Technologies Ltd (UK)
- Toshiba Corporation (Japan)
- Cytec Corporation (USA)
Scope and segmentation of the report:
|Value prognosis 2029||$9.88 billion|
|Market size of microwave ovens in 2021||$5.85 billion in 2021|
|number of pages||230|
|Covered Segments||By type analysis, by frequency analysis, by end user industry analysis|
|Microwave Oven Market Growth Drivers||Increasing demand for enhanced communication services to fuel market growth|
Browse the detailed research report summary with table of contents:
Effects of the Russia-Ukraine War:
The war crisis between Russia and Ukraine affected the avionics and electronics industries worldwide. The closure of the country’s borders affected the supply of essential electronics and semiconductor equipment that the aviation sector needs. Also, Ukraine is the largest supplier of noble gas neon and semiconductor grade neon tubes. The war crisis affected the supply chain of these gases from Ukraine to other countries.
Active segment is expected to lead the market due to growing demand for network and telecom services
According to the type, the market is divided into active and passive. The active segment is expected to take a dominant share of the global market due to increasing demand for these devices in telecommunications and network services.
Increasing adoption of Ku-band to fuel segment growth
Based on frequency, the market is segmented into Ku-band, Ka-band, S-band, C-band, X-band, L-band and others. The Ku-band segment leads the market share due to rising adoption of space and defense applications during the forecast period.
Increasing demand for telecom services to bolster segment growth
On the basis of end-use industry, the market is segmented into telecom, space, defense, industrial, healthcare and others. Increasing demand for telecom services is expected to fuel the growth of the segment.
Finally, the market is geographically categorized into North America, Europe, Asia Pacific and the rest of the world.
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Detailed table of contents:
- research area
- market segmentation
- research methodology
- Definitions and Assumptions
- market dynamics
- market leader
- Market Restrictions
- market opportunities
- Important Findings
- Major Industry Developments – Major contracts and agreements, mergers, acquisitions and partnerships
- Latest technological advances
- Porter’s Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights – Impact of the COVID-19 Pandemic on the Global Microwave Ovens Market
- Impact of the COVID-19 pandemic on the global microwave ovens market
- Steps taken by industry/corporate/government to overcome the impact
- Important industry development in response to the COVID-19 pandemic
- Potential opportunities due to the COVID-19 outbreak
Table of contents continued…!
The report provides fully analyzed data on the recent developments and trends in the market including the impact of the COVID-19 pandemic. The ongoing commodity crisis between Russia and Ukraine is also discussed further in this report. Drivers and restraints affecting the global market growth during the forecast period are further highlighted along with the regional insights into segmented market areas. A list of the major market players is mentioned further in this report.
Driver & restraint systems:
Increasing demand for enhanced communication services to fuel market growth
The market is expected to witness rapid growth in the projected period owing to the increasing demand for 5G network services in various industries. Also, the rising demand for microwave-equipped medical instruments is expected to drive the market growth in the coming years. Additionally, the increasing need for enhanced communication services is expected to drive the global market.
However, the high risk of communication failure may hamper the market growth in the coming years.
North America dominates the global market share due to increasing adoption of advanced communication services
North America dominated the global microwave oven market share in 2021. The regional market was $1.95 billion in 2021. This is attributed to the increasing adoption of advanced communications systems in the aerospace, defense, commercial and industrial sectors.
Europe is expected to grow at a substantial CAGR over the forecast period due to increasing semiconductor production and its utilization in healthcare, automotive and manufacturing industries in UK, Germany and France.
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New product launches enable companies to drive growth
The major players focus on implementing multiple strategies to improve their business performance. These strategies include the formation of strategic alliances, collaborations and partnerships. New product launches and recognition for these launches also allow key players to increase their brand equity globally.
Key Industry Development:
- May 2021: Samsung has presented Qorvo with the Best Quality Award in the Mobile Communications division. The award recognizes Qorvo’s continuous quality improvement on projects for the Samsung Galaxy 21 platform.
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