Industrial Magnetrons Market: Segmented: By Product (Continuous Wave, Pulsed), By Cooling Type (Water Cooled, Air Cooled), By Application (Medical Application, Industrial Heating Equipment, Radar Systems and Others), By Operating Frequency (C Band, L Band, S Band, X Band, and Ku & Ka Band) And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2031
[ 170 + Pages Research Report ] Industrial Magnetrons Market to surpass USD 860.8 million by 2031 from USD 470.7 million in 2021 at a CAGR of 6.2% in the coming years, i.e., 2021-31.
Industrial Magnetrons are reasonably priced microwave oscillators that are used for the production of continuous wave (CW) signals. They are used in Medical Applications, Industrial Heating Equipment, Radar Systems and Others. Industrial magnetrons are energy efficient as they are capable of generating high frequencies and it helps in the accurate detection and tracking of speed and objects using high-frequency waves in radar systems.
The Industrial Magnetrons market is expected to project a notable CAGR of 6.2% in 2031.
Development of new technologies for reducing operational cost, high disposable income, demand for cooling devices and increasing applications in various industries are fueling the market growth. Additionally, extensive research and development by companies will further drive the market growth of Industrial Magnetrons.
Continuous wave segment to grow with the highest CAGR during 2021-31
Based on product, Industrial Magnetrons market is classified into continuous wave and pulsed. During the forecast period, the continuous wave segment is projected to grow with the highest CAGR. The growth can be attributed to the generation of high continuous wave power for industrial microwave heating which is also used in industrial drying and heating applications.
Air Cooled segment to grow with the highest CAGR during 2021-31
Industrial Magnetrons market is fragmented on the basis of cooling type into water-cooled and air-cooled. During the forecast period, air-cooled segment is expected to grow with the highest CAGR. The growth is attributed to the demand for cooling systems to prevent excessive heating during the heating, drying, and plasma generation procedures in the electromagnetically insulated chamber.
Industrial Heating Equipment segment to grow with the highest CAGR during 2021-31
Based on application, the Industrial Magnetrons market is classified into Medical Applications, Industrial Heating Equipment, Radar Systems and Others. During the forecast period, Industrial Heating Equipment is projected to grow with the highest CAGR. The growth is attributed to the huge application of industrial magnetrons in industrial heating equipment and microwaves for heating and drying in various industries.
Demand in various commercial and industrial applications
Industrial magnetrons have different applications in a wide range of industries. With rising use of microwaves for heating processes, plasma generating and drying and increased demand for industrial magnetrons for smart home appliances and communication devices have fueled the market growth. As the global disposable income is growing, the demand for new products is increasing and is resulting in demand for industrial magnetrons for producing microwave energy.
Continuous material flows and increasing research and development
Processing of continuous material flows in industries is generating the need for continuous wave magnetrons in various industries which is driving market growth. The demand for water-cooled and air-cooled magnetrons are increasing for preventing overheating of industrial equipment. Additionally, to increase the performance, and reliability and to increase its application in more industries, organizations are investing in research and development of industrial magnetrons which is further fueling the market demand.
Emergence of alternatives, high costs and maintenance issues
Solid state power oscillators have emerged as an alternative to industrial magnetrons which is a major threat to market growth. Also, high initial costs, frequency instability, challenges in maintenance of industrial magnetrons, and overheating issues in equipment are restraining the growth of the industrial magnetron market.
Industrial Magnetrons market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is projected to hold the maximum market share over the forecast period. The growth is attributed to the massive product demand and presence of major microwave manufacturers in the region. Further, growing investments in the various industries are boosting the growth of the industrial magnetrons market.
COVID-19 pandemic has adversely affected the global economy with many sectors witnessing huge losses. The implementation of lockdowns globally has disrupted the procurement of raw materials and supply chain management. The pandemic has negatively impacted the Industrial Magnetrons Market but it has comparatively shown some growth trends owing to the demand from the defense industry for radar systems and medical applications.
Industrial Magnetrons Market is further segmented by region into:
Industrial Magnetrons Market Segments:
|Market size value in 2021||USD 470.7 million|
|Revenue forecast in 2031||USD 860.8 million|
|Growth Rate||CAGR of 6.2% from 2021 to 2031|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product, Cooling Type, Application, Operating Frequency, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||LG Electronics, Panasonic Corp., Toshiba International Corporation, Hitachi Ltd., L3 Technologies, Inc., Teledyne E2V Limited, CPI International Inc., Richardson Electronics, Ltd., MDP Components, STT International Limited, and Other Prominent Players|
Industrial Magnetrons market size was estimated at USD 470.7 million in 2021 and is expected to reach USD 860.8 million in 2031.
Industrial Magnetrons are cost-efficient microwave oscillator that are used for the generation of continuous wave (CW) signals. They are used in Medical Application, Industrial Heating Equipment, Radar Systems and Others.
Continuous wave segment accounted for the largest Industrial Magnetrons market share.
Key players in the Industrial Magnetrons market include LG Electronics, Panasonic Corp., Toshiba International Corporation, Hitachi Ltd., L3 Technologies, Inc., Teledyne E2V Limited, CPI International Inc., Richardson Electronics, Ltd., MDP Components, STT International Limited, and Other Prominent Players.
Demand in various commercial and industrial applications and continuous material flows and increasing research and development are the factors driving the Industrial Magnetrons market.
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