Industrial Magnetrons Market to Hit a Sales of US$ 6,502.7 Million By 2031 | North America Generated US$ 1,277.49 Mn
𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/industrial-magnetrons-market
The industrial magnetrons market has had rapid growth in recent years and is likely to continue expanding, generating US$ 4104.7 million in sales in 2023. The consistent growth of the market is due to the expanding use of magnetrons in several industries and the rising demand for cutting-edge microwave technology.
The rising need for microwave heating applications across numerous industries, including food processing, pharmaceuticals, chemicals, and automotive, is fueling the global market growth. For instance, in November 2022, Mitsui Chemicals and Microwave Chemical committed more than US$ 14 million to the development of a prototype facility at Mitsui Chemicals' Nagoya Works to show off microwave technology for the production of environmentally friendly carbon fiber. This growing application is due to the energy economy, quicker processing times, and fine control over the heating settings of microwave heating technology.
The need for industrial magnetrons is also rising due to the growing customer desire for prepared meals and the growth of the food processing sector. Additionally, microwave technology is being used in the medical and healthcare industries for therapeutic and diagnostic purposes, which supports market expansion. For instance, the Indian government is encouraging the local development of high-powered magnetron technology, which is mostly used for radiation cancer therapy.
Manufacturers are integrating cutting-edge technologies into household appliances to improve convenience and efficiency as smart homes and the Internet of Things (IoT) become more popular. For instance, a magnetron-equipped smart refrigerator may heat or cool food products to the user's preference, doing away with the need for separate heating and cooling equipment.
Magnetrons are incorporated into smart home appliances to provide seamless communication and control via voice assistants or smartphone apps. For instance, in August 2022, Panasonic Life Solutions India, a top provider of diverse technology, introduced several consumer appliances and announced "The Festival of Life" offer for consumers. There were 20 new kinds of LED TVs, including 4K and Smart TVs, Smart Washing Machines powered by Panasonic's Miraie IoT platform, a 30-liter microwave oven with recipes using no oil, and Monster Super Mixer Grinders with Double Safety Lock for increased safety.
Medical Application to Witness a Growth Rate of 7.3%
The medical segment is likely to witness the highest CAGR of 7.3% during the forecast period. Magnetrons are used in therapeutic and diagnostic devices, including microwave ablation systems and medical imaging equipment, which is why they are being used in more medical applications. For example, the government spends Rs 4.87 crore (US$ 5.8 million) on powerful magnetrons for cancer radiation therapy. With the groundbreaking high-powered Magnetron created by the CSIR-CEERI (Central Electronics Engineering Research Institute), Pilani for commercial usage, doctors would be able to precisely treat tumors with as little side-effect as 2 mm in diameter in the brain.
Magnetrons are used to provide improvements in medical imaging technologies and precise, controlled heating for medicinal treatments. The desire for effective and dependable medical equipment is likely to fuel the market expansion in the medical application segment.
North America Generated US$ 1,277.49 Million Sales
North America holds the highest share of the industrial magnetrons market, which also contributes significantly to the sector's income. In 2022, the region generated US$ 1,277.49 million in revenue, reflecting its dominant position in the market. This dominance is likely to persist, with North America predicted to expand at a Compound Annual Growth Rate (CAGR) of 4.4%.
The strong manufacturing sector in North America, notably in sectors like food processing, pharmaceuticals, and automotive that primarily rely on microwave heating applications, can be credited for the region's dominance in the market. Mexico, an emerging market in the region, along with developed economies, such as the United States and Canada, offers magnetron manufacturers abundant opportunities.
The market in North America is significantly boosted by supportive government policies and laws that facilitate the use of microwave heating technology. In the food business, for instance, regulatory authorities like the U.S. Food and Drug Administration (FDA) have set extensive norms and regulations for microwave processing, assuring strict food safety and quality requirements. In addition to boosting consumer trust, these aggressive measures promote a greater usage of magnetrons across several industries, which promotes market expansion.
𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/industrial-magnetrons-market
One of the notable nations raising its defense spending every year is the United States. The U.S. defense budget dedicates a sizeable portion to developing its reconnaissance capabilities, including naval, air, and ground radars. For instance, according to recently released data from the Stockholm International Peace Research Institute (SIPRI), U.S. military spending in 2022 was about 40% of all military spending worldwide. As a result, magnetrons, which are utilized in radar systems, will witness a high demand.
Competitive Landscape
The industrial magnetrons market is fairly fragmented worldwide, with a few large and medium-sized companies accounting for most of the market's revenue. Major actors are using a variety of tactics, engaging in mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more powerful industrial magnetrons.
Some of the Prominent Players Profiled in the Market are:
• Sharp Corporation
• MUEGGE GmbH
• Panasonic Corporation
• Richardson Electronics Ltd
• CPI International Inc
• L3 Harris Technologies Inc
• Toshiba International Corporation
• LG Electronics, Inc.
• Other Prominent Players
Segmentation Outline
The global industrial magnetrons market segmentation focuses on Product Type, Operating Frequency, Application, Cooling Type, and Region.
By Product Type
• Continuous wave
• Pulsed
By Operating frequency
• C Band
• L Band
• S-Band
• X Band
• Ku & Ka-Band
• Others
By Application
• Industrial Heating Equipment
• Radar Systems
• Medical
• Other
By Cooling Type
• Air Cooled
• Water Cooled
By Region
• North America
o The U.S.
o Canada
o Mexico
• Europe
o Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
o Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia & New Zealand
o Rest of APAC
• Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
• South America
o Argentina
o Brazil
o Bolivia
o Paraguay
o Rest of South America
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/industrial-magnetrons-market
𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
+1 888-429-6757
email us here
Visit us on social media:
Twitter
LinkedIn
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
