Microwave Magnetron Market to Increase by 1.7x Amid Surging Applications in the Foodservice Industry

NEW YORK, Dec. 8, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global microwave magnetron market size is projected to total US$ 572 Mn in 2021, as per a recent market analysis by Fact.MR. Increasing demand for microwaves in the foodservice industry and various commercial sectors is propelling sales. On account of this, the market size is projected to reach US$ 947 Mn by 2031.

Increasing consumption of ready-to-eat meals and frozen foods in emerging economies is boosting sales of microwaves. Against this backdrop, Fact.MR estimates, the global microwave magnetron market to exhibit steady growth at 5.2% CAGR between 2021 and 2031.

Convection microwaves are extensively being used in the foodservice industry, especially in hotels and restaurants where large quantities of food are required to defrost or reheat. This is the major factor pushing the sales in the forthcoming years.

Further, rising adoption of cooking appliances in residential sector, coupled with increasing demand in small and large-scale food catering in the hospitality sector are chief factors augmenting the growth in the market.

In terms of product type, the pulsed magnetron segment is projected to record the highest growth over the assessment period. Manufacturers are launching pulsed magnetrons with silicone carbide-based microchip structures.

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This technique enables manufacturers to improve results in etched surfaces and etch rates. This is expected to create growth opportunities for new entrants and existing market players over the assessment period.

As per the study, the U.S. is expected to dominate the North America market over the forecast period. Growth is driven by increasing demand for convenient cooking appliances, along with the growing expansion of the foodservice and catering industry.

"Stringent regulations regarding energy efficiency are compelling manufacturers to launch products with 'ENERGY STAR' rating to achieve sustainability. This trend is expected to create new growth avenues in the market. Further, key players are also integrating novel technologies such as IoT (Internet of Things) in home appliances to increase their revenues," says a Fact.MR analyst.

Key Takeaways:

• Demand in the heating application segment is projected to top US$ 249 Mn in 2021.
• In terms of end users, sales in the electronics industry, especially for kitchen appliances are projected to gain traction in the forthcoming years.
• Sales of pulsed magnetrons are forecast to grow at a 4.7% CAGR over the assessment period.
• The U.S. is anticipated to account for over 60% of the North America market share in over the forecast period.
• Sales of microwave magnetrons in the China market are projected to top US$ 188 Mn by 2031.
• Germany is expected to spearhead the growth in the Europe market owing to increasing adoption of smart home appliances in the country.

Growth Drivers:

• Introduction of features such as easy control panels and auto programs in microwaves will continue to boost the market.
• Growing adoption of semiconductors and advanced cavity magnetron in radar to improve usability is expected to push sales in the market.

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Competitive Landscape

Leading players operating in the microwave magnetron market are focusing on research and development activities to incorporate new technologies. They are also aiming for product development to improve quality and efficiency.

In addition to this, mergers, acquisitions, and collaborations will remain prominent growth strategies adopted by players over the assessment period.

For instance, in 2020, Hitachi Power Solutions Co. Ltd. launched a series of superior quality highly evaluated microwave magnetrons. The new product line can be used in a variety of fields such as microwave light emissions and dry processing.

Key Players in the Microwave Magnetron Market Include:

• New Japan Radio Co. Ltd
• Frigidaire
• FURUNO
• Richardson Electronics

More Valuable Insights on Microwave Magnetron Market

Fact.MR provides an unbiased analysis of the microwave magnetron market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global microwave magnetron market with a detailed segmentation on the basis of:

Product Type:

• Pulsed Microwave Magnetrons
• Continuous Wave Magnetrons
• Others

Application:

• Radars
• Heating
• Lighting

End User:

• Telecom Industry
• Aerospace Industry
• Defence Industry
• Electronics Industry
• Mechanical Industry

Regions:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• MEA

Key Questions Covered in Microwave Magnetron Market Report

• The report offers insight into the microwave magnetron market demand outlook for 2021-2031.
• The market study also highlights projected sales growth for microwave magnetron market between 2021 and 2031.
• Microwave magnetron market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Microwave magnetron market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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