Space Electronics Market to Witness Stunning Growth with Major Top Key Players 2030
Space Electronics Market Overview
Space Electronics Market Size is expected to reach USD 1.6 Billion by 2030, registering a CAGR of 5.4% during 2021-2030.
Microprocessors, controllers, memory chips, and application-specific integrated circuits, among other electronic components, are examples of space electronics created specifically for use in satellites, rocket launchers, and deep space missions. These electronics must have radiation treatment to function flawlessly in difficult conditions since they are subjected to extremely high vibrations, radiation, and other harsh situations in space. Depending on the breadth of their application and operator requirements, all space electronics are either radiation-hardened or radiation-tolerant.
Due to its demand in the conventional market, radiation-hardened space electronics will hold the lion's market share. However, the radiation-hardened space electronics market by applications will experience an accelerated growth rate between the year 2022 and 2031, supported by a change in consumer purchasing behaviour and an increase in the acceptance of commercial off-the-shelf electronics components in the space sector.
The development of a communication satellite constellation in low-Earth orbit, the acceptance of space tourism, and rising investment in space ventures are some of the factors that are anticipated to accelerate the growth of the space electronics market by applications during the forecast period.
The evolution of the space electronics industry is being driven by the rise in the use of satellites for a variety of purposes, including surveillance, broadband and connectivity, weather forecasting, communication, navigation, real-time imaging, research, development and testing, and IoT integration for various government, commercial, and civil-military domains. Over 6,000 satellites were anticipated to be launched between 2020 and 2027, with launch rates increasing yearly. Demand for different satellite electronics components and other ancillary systems has increased due to the increase in satellite launches, creating economic prospects.
Key Players:
BAE Systems PLC (UK), Microsemi Corporation (US), Texas Instruments (US), Xilinx Inc. (US), Cobham PLC (UK), TT Electronics PLC (UK), Teledyne e2v (UK), Heico Corporation (US), Honeywell International Inc. (US), ON Semiconductor (US), ST Microelectronics NV (Switzerland)
Market Segmentation:
Five categories have been used to segment the worldwide Space electronics market by applications. The platform section is further classified into two parts satellites and launch vehicles. The component section is further divided into two parts optoelectronics and integrated circuits. The subsystem market is further classified into two parts structural and telemetry. The product part is further classified into two sections hardened and tolerant. As per the regional basis, the market has been divided into five sections Asia-Pacific, North America, South America, Europe and Middle East & Africa.
Regional Analysis:
By space electronics market insight During the forecast period, North America is anticipated to maintain its dominance as the largest market for space electronics and to have the most growth. Europe and Asia-Pacific will likely provide players worthwhile development chances in the upcoming years. In the next years, India, China, and Russia are expected to be the major growth backers of the space electronics market by applications. The Asia-Pacific space hardware market is rising quickly due to the increasing production of satellites, particularly the small moons.
However, issues like high costs associated with the design and construction of a room and difficulties creating a real testing environment for radiation-solidified technology are impeding the industry's growth. Due to the advancement and updating of technologies in the space electronics industry, the market for space electronics is anticipated to expand at an efficient rate over the anticipated period.
Industrial News:
TT Electronics has introduced the New Space Electronics line, a global provider of devices for simple tasks. The New Space Electronics® solution from TT Electronics delivers reduced screening and is entirely detectable with proven space-grade history.
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