The Space Electronics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Space Electronics Global Market
Report 2024, The space electronics market size has grown strongly in recent
years. It will grow from $2.5 billion in
2023 to $2.68 billion in 2024 at a
compound annual growth rate (CAGR) of 7.4%.
The growth in the historic period
can be attributed to space exploration initiatives, significant investment in
satellite manufacturing, increase in demand for space electronics products,
rising prevalence of space operations, rising satellite launch and deep space
activities..
The space electronics market size is expected to see strong growth in the next
few years. It will grow to $3.5 billion
in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be
attributed to radiation-hardened space electronics market growth, rise in
launch activities, miniaturization and increased efficiency, rapid growth in
investment in space ventures, adoption of new materials for better fabrication
of space electronics.. Major trends in the forecast period include advancements
in radiation-tolerant semiconductor technologies, digitalization and
software-defined systems, high-performance computing for space missions,
photonics and optoelectronics in space communication, focus on cybersecurity in
space systems, sustainable electronics for space..
An increase in number of satellites is expected to propel the growth of the
space electronics market going forward. A satellite refers to any object that
circles a planet, star, or moon. Satellites are vulnerable to charging and
discharging and require space components, such as space electronics, with no
floating metal. For instance, in 2021, according to the Satellite Industry
Association, a US-based organization representing the top domestic satellite
operators, service providers, manufacturers, launch service providers, and
ground equipment suppliers, 1,713 commercial satellites were deployed, a rise
of more than 40% from 2020, and the space sector launched more satellites than
ever before. A total of 4,852 satellites would orbit the planet by the end of
2021, a 179% increase over the previous five years. Therefore, the increasing
number of satellites is driving the growth of the space electronics market.
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The space electronics market covered in this report is segmented –
1) By Type: Radiation Hardened, Radiation Tolerant
2) By Component: Microprocessors And Controllers, Sensors, Application Specific
Integrated Cicuits, Memory Chips, Power Source Cables, Discrete Semiconductors,
Other Components
3) By Platform: Satellite, Launch Vehicles, Deep Space Probes
4) By Application: Communication, Earth Observation, Navigation, Global
Positioning System (GPS) , Technology Development And Education, Other
Applications
Product innovation is a key trend in the space electronics market. Major
players in the space electronics industry are concentrating on creating
innovative product solutions to improve their market share. For instance, in
July 2022, VPT Inc., a US-based company operating in space electronics,
introduced the VSC Series of commercial off-the-shelf (COTS) products intended
for new space applications as part of the space product line. This series has
been distinguished for Total Ionizing Dose (TID) performance, including Low
Dose Rate (LDR) and Single Event Effects. The series has been designed for
smaller satellites in low earth orbits (LEO) and NASA Class D missions where
the balance of cost and guaranteed performance is critical. The product has
unique features such as radiation being tested to 42 MeV/mg/cm2 and guaranteed
at 30 MeV/mg/cm2 for SEE, and also tested to 50 krad (Si). A full line of input
EMI filters has been available to meet MIL-STD-461 or equivalent emission
requirements.
The space electronics market report table of contents includes:
1. Executive Summary
2. Space
Electronics Market Characteristics
3. Space
Electronics Market Trends And Strategies
4. Space
Electronics Market - Macro Economic Scenario
5. Global
Space Electronics Market Size and Growth
.
31. Global Space Electronics Market Competitive Benchmarking
32. Global
Space Electronics Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Space Electronics Market
34. Space
Electronics Market Future Outlook and Potential Analysis
35.
Appendix
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