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
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