The space electronics can be identified as electronics components such as microprocessors, controllers, memory chips, and application-specific integrated circuits (ASIC) among others that are designed and developed for application in satellites, rocket launchers, and deep space probes. These electronics are exposed to extreme vibrations, radiation, and other harsh environment in space, posing a demand for radiation treatment that allows them to operate flawlessly in harsh environments. Every space electronics are either radiation-hardened or radiation tolerant, depending upon their scope of application and operator specification. The radiation-hardened segment within the space electronics market will capture the majority of the market share, due to its demand in the conventional market. The radiation tolerant segment within the space electronics market will witness an accelerated growth rate within the forecast period of 2022-2031 backed by a shift in consumer buying behavior and rise in acceptance of commercial off the shelf (COTS) electronics components within the space segment.
The growth in space electronics market is driven by factors such as an increase in investment in space ventures, a rise in launch activities by some of the major private and public players, the establishment of a communication satellite constellation in LEO, and the adoption of space tourism in coming years. Rise in application of satellites for a range of activities such as surveillance, real-time imaging, communication, navigation, weather forecasting, broadband and connectivity, research, development, and testing, and IoT integration for various government, commercial, and civil-military domains is leading to evolution in the space electronics industry. More than 6,000 satellites were expected to be launched within the timeframe of 2020 to 2027 with rising year-on-year launch rates. Rise in satellite launches has generated demand for various satellite electronics components and other peripheral systems, supporting business opportunities.
The space electronics market is segmented on the basis of platform, application, type, component, and region. By platform, it is categorized into satellite, launch vehicles, and deep space probes. Depending on application, it is classified into communication, earth observation, navigation, a global positioning system (GPS) & surveillance, technology development, and education, and others. By type, it is bifurcated into radiation hardened and radiation tolerant. The component segment is divided into microprocessors and controllers, sensors, application specific integrated circuits (ASIC), memory chips, power source and cables, discrete semiconductors, and other. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Companies have adopted product development and product launch as their key development strategies in the space electronics industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players operating in the space electronics market are BAE Systems, Cobham, Honeywell International Inc., Microsemi Corporation, Texas Instruments, STMicroelectronics, Teledyne e2v (UK) Ltd, TT Electronics, Xilinx Inc., and Ruag Group.
The growth in space electronics market is driven by factors such as an increase in investment in space ventures, a rise in launch activities by some of the major private and public players, the establishment of a communication satellite constellation in LEO, and the adoption of space tourism in coming years. Rise in application of satellites for a range of activities such as surveillance, real-time imaging, communication, navigation, weather forecasting, broadband and connectivity, research, development, and testing, and IoT integration for various government, commercial, and civil-military domains is leading to evolution in the space electronics industry. More than 6,000 satellites were expected to be launched within the timeframe of 2020 to 2027 with rising year-on-year launch rates. Rise in satellite launches has generated demand for various satellite electronics components and other peripheral systems, supporting business opportunities.
The space electronics market is segmented on the basis of platform, application, type, component, and region. By platform, it is categorized into satellite, launch vehicles, and deep space probes. Depending on application, it is classified into communication, earth observation, navigation, a global positioning system (GPS) & surveillance, technology development, and education, and others. By type, it is bifurcated into radiation hardened and radiation tolerant. The component segment is divided into microprocessors and controllers, sensors, application specific integrated circuits (ASIC), memory chips, power source and cables, discrete semiconductors, and other. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Companies have adopted product development and product launch as their key development strategies in the space electronics industry. Moreover, collaborations and acquisitions are expected to enable leading players to enhance their product portfolios and expand into different regions. The key players operating in the space electronics market are BAE Systems, Cobham, Honeywell International Inc., Microsemi Corporation, Texas Instruments, STMicroelectronics, Teledyne e2v (UK) Ltd, TT Electronics, Xilinx Inc., and Ruag Group.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global space electronics market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall space electronics market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global space electronics market with a detailed impact analysis.
- The current space electronics market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Platform
- Satellite
- Launch Vehicles
- Deep Space Probes
By Application
- Communication
- Earth Observation
- Navigation, Global Positioning System (GPS) and Surveillance
- Technology Development and Education
- Others
By Type
- Radiation Hardened
- Radiation Tolerant
By Component
- Microprocessors and Controllers
- Sensors
- Application Specific Integrated Circuits (ASIC)
- Memory Chips
- Power Source and Cables
- Discrete Semiconductors
- Other
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- Russia
- U.K.
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BAE System
- Cobham Limited
- Honeywell International Inc.
- Microchip Technology Inc
- RUAG Group
- STMicroelectronics
- Teledyne Technologies Incorporated
- Texas Instruments Incorporated
- TT Electronics
- Xilinx, Inc
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SPACE ELECTRONICS MARKET, BY PLATFORM
CHAPTER 5: SPACE ELECTRONICS MARKET, BY APPLICATION
CHAPTER 6: SPACE ELECTRONICS MARKET, BY TYPE
CHAPTER 7: SPACE ELECTRONICS MARKET, BY COMPONENT
CHAPTER 8: SPACE ELECTRONICS MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Space Electronics Market,' the space electronics market was valued at $3.3 billion in 2021, and is estimated to reach $5.4 billion by 2031, growing at a CAGR of 5.04% from 2022 to 2031.Asia-Pacific dominated the space electronics market in terms of growth, followed by North America, Europe, and LAMEA. The U.S. dominated the market share in 2021, whereas China is expected to grow at a significant rate in the market during the forecast timeframe.
The space electronics market industry holds a great potential over the coming years backed by an increase in investment by private players such as SpaceX and Amazon, in developed economies. The space electronics market within the developing economies will be moderated by rise in investments by government entities. For instance, in October 2020, the government of India contracted Hughes to establish a satellite-based broadband service, connecting 5,000 remote locations. Such initiatives are supporting space-based operations within the Asia Pacific region and supporting business prospects within the forecast period.
The arrival of NewSpace, which encompasses and focuses on the globally emerging private space flight industry with a major focus to develop quick and affordable access to space is driven by commercial considerations. The NewSpace is having a notable business impact within the space electronics industry. It focuses on the integration of commercial off-the-shelf (COTS) electronic technologies, adoption of open system architectures, standardization across subsystems and components, and exploring novel design possibilities through additive manufacturing. All these initiatives are practiced with performance, affordability, and size, weight, and power consumption (SWaP) concept as the center of effort.
The space electronics market is segmented on the basis of platform, application, type, component, and region. By platform, it is categorized into satellite, launch vehicles, and deep space probes. Depending on the application, it is fragmented into communication, earth observation, navigation, a global positioning system (GPS) & surveillance, technology development, and education, and others. By type, it is divided into radiation hardened and radiation tolerant. The component segment is divided into microprocessors and controllers, sensors, application specific integrated circuits (ASIC), memory chips, power source and cables, discrete semiconductors, and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Factors such as an increase in investment in space ventures, rise in launch activities by some of the major private and public players, the establishment of a communication satellite constellation in LEO, and the adoption of space tourism in coming years will augment the business opportunities within the space electronics market. Rise in application of satellites for a range of activities such as surveillance, real-time imaging, communication, navigation, weather forecasting, broadband and connectivity, research, development, and testing, and IoT integration for various government, commercial, and civil-military domains is leading to evolution in the space electronics industry. More than 6,000 satellites were expected to be launched within the timeframe of 2020 to 2027 with rising year-on-year launch rates. The rise in satellite launches has generated demand for various satellite electronics components and other peripheral systems, supporting business opportunities.
Key findings of the Study
- By platform, the satellite segment is expected to lead the market during the forecast period.
- By application, the communication segment leads the market during the forecast period.
- By type, the radiation tolerant segment is expected to grow at lucrative growth rate during the forecast period (2022-2031).
- By component, the microprocessors segment is expected to lead the market during the forecast period.
- By region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
Companies Mentioned
- BAE System
- Cobham Limited
- Honeywell International Inc.
- Microchip Technology Inc
- RUAG Group
- STMicroelectronics
- Teledyne Technologies Incorporated
- Texas Instruments Incorporated
- TT Electronics
- Xilinx, Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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