Radiation-Hardened Electronics Market Size to Reach USD 1.97 Billion in 2030 | Increasing Use in Applications Such as Military, Space and Maritime is a Key Factor Driving Industry Growth, Says Emergen Research
VANCOUVER, BC, April 7, 2022 /PRNewswire/ -- The global radiation-hardened electronics market size reached USD 1.45 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising demand in spacecraft for several applications including national security, surveillance, and space missions, is one of the major factors expected to drive market revenue growth.
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Drivers:
Satellites are used for a plethora of applications including planetary monitoring, communications, and positioning services. Furthermore, satellites have been an ideal choice for conducting scientific research in defense and military sectors. Therefore, increasing demand for satellites is encouraging manufacturers to adopt radiation-hardening electronics and this is driving market revenue growth. Radiation-hardened technologies used in satellites, such as capacitors, are practical rechargeable energy storage mediums and can be utilized as an alternative to chemical batteries.
Restraints:
High development costs is one of the major factors expected to hamper market revenue growth. In addition, as space and military missions are confidential and various application-based, these sectors demand customized radiation-hardened technologies. Requirement varies accordingly by applications and customers. Manufacturers need substantial amount of money and time to cater to customer demand. These factors are obstructing market revenue growth.
Growth Projections:
The global radiation-hardened electronics market is expected to register a CAGR of 3.5% over the forecast period and revenue is projected to increase from USD 1.45 Billion in 2021 to USD 1.97 Billion in 2030. Increasing use of radiation-hardened electronics in applications such as military and maritime is driving market revenue growth.
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COVID-19 Impact Analysis:
COVID-19 pandemic has been having a wide-ranging impact on various industries. The pandemic has slowed down global economic growth. In addition, the radiation-hardened electronics market has also been severely impacted, due to slowdown in production and manufacturing processes, which resulted in supply chain disruption. Furthermore, slowdown in space missions has decreased demand for radiation-hardened technologies as these are increasingly used in space-related applications. However, increasing use of flash memory technologies in medical sector is stimulating demand for radiation-hardened technologies because radiation is a constant threat to such technologies, and this factor is expected to boost market revenue growth during the forecast period.
Current Trends and Innovations:
Plastic packaging for space is a current trend that is expected to drive radiation-hardened electronic market growth. Plastics are less costly as compared to ceramic hermetic parts. In addition, plastic parts have access to upgraded microprocessors, solid-state memory, field-programmable gate arrays (FPGAs), and several other electronic components. It is expected that plastic packaging would enhance performance of space systems. Apogee semiconductor, which is a Texas-based company, is specializing in radiation-hardened plastic-encapsulated parts for applications in space.
Geographical Outlook:
Market in North America accounted for a significantly large revenue share in 2020 owing to presence of leading market companies such as Honeywell International Inc., Microchip Technology Inc., and Data Device Corporation. Besides, several space research institutes including National Aeronautics and Space Administration (NASA) and Florida Space Research Institute (FSRI) are driving market revenue growth in North America.
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Strategic Initiatives:
Major companies included in the global market report include BAE Systems, Honeywell International Inc., Renesas Electronics Corporation, STMicroelectronics, Infineon Technologies AG, Microchip Technology Inc., IBM, Data Device Corporation, Cobham Limited, and Micropac Industries, Inc.
· In April 2020, Infineon Technologies AG, which is a Germany-based semiconductor manufacturing company, completed acquisition of Cypress Semiconductor, which is a US-based semiconductor company. Incorporation of Cypress would enable Infineon to focus on structural growth drivers and wide range of applications. Cypress' differentiated portfolio of connectivity components, high-performance memory, microcontrollers, and software ecosystems complement Infineon's automotive microcontrollers, semiconductors, sensors, and security solutions.
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Emergen Research has segmented global radiation-hardened electronics market on the basis of product type, material type, manufacturing technique, component type, application, and region:
- Product Type Outlook (Revenue, USD Million; 2019–2030)
- Custom Made
- Commercial-Off-The-Shelf (COTS)
- Material Type Outlook (Revenue, USD Million; 2019–2030)
- Silicon
- Silicon Carbide
- Gallium Nitride
- Others
- Manufacturing Technique Outlook (Revenue, USD Million; 2019–2030)
- Radiation-Hardening-By-Design (RHBD)
- Radiation-Hardening-By-Process (RHBP)
- Radiation-Hardening-By-Software (RHBS)
- Component Type Outlook (Revenue, USD Million; 2019–2030)
- Memory
- Logic
- Power Management
- Field-Programmable Gate Array
- Application Specific Integrated Circuit
- Analog & Digital Mix Signals
- Controllers & Processors
- Application Outlook (Revenue, USD Million; 2019–2030)
- Space Satellites
- Aerospace & Defense
- Nuclear Power Plants
- Commercial Satellites
- Medical
- Others
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- Regional Outlook (Revenue, USD Million; 2019–2030)
- North America
a. US
b. Canada
c. Mexico - Europe
a. Germany
b. France
c. UK
d. Italy
e. Spain
f. Benelux
g. Rest of Europe - Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin America
a. Brazil
b. Rest of LATAM - Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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