Space On-board Computing Platform Market worth $2.3 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 6, 2022 /PRNewswire/ -- According to a research report "Space On-board Computing Platform Market by Platform, Application (Earth Observation, Navigation, Communication, Military & Scientific), Orbit, Communication Frequency, Technology, and Region (North America, Europe, APAC and RoW) - Forecast to 2027", published by MarketsandMarkets™, the Space on-board computing platform market is estimated to be USD 1.3 billion in 2022 and is projected to reach USD 2.3 billion by 2027, at a CAGR of 12.1% from 2022 to 2027. Growth of this market can be attributed to the rise in trade of Space on-board computing platform, developments in the space sector, and national security sector.
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Major players in the Space on-board computing platform market include BAE Systems (UK), L3harris Technologies (US), Lockheed Martin Corporation (US), Honeywell International Inc. (US), Northrop Grumman Corp. (US), Thales Group (France), and Lockheed Martin (US). Other key players in the market are Ramon Space (Israel), LMO Space (Luxembourg), and Cobham Gaisler AB (Sweden). The report covers various industry trends and new technological innovations in the Space on-board computing platform market for the period, 2018-2027.
Increasing use of COTS standard components and systems in mission critical space applications
Commercial-off-the-shelf (COTS) technology is a component manufacturing standard in which an assembly or part is designed for commercial application; the manufacturer is solely responsible for the establishment of performance specifications in this standard. Other factors such as configuration and reliability are also taken care of by the manufacturer, without any additional requirements imposed by the end user. National Aeronautics and Space Administration (NASA) (US), one of the major space organizations in the world, introduced these COTS standard components in spacecraft for specific and mission-critical applications. The components are selected after careful qualification and screening.
X-band segment projected to grow at a highest CAGR during the forecast period, by communication frequency
X-band frequencies are used in most military satellites globally as they possess important performance characteristics such as tolerance to fading. The characteristics include tolerance to interference, rain resilience, fair data rates, remote coverage, etc. The space on-board computing platforms for such applications are customized and are designed as per client requirements.
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Communication segment projected to grow at a highest rate, by application, during the forecast period
Space on-board computing platforms are increasingly being adopted in modern communication technologies. The introduction of 5G and the development of new hardware systems are presenting numerous opportunities in the field of satellite-enabled communication. A rise in R&D activities in communication-related missions is expected to offer enhanced quality communication systems with the help of highly sophisticated miniaturized on-board computing platforms, along with advanced mission-compatible ground-station technologies. Advancements in technology have helped overcome major hurdles faced in providing efficient miniaturized on-board computing platforms for advanced communication hardware on such satellites. This has been useful in generating higher data rates, thereby improving the overall communication capabilities of nanosatellites, microsatellites, and small satellites. Disaster management, asset tracking, and mobile communication are important communication capabilities that small satellites provide. These satellites are capable of accommodating more sophisticated payloads than traditional larger satellites because of the use of enhanced space on-board computing platforms that are being developed in recent years.
North America region accounts for largest market share in Space on-board computing platform market
North America led the Space on-board computing platform market in 2021, with the US accounting for the largest share of the regional market. The growing demand for Space on-board computing platforms in the US and Canada, and the use of space on-board computing platforms in different commercial as well as military satellite applications are key factors driving the market in North America.
Major space on-board computing platforms market players present in North America include L3harris Technologies (US), Lockheed Martin Corporation (US), Honeywell International Inc. (US), Northrop Grumman Corp. (US), and Lockheed Martin (US). Other key players present in North America are York space Systems (US), and Space Tango (US).
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