With 5.32% CAGR, Space Electronics Market is Expected to reach USD 4808.3 Million by 2028, Says Brandessence Market Research

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Brandessence Market Research and Consulting Private Limited

Jul 19, 2022, 09:00 ET

LONDON, July 19, 2022 /PRNewswire/ -- The Global Space Electronics Market size was Valued at USD 3345.2 Million in 2021. Space Electronics Market Size, Share & Trends Analysis Report by Component (Sensors, Memory Chips, Microprocessors & Controllers, Application-Specific Integrated Circuits (ASIC), Power Source & Cables, Discrete Semiconductors) By Platform (Launch Vehicle, Satellite) By Application (Earth Observation, Communication, Technology Development & Education, Navigation & Surveillance), Based On Region, And Segment Forecasts, 2022 – 2028.

Space electronics is a term used to express the electronic equipment and systems utilized in spacecraft. Space electronics assume a crucial part in all aspects of spacecraft operations, from power age and distribution to information handling, navigation, and communication. They are likewise fundamental for the control of spacecraft attitude (direction) and orbit. Space electronics covers a broad range of gadgets like controllers, memory chips, microprocessors, and application-specific integrated circuits (ASIC) among others that are designed and produced for application in satellites, rocket launchers, and deep space tests. These electronics are exposed to outrageous radiation, vibrations, and other brutal climate in space, representing a demand for radiation therapy that permits them to work flawlessly in cruel environments. Each space electronics are either radiation-solidified or radiation tolerant, contingent on their extent of application and administrator specification.

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Space Electronics Market: Competitive Analysis

Some major key players for the global space electronics market report cover prominent players like

BAE Systems plc
HEICO Corporation
Cobham plc
Microsemi (Microchip Technology Inc.)
Honeywell International Inc.
STMicroelectronics
Texas Instruments Incorporated
TT Electronics
Teledyne e2v (UK) Ltd
Xilinx Inc.
Others

Space Electronics Market: Dynamics

One of the major factors driving the growth of the space electronics market is the increasing satellite launch & deep space activities. For instance, according to Union of Concerned Scientists, in 2021, a shocking 836 satellites were launched into space, pushing the complete number of active satellites to more than 4,000 interestingly. At present, satellites are utilized for a range of essential and fundamental operations like internet connectivity, weather tracking, broadcasting television programs, broadcasting TV programs, cell phone signals, research, development, and laying out secure communication organizations. The rising implementation of automation in satellite tasks has likewise brought about expanded use of electronics parts, inside the space segment. The increase in satellite launches have created demand for different electronic components and other peripheral systems, pushing industry players to investigate new strategies to take special care of the rising demand.

In addition, rising investment in the space community is also boosting the market growth. For example, in 2021, SpaceX laid out a collection of 653 Starlink satellites and plans to launch other 12,000 satellites by 2027. Then again, Amazon intends to launch 3,236 little satellites throughout the next few years. Demand for this specialty has grown significantly as a result of the commercial industry's increasing reliance on products and services supplied by the space economy, such as mobile communications, mobile asset tracking, data connections, broadband connections, and home televisions of space electronics. Hence, private players are making eminent investments inside the space domain to take special care of the growing demand on the business front. Also, the developing contribution of a few nations in the space community, as well as the expanded demand for cheaper electronic parts, is supposed to drive demand for the worldwide space electronics market.

Moreover, the rising number of technological advancements in microprocessors and FPGAs is another factor supplementing the market growth. For instance, as per the news published, on May 19th, 2020; Xilinx lifts off with the launch of the industry's first 20nm space-grade FPGA for satellite and space applications. However, the complex designs of space electronic devices and their complex integration process may hamper the growth of the global space electronics market. In spite of that, market entrance of commercial space companies can offer more opportunities for the further growth of the space electronics market.

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Recent Developments

Sentinel 3B Satellite Launched with RUAG Space Electronics, Structures, and Insulation

On April 25th, 2018; the third sets of Sentinel satellites from the European Earth Observation Program Copernicus will be set into space with the launch of Sentinel 3B this week. RUAG Space provided a large number of fundamental components. RUAG Space provides a wide range of essential components. The Sentinel-3A satellite welcomes its dual, Sentinel-3B satellite into space, following the pairing of the Sentinel-1 and Sentinel-2 satellites. The main function of the two Sentinel-3 satellites is to observe the vegetation, temperature, and color of the sea and land.

TT Electronics Launched New Space Electronics

On April 20th, 2018; TT Electronics announced the launch of its new Space Electronics range. Large-sized satellite constellations in low Earth orbit are creating increasingly lucrative components. TT Electronics' New Space Electronics offers a solution that delivers less screening but is fully searchable with proven space-grade heritage.

Space Electronics Market: Segmentation Analysis

The global space electronics market is segmented on the basis of the component, platform, application, and region & country level. On the basis of component, the global space electronics market is segmented into sensors, memory chips, microprocessors & controllers, application specific integrated circuits (ASIC), power source & cables, discrete semiconductors, and others. Based on platform, the market is segmented into launch vehicle, satellite, and others. Based on application, the global space electronics market is segmented into earth observation, communication, technology development & education, navigation & surveillance and other.

By Component:

Sensors
Memory Chips
Microprocessors & Controllers
Application-Specific Integrated Circuits (ASIC)
Power source & Cables
Discrete Semiconductors
Others

By Platform:

Launch Vehicle
Satellite
Others

By Application:

Earth Observation
Communication
Technology Development & Education
Navigation & Surveillance
Other

Space Electronics Market: Regional Analysis

Geographically, North America is expected to hold a major share in the global space electronics market within the forecast period due to the increasing demand for space agencies, growing technological advancements and presence of space agencies in the region. Increasing advancement in technology drives the market in the region. For instance, as per the news published, on April 20th, 2018; TT Electronics announced the launch of its new space electronics range. Large-sized satellite constellations in low Earth orbit are creating increasingly lucrative components. Rising presence of space agencies is driving the growth of the market. The presence of NASA, the world's largest space agency in the United States, as well as a segment of commercial space companies such as Space X, are also supplementing the market growth in this region. For instance, as per the news published, on March 1st, 2022; NASA, ULA launched the NOAA's newest earth observing satellite.

Europe is the fastest-growing region in the global space electronics market due to increasing number of satellite launch, and growing advancement in this field in this region. For instance, as per the news published; on April 25th, 2018; Sentinel 3B satellite launched with RUAG space electronics, structures, and insulation.

On Special Requirement Space Electronics Market Report is also available for below region:

North America

U.S., Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA

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