Space Electronics Market: Global Industry Analysis And Forecast (2023-2029)

Space Electronics Market is expected to reach US $ 2.55 billion by 2029, thanks to growth in the satellite segment. The report analyzes Space Electronics market dynamics by region, platform, and application.
Space Electronics Market Overview:
The Space Electronics market was valued at US $1.60 Bn. in 2022, and it is expected to reach US $2.55 Bn. by 2029 with a CAGR of 6.91% during the forecast period.To Know About The Research Methodology :- Request Free Sample Report

The space industry is a biological system of companies and academics that rely on space-based innovations and information. Growing government speculations on space projects may drive the market forward in the forecast period. However, the harsh natural circumstances of spacecraft, like high temperatures and a much-increased risk of radiation harm, pose a true challenge to marketing players.

During the forecasted period, new and existing market share players are expected to see significant growth. The growing interest in gadgets in the space business is being driven by the growth of satellite manufacturing and the growing section of corporate space organizations. Due to the presence of harmful radiation, micrometeoroids, highly variable temperatures, and man-made debris in space, electronic components may experience a variety of difficulties, ranging from simple bit flips to the disastrous complete burnout of electronic systems.

The radiation-hardening process can mitigate the impacts of radiation on space electronics, such as the Single Event Effect (SEE) and Total Ionizing Dose (TID). The method allows electronic components to perform consistently in the harsh space environment for aeons, although at a very high cost.
Space Electronics Market Dynamics:
Significant investment in satellite manufacturing, as well as mechanical advancements in microprocessors and FPGAs, are the primary drivers of the market. These factors are assisting the market's growth and development over the forecast period. The high cost of designing and developing space electronic goods, as well as the difficulties in providing a realistic testing environment for radiation-hardened electronics, may limit the growth and development of the market throughout the forecast period. These issues must be adequately addressed to sustain the current market condition.

The arrival of new materials for the fabrication of space electronics, as well as the growing demand for reconfigurable satellite payloads, effectively opens up new market prospects. These prospects are providing market players with new ways to grow their businesses. The growth of the market is driven by factors such as a surge in interest in a satellite assembly, technological advancements in microchips and FPGAs, and the global launch vehicle industry.

However, obstacles such as high costs associated with room design and development, as well as difficulties in creating a true testing environment for radiation-solidified gear, are impeding the overall market growth. Thanks to the advancement and updated technologies development in the market for space electronics, the space electronics market is likely to grow at an effective rate in the forecasted period.
Space Electronics Market Segment Analysis:
Based on the Platform, the Space Electronics market has been split into satellites, dispatch vehicles, and others. During the forecast period, the satellites segment is expected to be the largest segment of the global space hardware market. Growing investment in the satellite environment by business space organizations such as Space X, OneWeb Satellites, and Sky and Space Global Ltd, as well as the regular dispatch of more than 4,000 satellites between 2022 and 2029, is expected to drive the development of the satellites fragment in the years ahead.



Detailed information about all segments is covered in the MMR’s report.
Regional Insights:
During the forecast period, the North American region is expected to maintain its position as the largest space hardware market. It is also likely to have the fastest growth rate in the global 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, is driving the regional market forward.

In the approaching years, Europe and Asia-Pacific are also expected to offer promising growth prospects. During the forecast period, India, China, and Russia will be the new growth drivers of the European and Asia-Pacific space electronics markets.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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Space Electronics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 1.60 Bn.


Forecast Period 2023 to 2029 CAGR:
6.91%
Market Size in 2029:
US $ 2.55 Bn.


 Segments Covered:
by Platform
Satellite
Dispatch Vehicles
Others


by Product
Radiation Solidified Hardware
Radiation Lenient Hardware


by Application
Communication
Earth Observation
Navigation, Global Positioning System (GPS) and Surveillance
Technology Development and Education
Others


by Component
Microprocessors and Controllers
Sensors
Application Specific Integrated Circuits (ASIC)
Memory Chips
Power Source and Cables
Discrete Semiconductors
Other



Space Electronics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. BAE Systems PLC
2. Microsemi Corporation
3. Texas Instruments
4. Xilinx Inc.
5. Cobham PLC
6. TT Electronics PLC
7. Teledyne e2V
8. Heico Corporation
9. Honeywell International Inc.
10. ON Semiconductor
11. ST Microelectronics NV
12. Analog devices Inc.
13. Microchip Technology Inc.
14. Renesas Electronics Corporation
15. Infineon Technologies Inc.
16. Others

Frequently Asked Questions:

1. What is the forecast period considered for the Space Electronics market report?
Ans. The forecast period for the global Space Electronics market is 2023-2029.

2. Which key factors are expected to hinder the growth of the Space Electronics market?
Ans. The high cost associated with space electronics is the key factor expected to hinder the market growth during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Space Electronics market for the next 6 years?
Ans. The global Space Electronics market is expected to grow at a CAGR of 6.91% during the forecast period (2023-2029).

4. What are the key factors driving the growth of the Space Electronics market?
Ans. The increasing production of satellites, especially small satellites is the key factor expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered in the Space Electronics market report?
Ans. BAE Systems PLC, Microsemi Corporation, Texas Instruments, Xilinx Inc., Cobham PLC, TT Electronics PLC, Teledyne e2V, Heico Corporation, Honeywell International Inc., ON Semiconductor, ST Microelectronics NV, Analog Devices Inc.,