Stratview Research has published a new report titled “Space Electronics Market” which is segmented by Platform Type (Satellite, Launch Vehicle, and Others), by Component Type (Discrete Semiconductors, Optoelectronics, Integrated Circuits, and Others), by Subsystem Type (Electrical Power Subsystem, Attitude & Orbital Control Subsystem, Telemetry, Tracking & Command Subsystem, Communication Subsystem, and Others), by Product Type (Radiation-Hardened and Radiation-Tolerant), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
As per the study, the market is projected to reach an estimated value of US$ 1,620.5 million in 2024. The next five years for the space electronics market are going to be attractive with sizeable growth opportunities for both existing as well as new players.
The factors driving the demand for space electronics are noted below.
- Increasing production of satellites, especially small satellites
- Market entry of commercial space companies
- Increasing involvement of several countries in the space community
- Increased demand for reducing the cost of electronic components
- Technological advancements
Space is an extremely hazardous environment with the presence of lethal radiation, micrometeoroids, highly fluctuating temperatures, and man-made debris, which may cause different types of issues for electronic components from simple bit flips to the dangerous complete burnout of electronic systems. The effects produced by the radiation on the space electronics, such as Single Event Effect (SEE) and Total Ionizing Dose (TID), can be rectified by the radiation-hardening process. The process makes the electronic components capable to operate reliably for eons in the harsh space environment but at a very high cost.
Report Highlights
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the industry’s market dynamics. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
By Platform Type
The global space electronics market is segmented based on platform type as Satellite, Launch Vehicle, and Others. The satellite segment is expected to remain the growth engine of the global space electronics market during the forecast period of 2019 to 2024.
Increasing participation of commercial space companies, such as Space X, OneWeb Satellites, and Sky and Space Global Ltd, and an expected launch of more than 4,000 satellites during 2018-2023 would propel the demand for electronics in the satellite segment in years to come.
By Component Type
Based on the component type, the space electronics market is segmented as Discrete Semiconductors, Optoelectronics, Integrated Circuits, and Others. Integrated circuits are expected to remain the most dominant component type in the total space electronics market during the forecast period of 2019 to 2024.
Increasing demand for electronics that are smaller in size and lighter in weight and consume lesser power (reduced SWaP), is the driving force of integrated circuits in the total space electronics market.
By Product Type
Based on the product type, the global space electronics market is segmented as Radiation-Hardened Electronics and Radiation-Tolerant Electronics. Both, radiation-hardened as well as radiation-tolerant electronic segments, are likely to grow at healthy growth rates over the next five years; however, the radiation-tolerant segment is likely to witness higher growth during the same period.
Increasing demand for COTS (Commercial-off-the-Shelf) components, drastically lowering launch costs from commercial space companies, and growing demand for small satellites, especially for earth observation, communication, and networking applications are the key whys and wherefores behind the higher growth of the radiation-tolerant space electronics market.
Which Region is expected to remain the largest market?
Based on the regions, North America is expected to remain the largest space electronics market during the forecast period and is also expected to experience the highest growth during the same period.
NASA is the largest space agency in the world, which is largely involved in space-related activities located in the USA. Furthermore, the market entry of commercial space companies, such as Space X, propel the region’s demand for space electronics in the coming years.
Europe and Asia-Pacific are also likely to offer good growth opportunities in the coming years. India, China, and Russia would be the new growth engines of the European and Asia-Pacific space electronics market in the coming years.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, which will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players active in the Space Electronics Market:
- BAE Systems Plc.
- Cobham Plc.
- Honeywell International Inc.
- Microsemi Corporation
- Texas Instruments.
Key questions answered by the report.
- What is the projected CAGR for revenue from the Space Electronics Market during the forecast period?
- What would the market be valued at by 2024?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the Space Electronics Market?
- Which are the major market players?
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