Space electronics market to reach $5,366.2 million in 2031
PORTLAND, OREGON, UNITED STATES, July 12, 2023/EINPresswire.com/ — Allied Market Research recently published a report, titled, “Space Electronics Market by Platform (Satellite, Launch Vehicles, Deep Space Probes), by Application (Communication, Earth Observation, Navigation, Global Positioning System (GPS) and Surveillance, Technology Development and Education, Others), by Type (Radiation Hardened, Radiation Tolerant), by Component (Microprocessors and Controllers, Sensors, Application Specific Integrated Circuits (ASIC), Memory Chips, Power Source and Cables, Discrete Semiconductors, Other): Global Opportunity Analysis and Industry Forecast, 2021-2031”. As per the report, the global space electronics industry was pegged at $3.34 billion in 2021, and is expected to reach $5.36 billion by 2030, growing at a CAGR of 5.04% from 2022 to 2031.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ ๐จ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ- https://www.alliedmarketresearch.com/request-sample/16790
Major determinants of the market growth
Surge in satellite launch and deep space activities, increase in use of re-usable launch systems, cubesats, and software defined satellites, and integration of SATCOM in communication industry have boosted the growth of the global space electronics market. However, dearth of semiconductors and surge in space debris along with decreasing space slots in LEO hinder the market growth. On the contrary, surge in demand for COTS components and shift from radiation hardened to radiation tolerant components would unlock new opportunities in the future.
Covid-19 scenario:
The Covid-19 pandemic had a negative impact on satellite manufacturing due to shortage of semiconductors across the globe and rise in demand for consumer electronics.
The dis supply rupted resulted in delays in production cycles, enforcing companies to incur losses.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ https://www.alliedmarketresearch.com/request-for-customization/16790
The satellite segment to manifest the highest CAGR through 2031
By platform, the satellite segment is estimated to portray the highest CAGR of 5.56% during the forecast period. In addition, the segment held the largest share in 2021, accounting for around two-thirds of the global space electronics market, owing to surge in initiatives taken by private players such as SpaceX and Amazon to establish communication satellite constellation. The report includes an in-depth analysis of the launch vehicles and deep space probes segment.
The communication segment dominated the market
By application, the communication segment held the largest share in 2021, contributing to nearly half of the global space electronics market. In addition, the segment is projected to manifest the highest CAGR of 5.54% during the forecast period, owing to rise in dependency of end-users on satellite communication for day-to-day activities. The report also analyzes the segments including earth observation, navigation, global positioning system (GPS) and surveillance, technology development and education, and others.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ – https://www.alliedmarketresearch.com/purchase-enquiry/16790
North America held the lion’s share
By region, the market across North America held the largest share in 2021, accounting for more than two-fifths of the market. This is due to presence of major market players within space electronics market backed by space initiatives by government. However, the global space power electronics market across Asia-Pacific is expected to register the highest CAGR of 5.97% during the forecast period, owing to initiatives taken by the regional government to support indigenous manufacturing capacities within the space segment.
Major market players
BAE Systems
Cobham
Honeywell International Inc.
Microsemi Corporation
Texas Instruments
STMicroelectronics
Teledyne e2v (UK) Ltd.
TT Electronics, Xilinx Inc.
Ruag Group
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
Automotive Power Electronics Market- https://www.alliedmarketresearch.com/automotive-power-electronics-market
Automotive Optoelectronics Market- https://www.alliedmarketresearch.com/automotive-optoelectronics-market-A13958
Automotive Semiconductor Market- https://www.alliedmarketresearch.com/automotive-semiconductor-market-A14477
Military Embedded System Market- https://www.alliedmarketresearch.com/military-embedded-system-market-A09055
Embedded Systems in Automobiles Market- https://www.alliedmarketresearch.com/embedded-systems-in-automobiles-market-A12177
David Correa
Allied Analytics LLP
1 800-792-5285
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