Feb 08, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Space Electronics Market.
It was estimated prior to this unanticipated outbreak that the Space Electronics 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 a number of 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.
Segment 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. The 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 year; however, the radiation-tolerant segment is likely to witness a higher growth during the same period. Increasing demand for COTS (Commercial-off-the-Shelf) components, drastically lowering launch cost 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.
Regional Insights
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’s space electronics market in the coming years.
Key Players:
Key players operating in the global Space Electronics market are-
- BAE Systems Plc.
- Cobham Plc.
- Honeywell International Inc.
- Microsemi Corporation
- Texas Instruments.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Space Electronics analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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