The global space electronics market size is expected to reach USD 4,659.1 million by 2030, according to a new study by Polaris Market Research. The report “Space Electronics Market Share, Size, Trends, Industry Analysis Report, By Product Type (Radiation-Hardened and Radiation-Tolerant); By Platform; By Component; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Technological advancements in microprocessors and FPGAs, mega-developments in the space industry, and increasing demand for wide bandgap materials including silicon nitride & gallium nitride are key factors expected to boost the growing demand for space electronics market over the course of projected period. Moreover, an extensive rise in the number of investments and development activities for the enhancement of satellite communication and space electronic components is further expected to fuel the demand for the space electronics market in the future.
As of now, satellites are used for various types of primary and essential operations including mobile phone signals, weather tracking, and establishing secure communication networks. However, the rising implementation of automation in several satellite operations across the globe is expected to drive the growth and adoption of space electronic components, within the space industry. For instance, according to UNOOSA, there are 4,852 satellites actively orbiting the Earth as on January 2022 and, around 6,000 satellites are expected to launch by 2031 by governments, the defense sector, and private organizations.
For instance, in February 2022, Infineon Technologies announced that the company is investing over USD 2.3 billion for the construction of the third module at its site at Kulim, in Malaysia. The company is strengthening its market position by introducing significant manufacturing capacities in the sector of wide bandgap semiconductors.
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The rise in dependency of various commercial industries on products and services offered by space economies such as data connections, mobile asset tracking, broadband connections, and mobile communications has resulted a spike in the demand for communication satellites to support the growing requirement for space electronics. For instance, SpaceX already introduced 653 Star-link satellites, in April 2021 and it plans to launch 12,000 more satellites, by 2027. Similarly, Amazon announced to launch of 3,236 mini-satellites in LEO over the next few years. Such satellites are expected to be defined operations.
Space Electronics Market Report Highlights
- Satellite segment dominated the global market on account of the increasing adoption of satellites, modern communication technologies, and the rising number of activities related to small satellites
- Radiation-tolerant segment is projected to witness the fastest growth due to the rising prevalence of COTS (Commercial off-the-Staff) and lowering the launch costs from commercial space companies
- Integrated circuits accounted for significant revenue share owing to increasing penetration for electronic products which are lighter in weight and consume less energy
- North America region dominated the global market, which is mainly attributable to high investments by the US government in the development of satellite communication
- The global players include Microchip Technology, RUAG Group, Teledyne Technologies, and Honeywell International.
Polaris Market Research has segmented the space electronics market report based on product type, platform, component, and region:
Space Electronics, Product Type Outlook (Revenue – USD Million, 2018 – 2030)
Space Electronics, Platform Outlook (Revenue – USD Million, 2018 – 2030)
- Launch Vehicles
- Deep Space Probes
Space Electronics, Component Outlook (Revenue – USD Million, 2018 – 2030)
- Microprocessors & Controllers
- Integrated Circuits
- Memory Chips
- Power Source
- Discrete Semiconductors
Space Electronics, Regional Outlook (Revenue – USD Million, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa