What Has Been the Progress and Growth of the Space Electronics Market in Recent Years?
The space electronics market has seen considerable growth due to a variety of factors.
• In recent times, there has been notable growth in the size of the space electronics market. This market will witness an advancement from $2.63 billion in 2024 to $2.81 billion in 2025, manifesting a compound annual growth rate (CAGR) of 7.1%. Factors contributing to the growth during the historical period include initiatives towards space exploration, substantial investments in satellite production, an escalating demand for space electronics goods, an increased frequency of space operations, as well as a rise in satellite launch and deep space explorations.
What Can Be Expected from the Space Electronics Market?
The Space Electronics market is expected to maintain its strong growth trajectory in upcoming years.
• In upcoming years, a robust growth is projected for the space electronics market. It is anticipated that the market will expand to $3.62 billion by 2029, reflecting a compound annual growth rate (CAGR) of 6.5%.
Factors contributing to the growth in the predicted period include the expansion of the radiation-hardened space electronics market, an increase in launch operations, improved miniaturization and efficiency, a swift rise in investments in space ventures, and the usage of novel materials to enhance the manufacturing of space electronics. Key trends during the forecasted period are expected to be improvements in radiation-tolerant semiconductor technologies, digitalization and software-defined systems, intensive computing for space missions, photonics and optoelectronics in space communication, attention to cybersecurity in space systems, and sustainable electronics for space.
What Are the Critical Driver Fuelling The Space Electronics Market's Growth?
The growth of the space electronics market is anticipated to be fuelled by the increasing number of satellites. Any object that orbits around a planet, star, or moon is referred to as a satellite. The escalation in satellite numbers is linked to the rising need for worldwide communication and connectivity. Satellites, susceptible to charging and discharging, necessitate space components like space electronics that are devoid of floating metal. For example, the Organisation for Economic Co-operation and Development, a France-based intergovernmental organization, reported in 2023 that the count of operational satellites in orbit surged from previous years to exceed 6,700 by 2022. Thus, the upsurge in the number of satellites is propelling the expansion of the space electronics market.
How Is The Space Electronics Market segmented?
The space electronics market covered in this report is segmented –
1) By Type: Radiation Hardened, Radiation Tolerant
2) By Component: Microprocessors And Controllers, Sensors, Application Specific Integrated Circuits, Memory Chips, Power Source Cables, Discrete Semiconductors, Other Components
3) By Platform: Satellite, Launch Vehicles, Deep Space Probes
4) By Application: Communication, Earth Observation, Navigation, Global Positioning System (GPS), Technology Development And Education, Other Applications
Subsegments:
1) By Radiation Hardened: Analog Components, Digital Components, Power Management ICs, Mixed-Signal Components
2) By Radiation Tolerant: Microprocessors, FPGAs (Field Programmable Gate Arrays), Memory Devices, Logic Devices
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What New Trends Are Influencing The Space Electronics Market?
Innovation in product offerings is a defining trend in the space electronics market. The major industry players are focusing on developing innovative products to enhance their market position. For instance, VPT Inc., a company based in the US that operates in the space electronics sector, unveiled the VSC Series of commercial off-the-shelf (COTS) products in July 2022. These were created for new space applications, adding to their space product catalogue. The series is notable for its Total Ionizing Dose (TID) capabilities, including Low Dose Rate (LDR) and Single Event Effects. Aimed at smaller satellites in low earth orbits (LEO) and NASA Class D missions, the design caters to the critical balance between cost-effectiveness and guaranteed performance. The product incorporates unique features such as radiation being tested to 42 MeV/mg/cm2 and guaranteed at 30 MeV/mg/cm2 for SEE, while also being tested to 50 krad (Si). Furthermore, a comprehensive range of input EMI filters are provided to adhere to MIL-STD-461 or equivalent emission standards.
Who Are the Key Players In The Space Electronics Market?
Major companies operating in the space electronics market include:
• BAE Systems PLC
• Texas Instruments
• Inc.
• Cobham PLC
• Honeywell International Inc.
• STMicroelectronics
• Teledyne e2v (UK) Ltd.
• TT Electronics
• Ruag Group
• Infineon Technologies
• Onsemi
• Renesas Electronics Corporation
• Analog Devices Inc.
• Microchip Technology Inc.
• NXP Semiconductors
• Vishay Intertechnology Inc.
• Silicon Laboratories Inc.
• L3Harris Technologies Inc.
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• Raytheon Technologies Corporation
• Thales Group
• Airbus Defence and Space
What Is The Most Dominant Region In The Space Electronics Market?
North America was the largest region in the space electronics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the space electronics market report during the forecast period. The regions covered in the space electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
