What Transformation Has the Space On-board Computing Platform Market Undergone?
The space on-board computing platform market has seen considerable growth due to a variety of factors.
• The market size of the space on-board computing platform has experienced a significant surge lately. In 2024, it was valued at $1.48 billion before quickly increasing in the following year to $1.64 billion, which corresponds to a compound annual growth rate (CAGR) of 11.0%.
This kind of growth was realized due to several key factors such as higher demand for data related to earth observation, the expansion of satellite constellations, advancements in satellite technology, the requirement for onboard data processing and the rise in the deployment of CubeSat and small satellites.
How Will The Space On-board Computing Platform Market Size Evolve In The Foreseeable Future?
The space on-board computing platform market is expected to maintain its strong growth trajectory in upcoming years.
• The market for space on-board computing platform is predicted to experience an accelerated growth rate in the immediate future. It is projected to escalate to a size of $2.8 billion by 2029, with a compound annual growth rate of 14.3%.
The surge during the predicted period can be credited to the growth of commercial space activities, rising implementation of edge computing in space, an increase in deep space exploration missions, a growing need for independent satellite operations, and the use of quantum computing in space applications. Key trends expected during this period include the incorporation of artificial intelligence in space computing, the advent of software-defined space systems, high-performance computing in space, onboard machine learning and analytics, and the shrinking size of space computing components.
Which Key Drivers Are Propelling The Space On-board Computing Platform Market's Growth?
The anticipated increase in space exploration endeavors is likely to stimulate the expansion of the space on-board computing platform market. Space on-board computing platforms are frequently utilized in a variety of space exploration tasks, thanks to their ability to collect data using numerous applications, store, analyze, and distribute the acquired data for mapping and navigation in ground and space exploration initiatives. In addition, space on-board computing can enable these applications to quickly adapt to new scenarios or requirements, swiftly launching new updates or algorithms for image analysis in space explorations. For example, in November 2023, the United Nations Office for Outer Space Affairs (UNOOSA), responsible for promoting space activities and coordinating space policies and programs, recorded over 2,050 satellite registrations in 2022. Moreover, in 2023, it has already registered 2,250 satellites, representing 35 percent of all satellites. Hence, the escalating frequency of space exploration missions is propelling the growth of the space on-board computing platform market.
What Are The Key Segments Within The Global Space On-board Computing Platform Market?
The space on-board computing platform market covered in this report is segmented –
1) By Platform: Nano Satellite, MicroSatellite, Small Satellite, Medium Satellite, Large Satellite, Spacecraft
2) By Technology: Cots, Non-Cots
3) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO)
4) By Communication Frequency: S-Band, X-Band, C-Band, K-Band, Other Communication Frequencies
5) By Application: Communication, Earth Observation, Navigation, Meteorology, Other Applications
Subsegments:
1) By Nano Satellite: 1U CubeSats, 3U CubeSats, Other Nano Satellites
2) By Microsatellite: 10-100 Kg Satellites, Specialized Microsatellites
3) By Small Satellite: 100-500 Kg Satellites, Small Science Satellites
4) By Medium Satellite: 500-2,000 Kg Satellites, Medium Communication Satellites
5) By Large Satellite: Over 2,000 Kg Satellites, Large Earth Observation Satellites
6) By Spacecraft: Manned Spacecraft, Unmanned Spacecraft, Space Probes
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How Are New Trends Impacting The Size Of The Space On-board Computing Platform Market?
Major businesses in the on-board computing platform market, like Firefly Aerospace and Klepsydra Technologies, are forming strategic partnerships to better integrate their technologies and broaden their market presence. The concept of a strategic partnership often entails multiple companies coming together and pooling their resources, know-how, and energies to achieve shared aims. As an example, in April 2024, U.S.-based Firefly Aerospace teamed up with Klepsydra Technologies, a software firm from Switzerland. The collaboration involved hosting an AI application on Firefly's Elytra vehicle, which is scheduled for a launch on the Alpha rocket later in the year. The Elytra vehicle, an edge computing platform, is designed to process data on orbit, in real time, thus facilitating a range of software applications. Klepsydra, on the other hand, plans to utilize Elytra to examine its AI navigation modules for attitude adjustment, guidance, and management, as well as to test a cloud detection algorithm. The primary objective of this partnership is to demonstrate dynamic AI application swapping and to promote Klepsydra's AI-as-a-service offerings.
Who Are the Key Players in the Space On-board Computing Platform Market?
Major companies operating in the space on-board computing platform market include:
• BAE Systems plc
• Thales Group
• L3Harris Technologies Inc.
• Lockheed Martin Corporation
• Honeywell International Inc.
• Raytheon Technologies Corporation
• Saab AB
• Northrop Grumman Corporation
• Airbus SE
• Ball Corporation
• Cobham Gaisler AB
• Contec Co Ltd
• EnduroSat
• G. A. U. S. S. Srl
• International Business Machines Corporation (IBM)
• Leonardo S. p. A.
• Loft Orbital
• Space Tango
• ST Engineering
• Teledyne Technologies Inc.
• MDA Corporation
• Ramon Space
• LMO Space
• Space Micro Inc.
• Space Exploration Technologies Corp. (SpaceX)
• Blue Canyon Technologies
• AAC Clyde Space
• Astro Digital
• Axelspace Corporation
• BlackSky Global LLC
What are the Regional Insights into the Space On-board Computing Platform Market?
North America was the largest region in the space on-board computing platform market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the space on-board computing platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
