Space Electronics Market Size to reach an estimated value of US$ 1,620.5 million in 2024
February 03, 2020
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 space electronics market is projected to reach an estimated value of US$ 1,620.5 million in 2024.
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
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Space Electronics Market Segment Insights:
By Platform Type:
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:
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:
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.
By Region:
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.
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· 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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