Space Electronics Market Growth Analysis | 2019-2024

Market Insights

The space electronics market was estimated at USD 1.2 billion in 2018 and is likely to grow at a CAGR of 4.4% during 2019-2024 to reach USD 1.6 billion in 2024.

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Market Dynamics

Introduction

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 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 of operating reliably for eons in the harsh space environment but at a very high cost.

Market Drivers

The next five years for the space electronics market will be attractive with sizeable growth opportunities for both existing and new players. The factors driving the demand for space electronics are noted below.

• Increasing production of satellites, tiny satellites.
• Market entry of commercial space companies.
• Increasing involvement of several countries in the space community.
• Increased demand for reducing the cost of electronic components.
• Technological advancements.

Segments Analysis

By Platform Type

“The satellite segment is projected to drive growth in the market throughout the forecast period.”

The market is segmented into such 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. 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 dominant component type in the market during the forecast period.”

The 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 market during the forecast period. 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

“The radiation-tolerant segment is expected to experience significant growth during the forecast period.”

The market is segmented into 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 years; however, the radiation-tolerant segment is likely to witness higher growth during the forecast period. Increasing demand for COTS (Commercial-off-the-Shelf) components, drastically lowering launch costs 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

“North America will dominate the space electronics market, with Europe and Asia-Pacific also showing strong growth prospects.”

The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of 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 will be the new growth engines of the European and Asia-Pacific space electronics market in the coming years.

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Key Players

The following are the key players in the Space Electronics Market (arranged alphabetically)

• BAE Systems Plc.
• Cobham Plc.
• Honeywell International Inc.
• Microsemi Corporation
• Texas Instruments.

The supply chain of this market comprises raw material suppliers, electronic component manufacturers, subsystem manufacturers, spacecraft manufacturers, and space agencies or launch service providers. Development of low-cost electronics, regional expansion, and mergers & acquisitions are the key strategies adopted by the key players to gain a competitive edge in the market.

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s space electronics market realities and future market possibilities for the forecast period of 2019 to 2024. After a continuous interest in our space electronics market report from the industry stakeholders, we have tried to further accentuate our research scope to the space electronics market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a 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. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Customization Options

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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