Space Electronics Market Report

Market Insights

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 global space electronics market is projected to reach an estimated value of US$ 1,620.5 million in 2024. 

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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

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 the 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 to operate reliably for eons in the harsh space environment but at a very high cost.

Segments' Analysis

Space Electronics Market Share by Platform Type

The global space electronics market is segmented based on platform type 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 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.

Space Electronics Market Share by Component Type

Based on the component type, the space electronics 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 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.

Space Electronics Market Share by Product Type

Based on the product type, the global space electronics market is segmented as 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 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.

Regional Insights

Based on the 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 would be the new growth engines of the European and Asia-Pacific’s space electronics market in the coming years.

Market Scope & Segmentation

The market is segmented in the following ways:

Space Electronics Market Size, Share & Forecast by Platform Type:

• Satellite (Regional Analysis: NA, Europe, APAC, and RoW)
• Launch Vehicle (Regional Analysis: NA, Europe, APAC, and RoW)
• Others (Regional Analysis: NA, Europe, APAC, and RoW)

Space Electronics Market Size, Share & Forecast by Component Type:

• Discrete Semiconductors (Regional Analysis: NA, Europe, APAC, and RoW)
• Optoelectronics (Regional Analysis: NA, Europe, APAC, and RoW)
• Integrated Circuits (Regional Analysis: NA, Europe, APAC, and RoW)
• Others (Regional Analysis: NA, Europe, APAC, and RoW)

Space Electronics Market Size, Share & Forecast by Subsystem Type:

• Electrical Power Subsystem (Regional Analysis: NA, Europe, APAC, and RoW)
• Attitude & Velocity Control Subsystem (Regional Analysis: NA, Europe, APAC, and RoW)
• Telemetry, Tracking & Command Subsystem (Regional Analysis: NA, Europe, APAC, and RoW)
• Communication Subsystem (Regional Analysis: NA, Europe, APAC, and RoW)
• Others (Regional Analysis: NA, Europe, APAC, and RoW)

Space Electronics Market Size, Share & Forecast by Product Type:

• Radiation Hardened (Regional Analysis: NA, Europe, APAC, and RoW)
• Radiation Tolerant (Regional Analysis: NA, Europe, APAC, and RoW)

Space Electronics Market Size, Share & Forecast by Region:

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: ESA, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Latin America, The Middle East, and Others)

Key Players

The supply chain of this market comprises raw material suppliers, electronic component manufacturers, subsystem manufacturers, spacecraft manufacturers, and space agencies or launch service providers.

The key space electronic component manufacturers are-

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

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.

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Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of 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. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This report, from Stratview Research, studies the global space electronics market over the forecast period of 2019 to 2024 and trend period of 2013 to 2018. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• 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.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the component types by application type.

Competitive Benchmarking

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

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.