Space Electronics Market is Expected to reach $4.8 Billion by 2028: Report
The global space electronics market was valued at $3.3 billion in 2021, and is projected to reach $4.8 billion by 2028, according to a new report from Brandessence Market Research.
Space electronics is a term used to express the electronic equipment and systems utilized in spacecraft. Space electronics assume a crucial part in all aspects of spacecraft operations, from power age and distribution to information handling, navigation, and communication. They are likewise fundamental for the control of spacecraft attitude (direction) and orbit. Space electronics covers a broad range of gadgets like controllers, memory chips, microprocessors, and application-specific integrated circuits (ASIC) among others that are designed and produced for application in satellites, rocket launchers, and deep space tests. These electronics are exposed to outrageous radiation, vibrations, and other brutal climate in space, representing a demand for radiation therapy that permits them to work flawlessly in cruel environments. Each space electronics are either radiation-solidified or radiation tolerant, contingent on their extent of application and administrator specification.
One of the major factors driving the growth of the space electronics market is the increasing satellite launch & deep space activities. For instance, according to the Union of Concerned Scientists, in 2021, a shocking 836 satellites were launched into space, pushing the complete number of active satellites to more than 4,000 interestingly. At present, satellites are utilized for a range of essential and fundamental operations like internet connectivity, weather tracking, broadcasting television programs, broadcasting TV programs, cell phone signals, research, development, and laying out secure communication organizations. The rising implementation of automation in satellite tasks has likewise brought about expanded use of electronics parts, inside the space segment. The increase in satellite launches have created demand for different electronic components and other peripheral systems, pushing industry players to investigate new strategies to take special care of the rising demand.
In addition, rising investment in the space community is also boosting the market growth. For example, in 2021, SpaceX laid out a collection of 653 Starlink satellites and plans to launch other 12,000 satellites by 2027. Then again, Amazon intends to launch 3,236 little satellites throughout the next few years. Demand for this specialty has grown significantly as a result of the commercial industry's increasing reliance on products and services supplied by the space economy, such as mobile communications, mobile asset tracking, data connections, broadband connections, and home televisions of space electronics. Hence, private players are making eminent investments inside the space domain to take special care of the growing demand on the business front. Also, the developing contribution of a few nations in the space community, as well as the expanded demand for cheaper electronic parts, is supposed to drive demand for the worldwide space electronics market.
Moreover, the rising number of technological advancements in microprocessors and FPGAs is another factor supplementing the market growth. For instance, as per the news published, on May 19th, 2020; Xilinx lifts off with the launch of the industry's first 20nm space-grade FPGA for satellite and space applications. However, the complex designs of space electronic devices and their complex integration process may hamper the growth of the global space electronics market. In spite of that, market entrance of commercial space companies can offer more opportunities for the further growth of the space electronics market.
The global space electronics market is segmented on the basis of the component, platform, application, and region & country level. On the basis of components, the global space electronics market is segmented into sensors, memory chips, microprocessors & controllers, application specific integrated circuits (ASIC), power source & cables, discrete semiconductors, and others. Based on platform, the market is segmented into launch vehicle, satellite, and others. Based on application, the global space electronics market is segmented into earth observation, communication, technology development & education, navigation & surveillance and other.
(Source: Brandessence Market Research news release. Image from file)