Space Electronics Market Worth US$ 1,557.9 million in 2023

Stratview Research has published a new research report on Space Electronics Market. This extensive 245-page report by Stratview Research analyses the growth of Space Electronics Market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023 under the following segments -
● by Platform Type (Satellite, and Others)
● by Component Type (Discrete Semiconductors, and Others)
● by Subsystem Type (Electrical Power Subsystem, and Others)
● by Product Type (Radiation-Hardened Electronics, and Others)
● and by Region (North America, Europe, Asia-Pacific, and RoW)

Go through the detailed scope: https://www.stratviewresearch.com/toc/309/Space-Electronics-Market.html

Or

Get a free sample of the report: https://www.stratviewresearch.com/Request-Sample/309/Space-Electronics-Market.html

Increasing production of satellites in the up-coming five years

The next five years for the space electronics market are going to be resilient with having sizeable growth opportunities for both existing as well as new players. The space electronics market is projected to reach an estimated value of US$ 1,557.9 million in 2023. Increasing production of satellites, especially small satellites; market entry of commercial space companies; increasing involvement of a number of countries in the space community; an increased demand for reducing the cost of electronic components; and the technological advancements are some major factors that are burgeoning the demand for electronics in the space industry.

Hazardous environment in space

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.

Satellite segment is expected to remain the growth engine

The 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 space electronics market during the forecast period of 2018 to 2023. 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.

Integrated circuits to remain the most dominant

Based on the component type, the space electronics market is segmented as Discrete Semiconductors, Optoelectronics, Integrated Circuits, and Others. Integrated circuits are expected to remain the most dominant component type in the total space electronics market during the forecast period of 2018 to 2023. 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.

Increasing demand for Commercial-off-the-Shelf components

Based on the product type, the 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 years; 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.

North America to remain the largest market

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.

Top market 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, and Texas Instruments. Development of low-cost electronics, regional expansion, and mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

Why Stratview Research

Our 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 on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
● Space Electronics Market overview, industry life cycle analysis, supply chain analysis
● Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
● Market trend (2012 – 2017) and forecast analysis (2018-2023) of each segment.
● Competitors’ market share, product portfolio and new launches.
● Growth opportunities in each segment.
● Emerging trends which will decide the future course of development.
● Strategic growth opportunities for the existing and new players
● Key success factors.

Click Here for Other Reports from Stratview Research in the Aerospace & Defence Industry: https://www.stratviewresearch.com/market/report/Aerospace-Defense.html

Stratview Research is a global market intelligence firm offering a wide range of services including syndicated market reports, consulting, sourcing intelligence, and customer research.

400 Renaissance Center,
Suite 2600,
Detroit, Michigan, MI 48243
United States of America
Phone No. +1-313-307-4176
Email-sales@stratviewresearch.com

This release was published on openPR.