Press release
Space Electronics Market to Reach $5.36 Billion by 2031 - Allied Market Research
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Major determinants of the market growth
Surge in satellite launch and deep space activities, increase in use of re-usable launch systems, cubesats, and software defined satellites, and integration of SATCOM in communication industry have boosted the growth of the global space electronics market. However, dearth of semiconductors and surge in space debris along with decreasing space slots in LEO hinder the market growth. On the contrary, surge in demand for COTS components and shift from radiation hardened to radiation tolerant components would unlock new opportunities in the future.
Covid-19 scenario:
The Covid-19 pandemic had a negative impact on satellite manufacturing due to shortage of semiconductors across the globe and rise in demand for consumer electronics.
The dis supply rupted resulted in delays in production cycles, enforcing companies to incur losses.
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The satellite segment to manifest the highest CAGR through 2031
By platform, the satellite segment is estimated to portray the highest CAGR of 5.56% during the forecast period. In addition, the segment held the largest share in 2021, accounting for around two-thirds of the global space electronics market, owing to surge in initiatives taken by private players such as SpaceX and Amazon to establish communication satellite constellation. The report includes an in-depth analysis of the launch vehicles and deep space probes segment.
The communication segment dominated the market
By application, the communication segment held the largest share in 2021, contributing to nearly half of the global space electronics market. In addition, the segment is projected to manifest the highest CAGR of 5.54% during the forecast period, owing to rise in dependency of end-users on satellite communication for day-to-day activities. The report also analyzes the segments including earth observation, navigation, global positioning system (GPS) and surveillance, technology development and education, and others.
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North America held the lion's share
By region, the market across North America held the largest share in 2021, accounting for more than two-fifths of the market. This is due to presence of major market players within space electronics market backed by space initiatives by government. However, the global space power electronics market across Asia-Pacific is expected to register the highest CAGR of 5.97% during the forecast period, owing to initiatives taken by the regional government to support indigenous manufacturing capacities within the space segment.
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Major market players
BAE Systems
Cobham
Honeywell International Inc.
Microsemi Corporation
Texas Instruments
STMicroelectronics
Teledyne e2v (UK) Ltd.
TT Electronics, Xilinx Inc.
Ruag Group
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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