Press release
Space Electronics Market Size, Top Trends, Outlook Report To 2024 To 2033
Space Electronics Market
The Business Research Company presents an extensive market research report on the Space Electronics Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The space electronics market size has grown strongly in recent years. It will grow from $2.5 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to space exploration initiatives, significant investment in satellite manufacturing, increase in demand for space electronics products, rising prevalence of space operations, rising satellite launch and deep space activities..
The space electronics market size is expected to see strong growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to radiation-hardened space electronics market growth, rise in launch activities, miniaturization and increased efficiency, rapid growth in investment in space ventures, adoption of new materials for better fabrication of space electronics.. Major trends in the forecast period include advancements in radiation-tolerant semiconductor technologies, digitalization and software-defined systems, high-performance computing for space missions, photonics and optoelectronics in space communication, focus on cybersecurity in space systems, sustainable electronics for space..
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Key Market Players:
Major companies operating in the space electronics market report are BAE Systems plc, Microsemi Corporation, Texas Instruments, Inc., Xilinx Inc., Cobham PLC, Honeywell International Inc., STMicroelectronics, Teledyne e2v (UK) Ltd., TT Electronics, Ruag Group, Infineon Technologies, Onsemi, Renesas Electronics Corporation, Analog Devices Inc., Microchip Technology Inc., Maxim Integrated, NXP Semiconductors, Vishay Intertechnology Inc., Intersil Corporation, Silicon Laboratories Inc., Skyworks Solutions Inc., Qorvo Inc., Broadcom Inc., Marvell Technology Group Ltd., Qualcomm Technologies Inc., L3Harris Technologies Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, Airbus Defence and Space
Market Drivers:
An increase in number of satellites is expected to propel the growth of the space electronics market going forward. A satellite refers to any object that circles a planet, star, or moon. Satellites are vulnerable to charging and discharging and require space components, such as space electronics, with no floating metal. For instance, in 2021, according to the Satellite Industry Association, a US-based organization representing the top domestic satellite operators, service providers, manufacturers, launch service providers, and ground equipment suppliers, 1,713 commercial satellites were deployed, a rise of more than 40% from 2020, and the space sector launched more satellites than ever before. A total of 4,852 satellites would orbit the planet by the end of 2021, a 179% increase over the previous five years. Therefore, the increasing number of satellites is driving the growth of the space electronics market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/space-electronics-global-market-report
The space electronics market covered in this report is segmented -
1) By Type: Radiation Hardened, Radiation Tolerant
2) By Component: Microprocessors And Controllers, Sensors, Application Specific Integrated Cicuits, Memory Chips, Power Source Cables, Discrete Semiconductors, Other Components
3) By Platform: Satellite, Launch Vehicles, Deep Space Probes
4) By Application: Communication, Earth Observation, Navigation, Global Positioning System (GPS) , Technology Development And Education, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
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