Press release
Space On-board Computing Platform Market Trends, Growth, New Opportunities 2024-2033
Space On-board Computing Platform Market
The Business Research Company offers in-depth market insights through Space On Board Computing Platform Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The space on-board computing platform market size has grown rapidly in recent years. It will grow from $1.35 billion in 2023 to $1.51 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to increased demand for earth observation data, growth in satellite constellations, advances in satellite technology, need for onboard data processing, rise of cubesat and small satellite deployments.
The space on-board computing platform market size is expected to see rapid growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to expansion of commercial space activities, increased adoption of edge computing in space, growth in deep space exploration missions, demand for autonomous satellite operations,use of quantum computing in space applications. Major trends in the forecast period include integration of artificial intelligence in space computing, software-defined space systems, high-performance computing in space, onboard machine learning and analytics, miniaturization of space computing components.
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Market Segmentation:
The space on-board computing platform market covered in this report is segmented -
1) By Platform: Nano Satellite, Microsatellite, Small satellite, Medium satellite, Large satellite, Spacecraft
2) By Technology: Cots, Non-Cots
3) By Orbit: Low Earth Orbit (LEO), Medium Earth Orbit (MEO), Geostationary Earth Orbit (GEO)
4) By Communication Frequency: S-Band, X-Band, C-Band, K-Band, Other Communication Frequencies
5) By Application: Communication, Earth Observation, Navigation, Meteorology, Other Applications
Major Driver - Elevating Space-On-Board Computing With The Surge In Space Exploration Missions
The rise in space exploration missions is expected to propel the growth of the space-on-board computing platform market going forward. Space on-board computing platforms are commonly used in a number of space exploration missions due to their capabilities of gathering information using various applications, data storing, analyzing, and distributing the collected data to provide mapping and navigation in earth and space exploration missions. Additionally, space on-board computing is capable of allowing the applications to adapt to new situations or needs and rapidly deploy new updates or algorithms to existing systems for image analysis in space explorations or missions. For instance, in November 2021, according to an article by Seed Scientific, a US-based recruitment hub in the field of science, around 8,378 satellites were launched into space and NASA's budget for space exploration budget has increased by 3% in the year 2021 as compared to the previous years with $ 23.3 billion. Therefore, the rising number of space exploration missions is driving the space on-board computing platform market growth.
Competitive Landscape:
Major companies operating in the space on-board computing platform market report are BAE Systems plc, Thales Group, L3Harris Technologies Inc., Lockheed Martin Corporation, Honeywell International Inc., Raytheon Technologies Corporation, Saab AB, Northrop Grumman Corporation, Airbus SE, Ball Corporation, Cobham Gaisler AB, Contec Co Ltd, EnduroSat, G. A. U. S. S. Srl, International Business Machines Corporation (IBM), Leonardo S. p. A., Loft Orbital, Space Tango, ST Engineering, Teledyne Technologies Inc., MDA Corporation, Ramon Space, LMO Space, Space Micro Inc., Space Exploration Technologies Corp. (SpaceX), Blue Canyon Technologies, AAC Clyde Space, Astro Digital, Axelspace Corporation, BlackSky Global LLC
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Top Trend - Revolutionizing Onboard Computing With Technological Advancements In Space
Technological advancements have emerged as the key trend gaining popularity in the onboard computing platform market. Major companies operating in the space on-board computing platform sector are focused on developing innovative technologies that could provide better solutions and services to various industries to optimize their business operations and strengthen their position in the market. For instance, in March 2022, RAMON SPACE, a US-based company operating in the space on-board computing platform market, launched NuStream, an advanced data-driven space computing infrastructure platform that utilizes in-house radiation-hardened technology. Radiation-hardened technology makes electronic components resistant to cosmic or natural magnetic radiation so that they can operate in harsh conditions without compromising performance. NuStream is capable of delivering highly reliable storage capabilities to meet unique environmental requirements with optimized size, weight, and cost.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Space On Board Computing Platform Market Characteristics
3. Space On Board Computing Platform Market Trends And Strategies
4. Space On Board Computing Platform Market - Macro Economic Scenario
5. Space On Board Computing Platform Market Size And Growth
…..
27. Space On Board Computing Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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