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Space Electronics Market Estimated Growth, Trends, Size, Share And Analysis 2024-2033
Space Electronics Market Estimated Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
Rising investment in space programs is expected to propel the growth of the space electronics market going forward. Space programs refer to organized and coordinated efforts by governments, space agencies, or private entities to explore, utilize, and understand outer space. Rising investment in space electronics facilitates the development of advanced technologies crucial for satellite communication, exploration, and scientific research. For instance, in 2022, according to the National Aeronautics and Space Administration (NASA), a US-based government agency, in the fiscal year 2021, the agency had a total budget of $28 billion, marking a rise of $186 million, or one percent, compared to the fiscal year 2020. Therefore, the rising investment in space programs is driving the growth of the space electronics market.
Product innovation is a key trend in the space electronics market. Major players in the space electronics industry are concentrating on creating innovative product solutions to improve their market share. For instance, in July 2022, VPT Inc., a US-based company operating in space electronics, introduced the VSC Series of commercial off-the-shelf (COTS) products intended for new space applications as part of the space product line. This series has been distinguished for Total Ionizing Dose (TID) performance, including Low Dose Rate (LDR) and Single Event Effects. The series has been designed for smaller satellites in low earth orbits (LEO) and NASA Class D missions where the balance of cost and guaranteed performance is critical. The product has unique features such as radiation being tested to 42 MeV/mg/cm2 and guaranteed at 30 MeV/mg/cm2 for SEE, and also tested to 50 krad (Si). A full line of input EMI filters has been available to meet MIL-STD-461 or equivalent emission requirements.
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Major Key Players of the Market:
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
Space Electronics Market 2024 Key Insights:
• 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%.
• Increasing Number Of Satellites Driving Growth Of Space Electronics Market
• Product Innovation In The Space Electronics Market
• North America was the largest region in the space electronics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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