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Space Sensors And Actuators Market Analysis 2024-2033: Share, Drivers, Growth
Space Sensors And Actuators Market Analysis
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According to The Business Research Company's, The space sensors and actuators market size has grown rapidly in recent years. It will grow from $6.11 billion in 2023 to $7.3 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to investments in r&d, space debris mitigation, global positioning systems (gps), scientific and space research, military and defense applications, remote sensing and earth observation.
The space sensors and actuators market size is expected to see rapid growth in the next few years. It will grow to $14.37 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to commercialization of space activities, focus on cost efficiency, emergence of small satellite platforms, precision and reliability requirements, ai and autonomous systems in space. Major trends in the forecast period include miniaturization and advanced technologies, increased space exploration missions, demand for remote sensing and earth observation, iot and connectivity in space, cost reduction in space missions.
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Market Drivers and Trends:
Robust government support will drive the growth of the space sensors and actuators market in the forecast period. Government investment will support research and development activities, new technology developments and projects in different industries including aerospace and defense. For example, in September 2023, The UK Space Agency (UKSA), a UK-based executive agency responsible for the United Kingdom's civil space programme, will invest a further £65 million ($79.1 million) of funding for innovations that could boost U.K. leadership in space technologies and applications. The program provides an opportunity for the U.K. space sector to develop novel and valuable commercial innovations that could tackle challenges such as the use of satellite data to combat climate change or providing services to make in-orbit applications more sustainable. Therefore, robust government initiatives are expected to propel the growth of space sensors and actuators market in the forecast period.
Technological advancement is a key trend in the space sensors and actuators market. Major players are focusing on advancements in product technology, such as radiation-hardened space sensors, to gain a competitive edge in the market. For instance, in April 2022, Infineon Technologies LLC, a German-based semiconductor manufacturer, launched the first ferroelectric RAM (F-RAM) with a serial interface that has been radiation-hardened (rad-hard) for use in harsh situations. Compared to non-volatile EEPROM (electrically erasable programmable read-only memory) and serial NOR Flash devices for space applications, the new technologies provide unmatched dependability and data retention while using less energy.
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Major Key Players of the Market:
TE Connectivity Ltd., Ametek Inc., Analog Devices Inc., Bradford Space Inc., Honeywell International Inc., Innovative Sensor Technology IST AG, Lockheed Martin Corporation, Maxar Technologies Inc., MinebeaMitsumi Inc., Moog Inc., Northrop Grumman Corporation, Renesas Electronics Corporation, Teledyne UK Limited, Texas Instruments Incorporated, Cedrat Technologies SA, InnaLabs Limited, Leonardo DRS Inc., Sierra Nevada Corporation, Rüstungs Unternehmen AG, STMicroelectronics N.V., Raytheon Technologies Corporation, Digi-Key Electronics Pvt. Ltd., Minebea Intec GmbH, Ball Aerospace & Technologies Corp., BAE Systems plc, L3Harris Technologies Inc., Thales Group, Airbus Defence and Space, Safran Electronics & Defense, Sensata Technologies Holding plc, Kistler Holding AG, First Sensor AG, MTS Systems Corporation, Curtiss-Wright Corporation, Parker Hannifin Corporation, Woodward Inc., Eaton Corporation plc, Spanish Society of Engineering and Construction, Space Inventor A/S
Space Sensors And Actuators Market 2024 Key Insights:
• The space sensors and actuators market size is expected to see rapid growth in the next few years. It will grow to $14.37 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Increasing Satellite Launches Drive Demand For Space Sensors And Actuators
• Infineon Technologies' Breakthrough In Radiation-Hardened F-Ram Technology Signals A Technological Leap In Space Sensors And Actuators Market
• North America was the largest region in the space sensors and actuators market share in 2023
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