Space Electronics Market is Forecasted to Reach US$ 1.6 billion in 2024, Says Stratview Research

The global space electronics market is projected to witness a growth rate of 4.4% annually from 2019 to 2024, with an anticipated size of US$ 1.6 billion by 2024, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global space electronics market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/309/Space-Electronics-Market.html#form

Report Highlights:
Market Size in 2024: US$ 1.6 billion
Growth (CAGR): 4.4% during 2019-2024
Forecast Period: 2019-2024
Trend Period: 2013-2017
Base Year: 2018
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Space Electronics Market:

The global space electronics market is segmented based on platform type, component type, product type, subsystem type, and region.

Based on platform type - "The satellite segment is projected to drive growth in the market throughout the forecast period."
The market is segmented into such as satellite, launch vehicle, and others. The satellite segment is expected to remain the growth engine of the global space electronics market during the forecast period. Increasing participation of commercial space companies, such as Space X, OneWeb Satellites, and Sky and Space Global Ltd, and an expected launch of more than 4,000 satellites during 2018-2023 would propel the demand for electronics in the satellite segment in years to come.

Based on component type - "The integrated circuits are expected to remain the dominant component type in the market during the forecast period."
The market is segmented as discrete semiconductors, optoelectronics, integrated circuits, and others. The integrated circuits are expected to remain the most dominant component type in the market during the forecast period. Increasing demand for electronics that are smaller in size and lighter in weight and consume lesser power (reduced SWaP), is the driving force of integrated circuits in the total space electronics market.

Based on product type - "The radiation-tolerant segment is expected to experience significant growth during the forecast period."
The market is segmented into radiation-hardened electronics and radiation-tolerant electronics. Both, radiation-hardened as well as radiation-tolerant electronic segments, are likely to grow at healthy growth rates over the next five years; however, the radiation-tolerant segment is likely to witness higher growth during the forecast period. Increasing demand for COTS (Commercial-off-the-Shelf) components, drastically lowering launch costs from commercial space companies, and growing demand for small satellites, especially for earth observation, communication, and networking applications are the key whys and wherefores behind the higher growth of the radiation-tolerant space electronics market.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/309/Space-Electronics-Market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America will dominate the space electronics market, with Europe and Asia-Pacific also showing strong growth prospects. This growth outlook is majorly attributed to the following-

• NASA is the largest space agency in the world, which is largely involved in space-related activities located in the USA. Furthermore, the market entry of commercial space companies, such as Space X, propel the region's demand for space electronics in the coming years.
• Europe and Asia-Pacific are also likely to offer good growth opportunities in the coming years. India, China, and Russia will be the new growth engines of the European and Asia-Pacific space electronics market in the coming years.

Space Electronics Market Drivers:

Some of the key drivers listed in the report are given below.
• Increasing production of satellites, tiny satellites.
• Market entry of commercial space companies.
• Increasing involvement of several countries in the space community.
• Increased demand for reducing the cost of electronic components.
• Technological advancements.

Top Companies in the Space Electronics Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• BAE Systems Plc.
• Cobham Plc.
• Honeywell International Inc.
• Microsemi Corporation
• Texas Instruments.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Space Electronics Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Space Launch Vehicle Services Market: https://www.stratviewresearch.com/3668/space-launch-vehicle-services-market.html
• Small Satellites Market: https://www.stratviewresearch.com/1920/small-satellites-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.