Semiconductor in Military and Aerospace Market to Hit $12.9 Billion by 2031, Growing at 7.6% CAGR

The global semiconductor in military and aerospace market size was valued at $6.3 billion in 2021, and is projected to reach $12.9 billion by 2031, growing at a CAGR of 7.6% from 2022 to 2031.

According to a new report published by Allied Market Research, titled, "Semiconductor in Military and Aerospace Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component, by Technology, by End Use, by Application : Global Opportunity Analysis and Industry Forecast, 2021-2031." The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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North America is looking forward to strengthen its domestic semiconductor manufacturing industry, therefore, in the U.S., government introduced a $54.2 billion CHIPS Act, which provides investment and incentive funds to build semiconductor manufacturing facilities in the U.S. Moreover, North America increasingly invests on satellite equipment to enhance defense and surveillance capabilities of the armed forces, modernization of existing communication in military platforms, critical infrastructure and law enforcement agencies using satellite systems, which in turn demand for enhanced semiconductor products, and are key factors expected to drive the semiconductor in military and aerospace market in North America. For instance, in March 2022, Vicor Corp. radiation-fault-tolerant DC-DC converter power modules use in Boeing-manufactured O3b mPOWER satellites. The O3b mPOWER ecosystem is a constellation of satellites in medium earth orbit (MEO) that SES use for delivering global connectivity services to customers across the globe.

Semiconductor manufacturers in the U.S. are partnering with defense organizations to manufacture semiconductor solutions for several defense and aerospace applications, which contribute in the growth of the market in the U.S. region. For instance, in February 2021, Global Foundries announced that it has partnered with the U.S. Department of Defense (DOD) to provide semiconductor solutions, manufactured at Global Foundries' most advanced semiconductor manufacturing facility "Fab 8" in Malta, New York. The newly manufactured semiconductor chips will be utilized in Department of Defense' sensitive applications for land, air, sea and space systems.

Factors such as rise in military expenditure, rise in aircraft upgradation and modernization programs, and use of radiation tolerant semiconductor components are expected to drive the market growth. However, scarcity of semiconductors is the factor that hampers the market growth. Furthermore, growth in investments by several governments in space technology, and defense modernization are the factors expected to offer lucrative opportunities for the market growth.

The semiconductor in military and aerospace market is segmented on the basis of component, technology, end use, application, and region. By component, it is fragmented into up to sensors, memory, opto electronics, logic, micro, analog, and others. By technology, it is categorized into surface mount technology, and through-hole technology. By end use, it is fragmented into military, and aerospace. By application, it is classified into communication, navigation, global positioning system & surveillance; imaging, radar & earth observation; munitions, and others. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Based on components, the memory segment held the highest market share in 2021, accounting for more than one-fourth of the global semiconductor in the military and aerospace market, and is estimated to maintain its leadership status throughout the forecast period.

Based on technology, the through-hole technology segment accounted for the largest share in 2021, accounting for around three-fifths of the global semiconductor in the military and aerospace market, and is projected to maintain its lead position during the forecast period.

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Based on end use, the military segment accounted for the largest share in 2021, accounting for around three-fourths of the global semiconductor in the military and aerospace market and is projected to maintain its lead position during the forecast period.

Based on application, the communication, navigation, global positioning system (GPS), and surveillance segment accounted for the largest share in 2021, accounting for around half of the global semiconductor in the military and aerospace market, and is projected to maintain its lead position during the forecast period.

Based on region, North America held the highest market share in terms of revenue in 2021 and is likely to dominate the market during the forecast period. North America includes the U.S., Canada, and Mexico. The market in this region experienced notable growth due to multiple military modernization & enhancement programs and increased spending by government and commercial organizations such as the National Aeronautics and Space Administration (NASA). The region is also expected to witness the highest CAGR of 8.8% from 2022 to 2031.

Key players operating in the global semiconductor in military and aerospace market include Advanced Micro Devices Inc. (Xilinx Inc.), Analog Devices, Inc., Infineon Technologies AG, Microchip Technology Inc., Northrop Grumman Corporation, NXP Semiconductors NV, ON Semiconductor Corporation, Raytheon Technologies Corporation, Teledyne Technologies Inc., and Texas Instruments Incorporated.

Key Finding of the Study:

➢ By component, the memory segment is anticipated to exhibit significant growth in the near future.
➢ By technology, the through-hole technology segment is anticipated to exhibit significant growth in the near future.
➢ By end use, the military segment is anticipated to exhibit significant growth in the near future.
➢ By application, the communication, navigation, global positioning system & surveillance segment is anticipated to exhibit significant growth in the near future.
➢ By region, North America is anticipated to register the highest CAGR during the forecast period.

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