Space Electronics Market Analysis: $3.55 Billion by 2029 With a CAGR of 6.1%

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Space Electronics Market Value Projection: How Much Will the Market Size by 2025?
The size of the space electronics market has seen a substantial increase in recent years. The market, valued at $2.63 billion in 2024, is projected to expand to $2.8 billion in 2025. This growth suggests a compound annual growth rate (CAGR) of 6.5%. Factors contributing to this escalation during the historic period include intensified space exploration initiatives, considerable investments in satellite manufacturing, an amplified demand for space electronics merchandise, an increase in space operations, and enhanced satellite launch and deep space activities.

What Will Be the Market Growth Forecat for Space Electronics in 2029?
Anticipated to experience robust growth in the approaching years, the size of the space electronics market is slated to ascend to $3.55 billion by 2029, marking a compound annual growth rate (CAGR) of 6.1%. The predicted surge within the forecasting period can be ascribed to the expansion of the radiation-hardened space electronics market, escalating launch activities, the miniaturization and enhancement of efficiency, swift escalation in investments towards space undertakings, and the adoption of innovative materials for superior fabrication of space electronics. The impending period is poised to witness advancement in radiation-tolerant semiconductor technologies, digitization and software-controlled systems, high-capability computing for space missions, photonics and optoelectronics harnessed in space communication, emphasis on cybersecurity in space systems, and sustainable electronics for space.

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What Are the Core Competitive Drivers in the Space Electronics Industry?
The surge in satellite numbers is projected to spur the expansion of the space electronics market. Essentially, a satellite is any object that orbits a star, moon, or planet. This surge in satellite numbers is largely due to an escalating demand in worldwide communication and connectivity. As they are susceptible to charging and discharging, satellites necessitate space components with no floating metal, such as space electronics. For example, the Organisation for Economic Co-operation and Development, an intergovernmental organization based in France, stated that in 2023, the quantity of operational satellites circling the earth increased from the previous years, exceeding 6,700 by 2022. As such, the escalating satellite numbers are fueling the space electronics market's growth.

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Which Space Electronics Market Segment Is Projected to See the Fastest Growth?
The space electronics market covered in this report is segmented -

1) By Type: Radiation Hardened, Radiation Tolerant
2) By Component: Microprocessors And Controllers, Sensors, Application Specific Integrated Circuits, Memory Chips, Power Source Cables, Discrete Semiconductors, Other Components
3) By Platform: Satellite, Launch Vehicles, Deep Space Probes
4) By Application: Communication, Earth Observation, Navigation, Global Positioning System (GPS), Technology Development And Education, Other Applications

Subsegments:
1) By Radiation Hardened: Analog Components, Digital Components, Power Management ICs, Mixed-Signal Components
2) By Radiation Tolerant: Microprocessors, FPGAs (Field Programmable Gate Arrays), Memory Devices, Logic Devices

Which Trends Are Opening New Opportunities in the Space Electronics Market?
Product innovation stands out as a significant trend in the space electronics sector. Notably, companies are focusing on creating novel product solutions to bolster their presence in the market. For instance, VPT Inc., an American firm in the space electronics realm, debuted its VSC Series of commercial off-the-shelf (COTS) products in July 2022. These newly introduced products are tailored for emerging space applications and they form part of the space product range. The distinguishing attributes of this series include Total Ionizing Dose (TID) performance elements like Low Dose Rate (LDR) and Single Event Effects. The series is primarily designed for smaller satellites operating in low earth orbits (LEO) and for NASA Class D missions where maintaining the trade-off between cost and guaranteed performance is crucial. Specifically, this product is unique for its radiation tested to 42 MeV/mg/cm2 and assured at 30 MeV/mg/cm2 for SEE, also it's tested up to 50 krad (Si). An extensive range of input EMI filters is also made available to meet either MIL-STD-461 or equivalent emission standards.

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Who Are the Leaders in the Space Electronics Market?
Major companies operating in the space electronics market are BAE Systems PLC, Texas Instruments, 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., NXP Semiconductors, Vishay Intertechnology Inc., Silicon Laboratories Inc., L3Harris Technologies Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, Airbus Defence and Space

Which Regional Space Electronics Markets Offer the Greatest Growth Potential?
North America was the largest region in the space electronics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the space electronics market report during the forecast period. The regions covered in the space electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This release was published on openPR.