Semiconductor in Military and Aerospace Market : An Analysis of Industry Developments and Growth Forecast by 2031

According to the report, the global semiconductor in the military and aerospace industry is expected to generate $6.3 billion in 2021 and is anticipated to generate $12.9 billion in 2031, witnessing a CAGR of 7.6% from 2022 to 2031.

The rise in military expenditure as well as growth in aircraft upgradation and modernization programs support the growth of the global semiconductor in the military and aerospace market. The use of radiation-tolerant semiconductor components also boosts the growth of semiconductors in the military and aerospace market. However, the scarcity of semiconductors is anticipated to restrict the market growth during the forecast period. Moreover, growth in investments by several governments in space technology and defense modernization is expected to present new opportunities in the coming years.

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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.

Canada is an eminent country with high-growth innovation hubs, and is working toward the expansion of its semiconductor manufacturing industry. Therefore, Canadian government announced funds to aid the country expand its presence in photonics and the manufacturing of semiconductors. For instance, in March 2022, The Government of Canada announced that it will invest $240 million to become a developer, manufacturer and global supplier of semiconductors with a four-step plan to expand chip development by 2050.

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Defense organizations in numerous countries across the globe are awarding contracts to key players operating in the market for the development of advanced sensors, which boosts the growth of the market. For instance, in May 2020, the U.K. Defense and Security Accelerator (DASA) granted about 13 contracts worth $2.8 million for the development of enhanced Electro-Optics and Infrared (EOIR) sensors. Moreover, several different types of sensors are used track far away objects in space through thermal imaging sensors, remote sensing, temperature sensors and magnetic sensors. There are plans in the future of deploying temperature sensors that can measure temperatures at long distances, and measure phenomenon such as solar wind, from long-distance remote locations. An average spacecraft contains some hundreds of sensors to help in various application in space. There are many different types of sensors that are employed in space and include laser communication terminals, thermistor sensors, thermocouples, thermopiles, thin film sensors, and RTD sensors.

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.

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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.

Leading Market Players: -

Analog Devices, Inc.
Infineon Technologies AG
Microchip Technology Inc.
Northrop Grumman Corporation
NXP Semiconductors NV
ON Semiconductor Corporation
Raytheon Technologies Corporation
Teledyne Technologies Inc.
Texas Instruments Incorporated
Advanced Micro Devices Inc. (Xilinx Inc.)

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