The Global Space Electronics Market is Anticipated to Reach $1.72 Bn by 2024

According to a new market intelligence report titled "Global Space Electronics Market, Analysis and Forecast, 2019 - 2024", the global space electronics market is expected to witness a high growth rate owing to the significant technological advancements across the electronic components, especially microprocessors and field-programmable gate array (FPGAs). Moreover, collaboration between space agencies and private companies to develop advanced and miniaturized component is further leading the growth in the global market. For instance, in 2018, U.S. Air Force Research Laboratory and U.S. National Aeronautics and Space Administration (NASA) awarded a contract of $25.9 million to the Boeing Company Solid-State Electronics Development segment to develop radiation-hardened High Performance Spaceflight Computing (HPSC) Processor Chiplet program.

Electronic components, which are equipped in satellites, launch vehicles, and deep space probes, hold huge importance, and require verification and testing in order to ensure their functionality. This is largely due to high degree of radiations in the space environment. Space contains high degree of radiations that can potentially cause anomalies in the operability of space electronics components. Single-event effects (SEEs), electrostatic discharge (ESD), total ionizing dose (TID), and cumulative radiation damage are the major concerns for the space electronics market. Therefore, component designing is done in such ways that electrical components can operate and survive reliably in high-radiation environments. The electronic components used in the space are either radiation-hardened or radiation-tolerant depending upon the mission. Since electronic components play a huge role in the success of a mission, there have been continuing advancements in semiconductor and electronics technology, leading to the development of small and light-weight electronic products.

According to Vaishali Sharma, Research Analyst, “Small satellites have a huge potential for easy and cost-effective access to space. Currently, small satellites are creating a huge potential market for the COTS. In the recent years (2013-2018), a number of companies and space agencies have planned to use smaller satellites as it has lower launch cost and development time to fulfill a mission. Therefore, sophistication of the electronic products and, the designing of scalable electronic components with open standards and architectures are made possible due to the miniaturization of the components.”

The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented on the basis of application, product-type, component, subsystem, and region.

Some of the key players in the global space electronics market include BAE Systems, Cobham plc, Honeywell International, Texas Instruments Inc., The Boeing Company, Xilinx Inc., Microsemi Corporation, STMicroelectronics N.V, TT Electronics, Analog Devices Inc., Data Device Corporation, Infineon Technologies Inc., Microchip Technology Inc., Micropac Industries Inc., Renesas Electronics Corporation, and Solid State Devices Inc. These companies are aiming for a wide range of product launches and collaborations to expand their operations and also to prevent new companies from becoming future competitors.

Key questions answered in the report:

• What are the trends in the global space electronics market across different regions?
• What are the major driving forces that tend to increase the demand for space electronics during the forecast period 2019-2024?
• What are the major challenges inhibiting the growth of the global space electronics market?
• Which application (satellite, launch vehicle and deep space probe) of the global space electronics market dominated in 2018 and what is the expected scenario in 2024?
• What was the revenue generated by the global space electronics market, by component (integrated circuit, mixed and analog signals, discrete semiconductors, optoelectronics, sensors, memory, and electrical power system) in 2018, and what are the estimates by 2024?
• What was the revenue generated by the global space electronics market, by subsystem (satellite bus and payload in satellites and avionics and power system in launch vehicle and deep space probes) in 2018, and what are estimates by 2024?
• What was the revenue generated by the global space electronics market by product-type (radiation-hardened and radiation-tolerant) in 2018, and what are the estimates by 2024?
• What was the aggregate revenue generated by the global space electronics market by region (North America, Europe, Asia-Pacific, and Rest of the World) in 2018, and what are the estimates by 2024?
• Which are the key players in the global space electronics market and what are the new strategies adopted by the market players to make a mark in the industry?
• What major opportunities do the space electronics companies foresee five years ahead?
• What is the competitive strength of the key leading players in the space electronics market?

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