Space Electronics Market Share, Size, Trends, Industry Analysis Report, By Product Type (Radiation-Hardened and Radiation-Tolerant); By Platform; By Component; By Region; Segment Forecast, 2022-2030
The global space electronics market size is expected to reach USD 4,659.1 million by 2030, according to a new study by Polaris Market Research. The report “Space Electronics Market Share, Size, Trends, Industry Analysis Report, By Product Type (Radiation-Hardened and Radiation-Tolerant); By Platform; By Component; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Technological advancements in microprocessors and FPGAs, mega-developments in the space industry, and increasing demand for wide bandgap materials including silicon nitride & gallium nitride are key factors expected to boost the growing demand for space electronics market over the course of projected period. Moreover, an extensive rise in the number of investments and development activities for the enhancement of satellite communication and space electronic components is further expected to fuel the demand for the space electronics market in the future.
As of now, satellites are used for various types of primary and essential operations including mobile phone signals, weather tracking, and establishing secure communication networks. However, the rising implementation of automation in several satellite operations across the globe is expected to drive the growth and adoption of space electronic components, within the space industry. For instance, according to UNOOSA, there are 4,852 satellites actively orbiting the Earth as on January 2022 and, around 6,000 satellites are expected to launch by 2031 by governments, the defense sector, and private organizations.
For instance, in February 2022, Infineon Technologies announced that the company is investing over USD 2.3 billion for the construction of the third module at its site at Kulim, in Malaysia. The company is strengthening its market position by introducing significant manufacturing capacities in the sector of wide bandgap semiconductors.
The rise in dependency of various commercial industries on products and services offered by space economies such as data connections, mobile asset tracking, broadband connections, and mobile communications has resulted a spike in the demand for communication satellites to support the growing requirement for space electronics. For instance, SpaceX already introduced 653 Star-link satellites, in April 2021 and it plans to launch 12,000 more satellites, by 2027. Similarly, Amazon announced to launch of 3,236 mini-satellites in LEO over the next few years. Such satellites are expected to be defined operations.
Space Electronics Market Report Highlights
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook