Press Release

Massive Investments in Space Exploration to Boost Global Space Electronics Market

With the amplifying production of satellites, especially the advent of cost-effective small satellites, entry of commercial space exploration companies; growing militarization of space led by countries such as the US, China, India, Russia, etc., catalysing involvement of several countries in the space community for remote monitoring, weather sensing & climate control; a spurring demand for reduction in the cost of electronic components; and the technological advancements are some major factors that are exhibiting the demand for electronics in the space industry. 

COVID-19 has dented the inflows of several economies. Also, the entire value chain of the electronics industry was disrupted due to lockdowns and temporary suspension of economic activities across the globe. However, the pandemic is expected to have a little impact on the growth of the space electronics market as the space exploration programs and their deadlines remain intact.   

According to MarkNtel Advisors’ research report “Global Space Electronics Market Analysis, 2020”, the global space electronics market is anticipated to grow at a CAGR of around 5.4% during 2020-25. The total market size of the space electronics industry was valued at around USD 1.2 billion in 2019

Integrated Circuit Segment Registered the Highest Growth
Integrated circuits are expected to remain the most dominant segment in the space electronics market during 2020-25 and hold the major market share in 2019. Galvanizing demand for electronics that are smaller in size, lighter in weight, and consume lesser power which is considered to be the major market driver for pushing the demand for space electronics. Electronic components, which are deployed in satellites, launch vehicles, and deep space probes, have huge prominence requiring verification and testing to certify their functionality. This is due to the radiation-hardened in the space environment causing anomalies in the operability of space electronics components. Thereby, the components are designed in such a way so that they can survive in the high-radiation environment. An accentuated growth is foreseen for the integrated segment through 2025 as revealed by the MarkNtel Advisors’ research report “Global Space Electronics Market Analysis, 2020”.  
 
Satellite Segment Bagged the Highest Growth in 2019
The satellite segment gained the major market in 2019 owing to emanating the use of small satellites for accomplishing the missions. Small satellites have a huge potential for easy and cost-effective access to space. Currently, small satellites are paving the way for COTS. In past years, several companies and space agencies switched on using smaller satellites due to lower launch cost and development time. Additionally, a satellite bus holds the major market share in the satellite segment. Furthermore, the avionics segment under the launch bus segment grabbed around 85% market share in 2019. 

According to MarkNtel Advisors’, the key players with a considerable market share in the Global Space Electronics market include BAE Systems, Cobham Plc, Data Device Corporation, Honeywell International, Microsemi Corporation, Texas Instruments, Infineon Technologies, Solid State Devices Inc., HEICO Corporation, Teledyne e2v, etc. In March 2020, Rocket Lab acquired a hardware company, Sinclair Interplanetary to launch a small satellite. With the help of both the companies, Rocket Lab would deliver reliable and flexible satellite and launch solutions that help customers to do more, spend less, and reach orbit faster.
 
“Global Space Electronics Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Space Electronics providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
       
Market Segmentation:
1.    By Product Type (Radiation-Hardened, Radiation-Tolerant) 
2.    By Component (Integrated Circuit, Discrete Semiconductors Systems, Memory, Analog Signals, Senors, Opto Electronics), 
3.    By Application (Satellite, Launch Vehicle, Deep space Probe), 
4.    By Region (North America, South America, Europe, Asia-Pacific and Middle East and Africa)
5.    By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, Spain, Russia, China, India, Japan, South Korea, Australia, UAE, Saudi Arabia), 
6.    By Company (BAE Systems, Cobham Plc, Data Device Corporation, Honeywell International, Microsemi Corporation, Texas Instruments, Infineon Technologies, Solid State Devices Inc., HEICO Corporation, Teledyne e2v)

Key questions answered in the study:
1.    What are the current and future trends of the Space Electronics industry? 
2.    How the industry has been evolving in terms of end-user demand and application areas?
3.    How the competition has been shaping across the countries followed by their comparative factorial indexing?
4.    What are the key growth drivers and challenges for the Space Electronics industry?
5.    What are the customer orientation, purchase behavior, and expectations from the Space Electronics firms across various regions?