The Global Space Electronics Market Analysis, 2020 market research report depicts a deep-dive market analysis of statistics of the Global Space Electronics market, which consists of regional and country-wise analysis of the market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market shares of various end-users, applications, product type, technologies, competitive benchmarking, etc.
|Study Period||Historical Data: 2015-19|
|Base Year: 2019|
|Forecast Period: 2020-25|
|Regions Covered||North America|
|Middle East & Africa|
|Unit Denominations||USD Million/Billion|
The key factors further proliferating the growth of the Space Electronics market are the technological advancement in microprocessors and FPGAs, and mega-developments in the satellite launching industry, among others. Bolstering extensive investment in the manufacturing of satellites is also propelling the growth in the market. Several countries such as the US, China, Russia, Canada, India already have fully operational space programs in place. These economies have allocated a sustaining budget for space exploration.
According to the MarkNtel Advisors’ research report titled “Global Space Electronics Market Analysis, 2020”, the Global Space Electronics market is anticipated to grow at a CAGR of approximately 5.4% during the period 2020-25.
As large-scale budgets are being signed for the purpose of improvements in design and further expansion of space programs, numerous complications in developing a real testing environment for radiation-hardened electronics are expected to curtail the overall growth of the space electronics market till 2025. After a temporary disruption of the global electronics industry supply chain due to COVID-19, the growth is set to revive in late 2020. Countries such as the US, Russia, China, and India are progressing toward executing their space milestones during 2020-25.
Radiation-Hardened Segment is Witnessing a Growing Demand
The growing need for intensification in throughput and broader variations, and power levels for future missions is anticipated by the US Air Force and NASA space experts for the coming future. The radiation-hardened segment is anticipated to rise at a robust growth rate during 2020-25. The electronic parts designers can radiation-harden their devices in several ways. One way to harden the device is through total ionizing dose (TID) radiation or the amount of radiation the device is expected to survive for its entire life before glitches occur. The radiation-hardened segment constituted more than 75% of the global space electronics market share in 2019, as stated in the MarkNtel Advisors’ market research report “Global Space Electronics Market Analysis, 2020”.
North America Remained the Dominant Region
Due to a widespread presence of commercial space companies such as Space X in North America, the demand for space electronics is proliferating in the region. Moreover, NASA is the largest space agency globally, which is mainly involved in space-related activities and has been a pioneer in terms of innovations in space missions. Thus, North America is expected to grow at a CAGR of 5.6% in the forecast period. India, China, and Russia of the European and Asia-Pacific regions are lucrative markets that are expected to contribute to the burgeoning demand for space electronics until 2025.
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, and Teledyne e2v, among others. In Jan 2020, Airbus Ventures invested in a space flight technology start-up in the US called Spin Launch. The company received an investment of around USD 35 million.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year, and forecast year considered in the research report on Global Space Electronics Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of the Global Space Electronics Market during 2020-25?
A. The growth rate of the Global Space Electronics Market during 2020-25 is forecast to be around 5.4%.
Q. Who are the key competitors or players operating in the Global Space Electronics Market?
A. BAE Systems, Cobham Plc, Data Device Corporation, Honeywell International, Microsemi Corporation, Texas Instruments, Infineon Technologies, Solid State Devices Inc., HEICO Corporation, Teledyne e2v, etc. are few of the leading players in the Global Space Electronics Market.
Q. Which product type segment would emerge as an opportunity area for players in Global Space Electronics Market?
A. The Radiation-Hardened segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.