USD 15.20 billion
Global Space Electronics Market Size, Share, Growth Analysis, By Product(Sensors, Actuators), By Application(Navigation, Communication) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2144 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
64 |
Figures:
77
Global Space Electronics Market Insights
Global Space Electronics Market size was valued at USD 15.20 billion in 2022 and is poised to grow from USD 16.31 billion in 2023 to USD 28.66 billion by 2031, growing at a CAGR of 7.3% during the forecast period (2024-2031).
The adoption of space tourism in the upcoming years, an increase in investment in space ventures, an increase in launch activities by some of the major private and public players, the establishment of a communication satellite constellation in LEO, and other factors are anticipated to contribute to the growth of the space electronics market during the forecast period.
The evolution of the space electronics sector is being driven by the rise in the use of satellites for a variety of tasks, including surveillance, real-time imaging, communication, navigation, weather forecasting, broadband and connectivity, R&D and testing, and IoT integration for various government, commercial, and civil-military domains. With increasing launch rates year over year, more than 6,000 satellites were anticipated to be deployed between 2020 and 2027. Demand for various satellite electronics components and other ancillary systems has increased due to the increase in satellite launches, creating economic prospects.
US Space Electronics Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Sensors
Fastest Growth
Actuators
Growth Rate
7.3% CAGR
Global Space Electronics Market ($ Bn)
Country Share for Asia Pacific (%)
Global Space Electronics Market By Product ($ Bn)
Global Space Electronics Market By Product (%)
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Global Space Electronics Market Segmental Analysis
Global Space Electronics Market is segmented on the basis of product, application and region. By product, the market is segmented into sensors, actuators, electronic systems. By application, market is segmented into navigation, communication, earth observation, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Space Electronics Market Analysis by Product
The sensors segment is the largest segment of the global space electronics market, accounting for over 40% of the market share in 2023. Sensors are used to measure various parameters in space, such as temperature, pressure, and radiation. They are used in a variety of space-based applications, such as navigation, communication, and Earth observation.
The actuators segment is the fastest growing segment of the global space electronics market, accounting for over 30% of the market share in 2023. Actuators are used to control the movement of satellites and other spacecraft. They are used in a variety of space-based applications, such as navigation, communication, and Earth observation.
Space Electronics Market Analysis by Application
The satellite segment is the dominant segment of the global space electronics market and is expected to grow at a CAGR of 5.5% during the forecast period. The growth of the segment is mainly driven by the increasing adoption of satellites in modern communication technologies and the high development of miniature hardware systems. Governments and private companies are investing heavily in space ventures, such as satellite manufacturing, launch services, and space exploration. This is driving the growth of the space electronics market.
The global space electronics market is expected to grow at a CAGR of 5.3% during the forecast period (2024-2031). The growth of the market is driven by factors such as the increasing investment in space ventures, rise in launch activities, and establishment of a communication satellite constellation in LEO. Space electronics are used in satellites to transmit and receive data. The increasing demand for satellite-based communication services, such as internet access, television broadcasting, and navigation, is driving the growth of this application segment.
Global Space Electronics Market By Product, 2023 (%)
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Global Space Electronics Market Regional Insights
The Asia-Pacific region has emerged as a dominant market for space electronics. Countries have made substantial investments in their space programs, driving the demand for space electronics. China has made significant strides in space exploration, satellite launches, and communications. India has a notable presence in the space sector, with the Indian Space Research Organization (ISRO) leading satellite launches and remote sensing missions. Japan has a strong presence in satellite manufacturing and space technology, while South Korea focuses on satellite communications and Earth observation. The region's growing investments and advancements in space technology contribute to the expansion of the space electronics market.
North America, led by the United States, is a significant region in the global space electronics market. The presence of major space agencies such as NASA and private aerospace companies like SpaceX and Boeing has fueled the growth of the market in this region. The United States has a robust space industry and invests heavily in space exploration, satellite communications, and military applications. The region boasts advanced manufacturing capabilities, technological expertise, and a strong network of suppliers and contractors, making it a key contributor to the space electronics market.
Global Space Electronics Market By Region, 2024-2031
- Largest
- Fastest
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Global Space Electronics Market Dynamics
Space Electronics Market Drivers
Increasing Space Exploration and Satellite Launches
- The growing interest in space exploration missions, both by government space agencies and private companies, is a significant driver for the space electronics market. There is a rising demand for advanced electronics and electrical components for satellites, spacecraft, and launch vehicles. Missions to explore outer space, study celestial bodies, and search for extraterrestrial life require sophisticated electronics systems, including communication systems, sensors, navigation equipment, and power systems.
Growing Satellite Communication Industry
- The satellite communication industry is experiencing significant growth due to the increasing demand for connectivity worldwide. Satellites are used for a wide range of applications, including telecommunication services, broadcasting, internet services, and remote sensing. To support these applications, space electronics such as transponders, amplifiers, receivers, and antennas are essential. The proliferation of satellite-based communication networks, including the deployment of constellations of small satellites, is driving the demand for space electronics.
Space Electronics Market Restraints
High Development and Manufacturing Costs
- Developing and manufacturing space electronics involves high costs due to the stringent requirements for quality, reliability, and performance in the harsh space environment. The need for radiation-hardened components, extensive testing, and compliance with strict standards significantly increases the overall development and production costs. The high cost of space electronics can be a significant barrier, especially for small companies and emerging space programs with limited budgets.
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Global Space Electronics Market Competitive Landscape
Leading businesses mostly used contracts to maintain their market share in the space power electronics sector, followed by the introduction of new products that incorporated cutting-edge technologies. Additionally, a lot of businesses joined forces to establish specialized research and development facilities for cutting-edge space power electronics equipment.
Space Electronics Market Top Player’s Company Profiles
- BAE Systems plc (United Kingdom)
- Northrop Grumman Corporation (United States)
- Cobham plc (United Kingdom)
- Harris Corporation (United States)
- Raytheon Technologies Corporation (United States)
- Teledyne Technologies Incorporated (United States)
- Airbus SE (Netherlands)
- Leonardo S.p.A. (Italy)
- L3 Harris Technologies, Inc. (United States)
- General Dynamics Corporation (United States)
- Safran SA (France)
- Boeing Company (United States)
- Mitsubishi Electric Corporation (Japan)
- Thales Alenia Space (France)
- Ball Aerospace (United States)
- RUAG Group (Switzerland)
- RUAG Space AB (Sweden)
- OHB SE (Germany)
- Astrodyne TDI (United States)
Space Electronics Market Recent Developments
- In March 2024, MDA Ltd., a Brampton ON-based mission partner to the rapidly expanding global space industry, announced it has rebranded to MDA Space, an identity evolution that honours the past, recognizes the present, and further positions the company to lead in a new era of space innovation.
- In August 2023, Pulsar Fusion, a propulsion startup based in England, announced it is partnering with the University of Michigan to research electric Hall-effect thruster tech. The UK Space Agency is funding the collaboration. Partners are teaming up across the pond to work on spacecraft propulsion tech.
- In May 2023, CesiumAstro, a company that specializes in communications technologies for satellites and aircraft, announced that it will supply electronic phased-array payloads for seven U.S. military satellites built by Raytheon Technologies.
- In March 2023, Analog Devices announced the launch of its new SpaceWire®-compatible serializer/deserializer (SerDes) device. The device is designed to meet the needs of high-performance space applications, such as deep-space exploration and Earth observation.
- In February 2023, Infineon Technologies announced the expansion of its space-qualified semiconductor portfolio. The expansion includes new radiation-hardened microcontrollers and power management devices.
Global Space Electronics Key Market Trends
Miniaturization and Weight Reduction
- There is a growing trend towards miniaturization and weight reduction in space electronics. As the space industry evolves, there is a need for smaller and lighter electronic components and systems to optimize spacecraft design and increase payload capacity. Advancements in microelectronics and nanotechnology are enabling the development of compact and lightweight space electronics, allowing for more efficient use of space and reduced launch costs.
Global Space Electronics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global space electronics market has been growing steadily, driven by advancements in technology and increased investments in space programs. The market size is expected to witness substantial growth in the coming years. Factors such as the rising number of satellite launches, the commercialization of space activities, and the growing demand for satellite-based services are fuelling market growth. The future of the space electronics market looks promising, with sustained growth anticipated in the coming years. Factors such as increasing space exploration missions, the commercialization of space activities, advancements in technology, and the growing demand for satellite-based services are expected to drive market expansion. The emergence of new players, advancements in additive manufacturing and miniaturization, and the integration of artificial intelligence and machine learning in space electronics are also expected to shape the future of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.20 billion |
| Market size value in 2031 | USD 28.66 billion |
| Growth Rate | 7.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Space Electronics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Space Electronics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Space Electronics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Space Electronics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Space Electronics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Space Electronics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Space Electronics Market Report Snapshots
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