Global Space Electronics Market Size, Share, Growth Analysis, By Product(Sensors, Actuators), By Application(Navigation, Communication) - Industry Forecast 2024-2031

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.