Global Space Electronics Market

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

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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). 

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. 'Honeywell International Inc. (United States)', 'Lockheed Martin Corporation (United States)', 'Thales Group (France)', '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)'

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.

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.

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.

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