September 09, 2021
According to the research report titled ‘Global Space Sensors and Actuators Market Size study, by Product Type (sensors, actuators), by Platform (Satellites, Capsulescargos, Interplanetary spacecraft & probes, Rovers/spacecraft landers, launch vehicles), by Application (Attitude & orbital control system (AOCS), Command & data handling system (C&DH), Telemetry, tracking, and command, Thermal system, Propellant feed systems, Rocket motors), and Regional Forecasts 2021-2027’, available with Market Study Report, global space sensors and actuators market was worth USD 2.82 billion in 2020 and Is projected to exhibit 19% CAGR throughout 2021-2027, subsequently accumulating USD 9.53 billion valuation by the forecast period end.
As per the findings of the research literature, worldwide space sensors and actuators industry is slated to grow considerably in the upcoming years owing to rising utilization of electro hydrostatic actuators for space purposes and advancements in radiation-hardened electro-optical space sensors.
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Citing an instance, in July 2020, US Air Force Research Laboratory announced USD 7.7 million contract to Ball Aerospace for exploring how space sensors like visible-light focal plane arrays (FPAs) and infrared perform in the radiation environment of space. The goal of the program was to enhance military reconnaissance and surveillance applications, as well civil remote sensing to monitor the urban development, agriculture, and oil and gas aspects. Such R&D initiatives and parternerships will continue to favor industry expansion.
In particular, development of next-gen actuators for launch vehicles and small satellites, along innovations in quantum sensing technology for space atmosphere applications are presenting new opportunities for worldwide space sensors and actuators market development.
On the contrary, stringent government policies related to spacecraft, and maturity of the technology for surface missions are challenging the industry development.
Considering the regional analysis, North America, Europe, Asia Pacific, and Latin America are the key geographies covered in the research literature. Among these, North America leads the industry growth owing to escalating demand for commercialization of missions to moon and mars, and increasing launches of orbiter satellites from the region.
Meanwhile, the market in Europe is predicted to expand at a remarkable rate over the projected timeline, largely creditable to growing presence of key players in the region.
With respect to the competitive landscape, major players influencing global space sensors and actuators industry trends are Analog Devices Inc., Teledyne UK Ltd., Bradford Space Inc., RUAG Holding, Moog Inc., Honeywell International Inc., Renesas Electronics Corp., MinebeaMitsumi Inc., Texas instruments Inc., and TE Connectivity Ltd.