July 21, 2020
According to the recent study titled ‘Global Space Electronics Market Analysis, 2020’, available with Market Study Report LLC, global space electronics market is projected to expand with CAGR of 5.4% over 2020-2025.
Technological advancements in field-programmable gate arrays (FGPAs) and microprocessors, coupled with rapid growth of satellite launching industry are the primary growth drivers of global space electronics market. Massive investments in satellite manufacturing and high focus on space exploration by several countries like India, US, China, Russia, Canada, which already have fully operational space organizations will foster the industry growth in the upcoming years.
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On the contrary, a myriad of complications in developing real test environment for radiation-hardened electronics may hinder the industry growth over the forecast period. Further, an upset in global electronics industry supply chain due to the COVID-19 pandemic has negatively impact the overall industry outlook. However, the industry is slated to revitalize in late 2020, cites the report.
Based on product type, global space electronics market is bifurcated into radiation-hardened and radiation-tolerant, among which, the former held over 75% share in 2019. Increasing requirement for escalation in throughput and wider variations, and higher power levels for future space missions is supporting the segment growth.
Considering the regional outlook, global space electronics market is split into North America, Asia Pacific, Europe, South America, and Middle East & Africa. As per the report, North American market is estimated to expand with a CAGR of 5.6% over the estimated timeframe, attributable to continuous innovations by NASA, a pioneer in aerospace technology and the largest space agency.
Key players operating in global space electronics market are Teledyne e2v, HEICO Corporation, Solid State Devices Inc., Infineon Technologies AG, Texas Instruments Inc., Microsemi Corporation, Honeywell International Inc., Data Device Corporation, Cobham Ltd., and BAE Systems. These players are undertaking various strategies such as collaboration and investments to improve their positions in the industry. For instance, in Jan 2020, Airbus Ventures made an investment worth USD 35 million in Spin Launch, a space flight technology start-up based in the United States.