Global Space Electronics Market Report and Forecast 2024-2032

Global Space Electronics Market Outlook

The global space electronics market size reached approximately USD 3.44 billion in 2023. The market is further projected to grow at a CAGR of 5.2% between 2024 and 2032, reaching a value of USD 5.43 billion by 2032.

Key Trends in the Market

Space electronics, also termed as astrionics, refers to the science and technology involved in the development and application of electric components, systems, and subsystems utilised in space. They are specially designed for use in satellites, exploration, and spacecraft, among other space related applications.

• The miniaturisation and weight reduction in space electronics is increasing with the surge in complexity of space exploration programmes. These requirements are fuelling the advancements in space technology and aiding the market expansion.

• Major public and private organisations are investing in space ventures for launching and establishing a communication satellite constellation in LEO. This, in turn, is augmenting the global space electronics market growth.

• The demand from various governments and civil military domains for space electronic equipment is rising owing to their increasing applications in communication, weather forecasting, global positioning system and surveillance, among others.

Market Analysis

Based on type, the market is bifurcated into radiation hardened and radiation tolerant. On the basis of component, the market is divided into microprocessors and controllers, sensors, application specific integrated circuits (ASIC), memory chips, power source and cables, and discrete semiconductors, among others. By platform, the space electronics market segmentation includes satellite, launch vehicles, and deep space probes.

On the basis of application, the market is categorised into communication, earth observation, navigation, global positioning system (GPS) and surveillance, and technology development and education, among others. Based on region, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global space electronics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• BAE Systems plc

• Cobham Limited

• Honeywell International Inc.

• Microchip Technology Inc.

• STMicroelectronics N.V

• Teledyne Technologies Incorporated

• Space Electronics

• TT Electronics PLC

• Advanced Micro Devices, Inc

• Others

Market Share by Type

According to the global space electronics market analysis, radiation tolerant electronics is anticipated to observe a rapid demand in the forecast period due to their ability to resist higher radiation levels in harsh environments, including space. They have been successfully tested, ensuring the preparedness of devices. They are capable of reducing the launch time which may result in reduced launch cost. Moreover, their high-speed signal processing, high reliability, and compact packaging for command-and-control applications, along with the growing focus on smaller-sized satellites and reducing satellite launch costs, is favouring the growth of the radiation tolerant electronics segment.

Market Share by Region

The North American region accounts for a significant space electronics market share owing to the rising investments by the US government in advanced space electronics in order to enhance the quality and effectiveness of deep space exploration and satellite communications. Additionally, the modernisation of existing communications in law enforcement agencies, critical infrastructure, and military platforms are key factors that are further fuelling the space electronics market demand in North America.

Competitive Landscape

BAE Systems plc was founded in 1999 and is headquartered in Farnborough, United Kingdom. It is an aerospace company that provides advanced, technology-led defence, security, and aerospace solutions.

Cobham Limited is an aerospace company that was founded in 1934. It is headquartered in Wimborne Minster, United Kingdom and is known for manufacturing products including aviation oxygen systems, rescue and navigation lights, refuelling equipment, and weapon system containers.

Honeywell International Inc. was established in 1964 and has its headquarters located in North Carolina, United States. The electronics manufacturing company is involved in the development of appliances and technologies with an aim to provide safety, security, and energy to the consumers.

Other market players include Microchip Technology Inc., STMicroelectronics N.V, Teledyne Technologies Incorporated, Space Electronics, TT Electronics PLC, and Advanced Micro Devices, Inc, among others.

Key Highlights of the Report

Space Electronics Market Report Snapshots

Space Electronics Market Size

Space Electronics Market Share

Space Electronics Market Analysis

Space Electronics Companies