Space Electronics Global Market Report 2024

The global space electronics market has grown strongly in recent years. It will grow from $2.50 billion in 2023 to $2.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed during the historical period can be attributed to several factors, including initiatives in space exploration, substantial investments in satellite manufacturing, a notable increase in demand for space electronics products, the growing prevalence of space operations, and the rise in satellite launches and deep space activities. These factors collectively contributed to the expansion and development of the space electronics sector.

The global space electronics market is expected to see strong growth in the next few years. It will grow to $3.50 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period is expected to stem from several factors, including the expansion of the radiation-hardened space electronics market, an increase in launch activities, advancements in miniaturization leading to enhanced efficiency, rapid growth in investments in space ventures, and the adoption of new materials for improved fabrication of space electronics. Key trends projected for this period encompass advancements in radiation-tolerant semiconductor technologies, the transition towards digitalization and software-defined systems in space electronics, the integration of high-performance computing for space missions, the utilization of photonics and optoelectronics in space communication systems, an increased focus on cybersecurity within space systems, and the development of sustainable electronics tailored for space applications. These trends are expected to shape and revolutionize the space electronics industry in the upcoming forecast period.

The anticipated surge in satellite deployments is projected to drive the expansion of the space electronics market in the foreseeable future. Satellites, defined as objects orbiting celestial bodies, necessitate space components, particularly space electronics devoid of floating metal, to counter charging and discharging vulnerabilities. Notably, in 2021, the Satellite Industry Association reported a 40% increase in commercial satellite deployments compared to 2020, reaching a total of 1,713 satellites. The space sector achieved an unprecedented milestone by launching more satellites than ever before, culminating in a 179% growth over the preceding five years, with a total of 4,852 satellites expected to orbit the Earth by the end of 2021. Consequently, the escalating number of satellites serves as a catalyst for the expansion of the space electronics market.

The burgeoning investment in space programs is poised to propel the growth of the space electronics market. Space programs, orchestrated efforts by governments, space agencies, or private entities to explore and utilize outer space, benefit from increased investment in space electronics, fostering the development of advanced technologies essential for satellite communication, exploration, and scientific research. In 2022, the National Aeronautics and Space Administration (NASA) disclosed a one percent rise in its fiscal year 2021 budget, amounting to $28 billion, compared to the preceding fiscal year. This financial injection underscores the significance of funding in advancing space programs and subsequently augments the demand for space electronics, driving market growth.

A noteworthy trend in the space electronics market is the emphasis on product innovation by key industry players. Major companies operating in space electronics are directing their efforts toward creating innovative product solutions to enhance their market presence. In July 2022, VPT Inc., a prominent US-based firm in the space electronics sector, unveiled the VSC Series of commercial off-the-shelf (COTS) products designed for new space applications. This product line stands out for its Total Ionizing Dose (TID) performance, encompassing Low Dose Rate (LDR) and Single Event Effects, catering to the specific needs of smaller satellites in low earth orbits (LEO) and NASA Class D missions where a balance between cost and guaranteed performance is critical. Noteworthy features of the series include radiation testing up to 42 MeV/mg/cm2, with a guarantee at 30 MeV/mg/cm2 for Single Event Effects, and testing up to 50 krad (Si). Additionally, a comprehensive range of input EMI filters is available to meet MIL-STD-461 or equivalent emission requirements, further showcasing a commitment to product excellence and meeting industry standards.

Prominent entities in the space electronics market are strategically establishing dedicated centers for advanced design and testing. A notable example is the collaboration between Michigan State University (MSU) and Texas Instruments Incorporated in October 2023. Michigan State University, a renowned US-based research institution, joined forces with Texas Instruments, a leading technology company specializing in analog chips and embedded processors for space electronics. Together, they are establishing a cutting-edge Space Electronics Center, under the leadership of MSU's College of Engineering and the Facility for Rare Isotope Beams (FRIB). This center aims to concentrate on the design and testing of devices and systems tailored for space applications, harnessing Texas Instruments' expertise in semiconductor and integrated circuit design and manufacturing.

In a strategic move in November 2021, Raytheon, a distinguished US-based aerospace company deeply entrenched in the space electronics market, acquired SEAKR for a substantial sum of $60.4 million. This acquisition positions Raytheon to augment its core space business by incorporating new applications that are reshaping the global landscape, enabling greater agility in meeting elevated performance standards beyond conventional space capabilities. The strategic acquisition enhances Raytheon's capacity and expedites the delivery of tailored solutions, leveraging the capabilities of SEAKR Engineering, a reputable US-based company specializing in space electronics.

Major companies operating in the space electronics market report are BAE Systems PLC, Microsemi Corporation, Texas Instruments, Inc., Xilinx Inc., Cobham PLC, Honeywell International Inc., STMicroelectronics, Teledyne e2v (UK) Ltd., TT Electronics, Ruag Group, Infineon Technologies, Onsemi, Renesas Electronics Corporation, Analog Devices Inc., Microchip Technology Inc., Maxim Integrated, NXP Semiconductors, Vishay Intertechnology Inc., Intersil Corporation, Silicon Laboratories Inc., Skyworks Solutions Inc., Qorvo Inc., Broadcom Inc., Marvell Technology Group Ltd., Qualcomm Technologies Inc., L3Harris Technologies Inc., Lockheed Martin Corporation, Northrop Grumman Corporation, Raytheon Technologies Corporation, Thales Group, Airbus Defence and Space

North America was the largest region in the space electronics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the space electronics market report during the forecast period. The regions covered in the space electronics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the space electronics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of space electronics include radiation-hardened and radiation-tolerant components. Radiation hardening involves designing electronics and components resilient to significant levels of ionizing radiation found in environments like cosmic outer space, X-ray radiation in medical or security sectors, and high-energy radiation in nuclear power plants. These components comprise microprocessors, controllers, sensors, application-specific integrated circuits (ASICs), memory chips, power source cables, discrete semiconductors, and other related elements. These electronics are utilized in platforms such as satellites, launch vehicles, and deep space probes, catering to applications in communication, Earth observation, navigation, global positioning systems (GPS), technology development, education, and various other specialized uses.

This report provides space electronics market statistics, including space electronics industry global market size, regional shares, competitors with a space electronics market share, detailed space electronics market segments, market trends and opportunities, and any further data you may need to thrive in the space electronics industry. This space electronics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The space electronics market consists of sales of different types of sensors, such as accelerometers, air quality sensors, ambient light sensors, color sensors, and fan controllers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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