Space electronics market set to see CAGR of 5.22% to 2024

Analysis of the global space electronics industry highlights that the market generated $1.27 billion in 2018 and is expected to grow at a CAGR of 5.22% during 2019-2024. North America dominated the global space electronics market in 2018, whereas, Asia-Pacific is expected to have the highest growth rate during the forecast period 2019-2024.

These are some of the findings of a new report, ‘Global Space Electronics Market, Analysis and Forecast, 2019 to 2024’, which notes that growth in the space electronics market is driven by a number of aspects, such as significant investment in satellite manufacturing, technological advancement in micro-processors and FPGAs, and growth in the global launch vehicle industry.

Moreover, a collaboration between space agencies and private companies to develop an advanced and miniaturised component is further leading the growth in the global market. For instance, in 2018 0US Air Force Research Laboratory and NASA awarded a contract of $25.9 million to the Boeing Company Solid-State Electronics Development segment to develop radiation-hardened High-Performance Spaceflight Computing (HPSC) Processor Chiplet program.

However, factors such as high cost associated with the design and development of space and difficulties in creating a real testing environment for radiation-hardened electronics are hampering the overall market growth.

Electronic components, which are equipped in satellites, launch vehicles, and deep space probes, hold huge importance, and require verification and testing in order to ensure their functionality. This is largely due to the high degree of radiations in the space environment. Space contains a high degree of radiations that can potentially cause anomalies in the operability of space electronics components.

Single-event effects (SEEs), electrostatic discharge (ESD), total ionizing dose (TID), and cumulative radiation damage are the major concerns for the space electronics market. Therefore, component designing is done in such ways that electrical components can operate and survive reliably in high-radiation environments. The electronic components used in the space are either radiation-hardened or radiation-tolerant depending upon the mission. Since electronic components play a huge role in the success of a mission, there have been continuing advancements in semiconductor and electronics technology, leading to the development of small and light-weight electronic products.

Growth opportunities

Going forward, the adoption of new materials to manufacture space electronics and increasing demand for reconfigurable satellite payloads are anticipated to create numerous opportunities for market growth.

Research analyst Vaishali Sharma commented: “Small satellites have a huge potential for easy and cost-effective access to space. Currently, small satellites are creating a huge potential market for the COTS. In recent years (2013-2018), a number of companies and space agencies have planned to use smaller satellites as it has lower launch cost and development time to fulfill a mission.

“Therefore, the sophisti-cation of the electronic products and, the designing of scalable electronic components with open standards and architectures are made possible due to the miniaturisation of the components.”

The report segments the global space electronics market into different applications: satellite, launch vehicle and deep space probes. The satellite segment acquired the largest share in 2018 and is anticipated to remain dominant during the forecast period, 2019-2024.

In addition, the global space electronics report, shows that the space electronics market is also classified depending upon the components, ie integrated circuit, mixed and analogue signals, discrete semi-conductors, optoelectronics, sensors, memory, and electrical power system. The integrated circuits segment had the highest market penetration in 2018.

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