The global space market was valued between USD 117 billion and USD 143 billion in 2017 and is estimated to grow to USD 300 billion by 2030. The space industry is an ecosystem of businesses and academia that rely on space-based technologies and data. Increasing investments by various governments in space projects are propelling market growth. However, the harsh environmental conditions faced by spacecraft such as extreme temperatures and a significantly increased threat of radiation damage pose a serious challenge to market players.
New and existing players in the space electronics market are expected to see sizable growth during the forecast period. Increase in the production of satellites and the growing entry of commercial space companies are contributing to the demand for electronics in the space industry.
Based on component type, the global space electronics market has been segmented into discrete semiconductors, optoelectronics, integrated circuits, and others. The integrated circuits segment is expected to be the largest during the forecast period of 2018 to 2023. Increasing demand for electronics with reduced SWaP is driving the growth of the segment.
Based on product type, the global space electronics market has been classified as radiation-hardened electronics and radiation-tolerant electronics. The radiation-tolerant segment is likely to witness a higher growth rate during the forecast period due to the increasing demand for commercial-off-the-shelf (COTS) components, drastically lower launch costs by commercial space companies, and the growing demand for small satellites, especially for earth observation, communication, and networking applications.
The global space electronics market has been categorized, by subsystem, as structural, telemetry, tracking and command, electric power and distribution, thermal control, and the attitude and velocity control. The structural subsystem segment is expected to be the largest during the forecast period. The components of an attitude and velocity control system include sun and Earth sensors, star sensors, momentum wheels, inertial measurement units (IMUs), and the electronics required to process signals and control satellite position.
Based on region, the global space electronics market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per the report, North America is expected to be the largest and fastest-growing space electronics market during the forecast period.
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The key players in the global space electronics market are BAE Systems PLC (UK), Cobham PLC (UK), Heico Corporation (US), Honeywell International Inc. (US), Microsemi Corporation (US), ON Semiconductor (US), ST Microelectronics NV (Switzerland), Texas Instruments (US), Teledyne e2v (UK), TT Electronics PLC (UK), and Xilinx Inc. (US).