The worldwide space electronics industry analysis revealed that the market generated $1.27 billion in 2018 and will propel further at a CAGR of 5.22% during the forecast period between 2019-2024.
The report titled, “Global Space Electronics Market: Focus on Product-type, Component, Application, and Subsystem – Analysis and Forecast, 2019-2024” offered by RM notes that the market is expected to witness a high growth rate owing to the significant technological advancements across the electronic components, especially microprocessors and field-programmable gate array (FPGAs).
Moreover, a collaboration between space agencies and private companies to develop an advanced and miniaturized component is further leading the growth in the global market.
Space contains a high degree of radiations that can potentially cause anomalies in the operability of space electronics components. The challenge for the market growth was revealed to be Single-event effects (SEEs), electrostatic discharge (ESD), total ionizing dose (TID), and cumulative radiation damage.
Component designing is crucial and is done in such ways that electrical components can operate and survive reliably in high-radiation environments. The components used in the space are either radiation-hardened or radiation-tolerant depending upon the mission. There have been continuing advancements in semiconductor and electronics technology, leading to the development of small and light-weight electronic products.
The adoption of new material to manufacture space electronics and increasing demand for reconfigurable satellite payloads are anticipated to create numerous opportunities for market growth.
The report further mentions the key industry players such as Analog Devices Inc, BAE Systems, Cobham plc, Data Device Corporation, Honeywell International Inc., Infineon Technologies Inc., Maxwell Technologies Inc., Microchip Technology Inc., Micropac Industries Inc., Microsemi Corporation, pSemi Corporation, Renesas Electronics Corporation, STMicroelectronics N.V, Solid State Devices Inc., TT Electronics, Texas Instruments Inc, The Boeing Company and Xilinx Inc.