The Europe Space Electronics Market would witness market growth of 5.6% CAGR during the forecast period (2024-2031).
The Russia market dominated the Europe Space Electronics Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $561.8 million by 2031. The UK market is exhibiting a CAGR of 4.1% during (2024 - 2031). Additionally, The France market would experience a CAGR of 6.5% during (2024 - 2031).
Electronics play a vital role in space exploration missions, including robotic probes, landers, rovers, and human spacecraft. These missions require advanced electronic systems for navigation, communication, propulsion, power management, and scientific instrumentation. Space-based electronic systems are essential for military applications such as reconnaissance, surveillance, intelligence gathering, missile detection, and secure communication. These systems provide critical capabilities for national defense and security.
Moreover, the space electronics market supports various commercial services such as satellite imagery, remote sensing, satellite-based internet services, satellite television, and space tourism. These services rely on electronic components for spacecraft operation, data processing, and communication. In-space manufacturing, assembly, and infrastructure development projects utilize space electronics for robotics, automation, life support systems, habitat control, and power management.
The UK Space Agency reports that the country’s space sector has grown by 5.1%, faster than the global space industry’s growth of 1.6%. The UK is expanding its satellite communication and navigation capabilities to support various applications, including telecommunications, broadcasting, navigation, and global positioning. Thus, all these factors will uplift the regional market’s expansion in the coming years.
Free Valuable Insights: The Global Space Electronics Market will Hit USD 5.8 Billion by 2031, at a CAGR of 6%
Based on Type, the market is segmented into Radiation Hardened, and Radiation Tolerant. Based on Platform, the market is segmented into Satellite, Launch Vehicles, and Deep Space Probes. Based on Component, the market is segmented into Microprocessors & Controllers, Discrete Semiconductors, Power Source & Cables, Sensors, Application Specific Integrated Circuits (ASIC), Memory Chips, and Others. Based on Application, the market is segmented into Communication, Navigation, Global Positioning System (GPS) & Surveillance, Earth Observation, Technology Development & Education, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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