The Latin America, Middle East and Africa Space Electronics Market would witness market growth of 8.7% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Space Electronics Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $120.4 million by 2031. The Argentina market is showcasing a CAGR of 9.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 8.3% during (2024 - 2031).
The development of autonomous vehicles, drones, and robotics depends on precise positioning and navigation capabilities provided by Global Navigation Satellite Systems (GNSS). Space electronics enable the integration of GNSS receivers and inertial navigation systems (INS) into autonomous systems, allowing them to navigate safely and efficiently in various environments. The maritime and aviation industries rely heavily on GNSS for navigation, route planning, collision avoidance, and search and rescue operations.
Additionally, Space electronics components such as GNSS receivers, antennas, and avionics systems are critical for ensuring the safety and efficiency of maritime and aviation operations. GNSS technology is widely used for surveying, mapping, and geospatial data collection applications. Space electronics components enable the integration of GNSS receivers into surveying equipment, mapping drones, and Geographic Information Systems (GIS), allowing for accurate and efficient data collection and analysis.
The United Arab Emirates significantly emphasizes artificial intelligence (AI), as the International Trade Administration data indicates. AI is projected to account for around 14% of the UAE economy’s total GDP ($96 billion) by 2030, expanding at a compound annual rate of 33.5% from 2018 to 2030. The UAE is actively pursuing space exploration and research initiatives, including the Emirates Mars Mission (Hope Probe) and plans for lunar exploration. Thus, due to these aspects, the space electronics market will expand across the LAMEA region in upcoming years.
Free Valuable Insights: The Worldwide Space Electronics Market is Projected to reach 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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