The North America Space Electronics Market would witness market growth of 5.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America Space Electronics Market by Country in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,572.5 million by 2031. The Canada market is experiencing a CAGR of 7.7% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 6.8% during (2024 - 2031).
Electronic systems are employed to track and monitor space debris and ensure the safety of spacecraft and satellites in orbit. Additionally, electronics are used to develop technologies for debris mitigation and removal. Universities, research institutions, and educational organizations utilize space electronics to develop CubeSats, conduct microgravity experiments, and engage in space-related research and education initiatives.
Additionally, spacecraft are increasingly being designed with highly integrated electronic systems, combining functions such as communication, navigation, imaging, and data processing into compact and efficient packages. Integrated systems help optimize space utilization, power consumption, and overall performance. There is a trend toward smaller and lighter electronic components and systems for space applications. Miniaturization allows for reduced launch costs, increased payload capacity, and more agile and versatile spacecraft development.
The Government of Canada reports that the space sector contributed $2.7 billion to Canada’s GDP in 2020. The space industry contributed $2.8 billion to Canada’s GDP in 2021, a slight increase in GDP from 2020. Canada is a leader in satellite communication and broadcasting, with a strong presence in developing and deploying communication satellites. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Space Electronics Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
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