According to a new report, published by KBV research, The Global Space Electronics Market size is expected to reach $5.8 billion by 2031, rising at a market growth of 6 % CAGR during the forecast period.
The Radiation Hardened segment is registering a strong potential in the Global Space Electronics Market by Type in 2023 thereby, achieving a market value of $3.6 billion by 2031. Radiation-hardened electronics are specifically designed and tested to withstand the effects of radiation, ensuring the reliability and longevity of space missions in this harsh environment. Space missions, especially those involving satellites and deep-space probes, can have mission lifetimes ranging from several years to decades. Radiation-hardened electronics are designed to withstand prolonged exposure to radiation over extended periods, ensuring the longevity and reliability of space missions throughout their operational lifetimes.
The Launch Vehicles segment would register a CAGR of 6.7% during (2024 - 2031). Launch vehicles require robust power distribution and management systems to provide electrical power to onboard systems, including propulsion, avionics, and communication systems. Space electronics solutions such as power converters, battery management systems, and fault-tolerant power supplies are critical for ensuring reliable power distribution throughout the launch mission. Launch vehicles rely on telemetry and communication systems to transmit real-time data and telemetry information to ground control stations.
The Microprocessors & Controllers segment is leading the Global Space Electronics Market by Component in 2023 thereby, achieving a market value of $1.6 billion by 2031. Microprocessors & controllers offer advanced computing power and processing capabilities essential for operating complex space systems and instruments. They enable data processing, communication, navigation, attitude control, and scientific analysis onboard spacecraft and satellites. Microprocessors and controllers designed for space applications offer high levels of power efficiency, which is crucial for optimizing power consumption onboard spacecraft and satellites.
The Navigation, Global Positioning System (GPS) & Surveillance segment is poised to grow at a CAGR of 5.7% during (2024 - 2031). Satellite-based navigation systems enable precise positioning and navigation for various applications, including aviation, maritime, transportation, and surveying. Space electronics solutions such as GNSS receivers, antennas, and signal processing units enable users to determine their exact location, velocity, and time reference using signals from satellite constellations.
Full Report: https://www.kbvresearch.com/space-electronics-market/
The North America region dominated the Global Space Electronics Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.2 billion by 2031. The Europe region is exhibiting a CAGR of 5.6% during (2024 - 2031). Additionally, The Asia Pacific region would experience a CAGR of 6.9% during (2024 - 2031).
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