Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Space Electronics Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global space electronics market is poised for growth, projected to increase from $2.32 billion in 2022 to $2.49 billion in 2023, driven by a robust compound annual growth rate (CAGR) of 7.0%.
However, the Russia-Ukraine war has cast uncertainties on global economic recovery post-COVID-19, affecting short-term prospects. This conflict has triggered economic sanctions, commodity price hikes, and supply chain disturbances, causing inflation across goods and services, impacting markets globally. Despite these challenges, the space electronics market is anticipated to expand to $3.21 billion by 2027, maintaining a steady CAGR of 6.6%.
Report Overview
The report offers comprehensive statistics, including global market size, regional allocations, competitive landscape, detailed market segments, trends, opportunities, and more. The report provides a holistic view of the industry's present and future scenario, empowering industry stakeholders with essential insights.
Market Outlook
Innovation is a notable trend in the space electronics market, with major players focusing on introducing inventive product solutions to enhance market share. An example of this is VPT Inc., a US-based company in the space electronics sector, which unveiled the VSC Series of commercial off-the-shelf (COTS) products designed for new space applications. This series boasts outstanding Total Ionizing Dose (TID) performance, including Low Dose Rate (LDR) and Single Event Effects, catering to smaller satellites in low earth orbits (LEO) and NASA Class D missions.
The acquisition of SEAKR by Raytheon, a US-based aerospace company, further illustrates the industry's dynamics. The acquisition, valued at $60.4 million, is set to bolster Raytheon's core space business with applications reshaping the world and elevating performance standards.
North America claimed the largest share of the space electronics market in 2022, while Asia-Pacific is expected to emerge as the fastest-growing region. The report covers a wide range of regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. It also delves into the dynamics of space electronics in countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.
The growth of the space electronics market is being propelled by the rising number of satellites. The Satellite Industry Association reported that in 2021, there was a 40% increase in the deployment of commercial satellites compared to the previous year. The sector launched a record number of satellites, with a total of 4,852 orbiting the planet by the end of 2021. This surge underscores the demand for space electronics components.
The space electronics market encompasses various sensors, including accelerometers, air quality sensors, ambient light sensors, color sensors, and fan controllers. The values in this market represent the goods' value sold by creators to downstream manufacturers, wholesalers, retailers, and end customers.
In conclusion, the "Space Electronics Global Market Report 2023" offers comprehensive insights for strategists, marketers, and senior management. It captures industry trends and impacts, enabling stakeholders to make informed decisions, create effective strategies, and stay ahead in this evolving market landscape. This report serves as a reliable resource for internal and external presentations, enriched with high-quality data and analysis.
A selection of companies mentioned in this report includes
- BAE Systems PLC.
- Microsemi Corporation
- Texas Instruments Inc.
- Xilinx Inc.
- Cobham Limited
For more information about this report visit https://www.researchandmarkets.com/r/thldfj
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
