The global radiation-hardened electronics for space applications market is estimated to reach $4,761.1 million in 2032 from $2,348.0 million in 2021, at a growth rate of 1.70% during the forecast period. The growth in the global radiation-hardened electronics for space applications market is expected to be driven by increasing demand for communication and Earth observation satellites.
Read Report Overview: Radiation-Hardened Electronics for Space Applications Market
Market Lifecycle Stage
Over the past few years, there has been a drastic shift toward adopting small satellites over conventional ones. Moreover, the market has been witnessing a drift in the trend from using small satellites for one-time stints toward their regular use in satellite constellations. With the rapid growth in small satellite constellations for various applications such as Earth observation, remote sensing, and space-based broadband services, the demand for radiation-hardened electronic components has also significantly increased.
Several projects are currently in progress to produce advanced radiation-hardened electronics with enhanced capability to shield space perturbations at low cost, which are expected to increase with the launch of upcoming mega-constellations as well as with the rising interest of companies in satellite components that can sustain in the harsh space environment for longer period of time.
Various radiation-hardened electronics that are currently used are onboard computers, microprocessors and microcontrollers, power sources, memory (solid-state recorder), field-programmable gate array, transmitter, and receiver (antennas), application-specific integrated circuit, and sensors. Space is a huge market with unlimited opportunities, and radiation-hardened components are required across all platforms to function. As a result, the market for radiation-hardened electronics for space applications is well-established.
North America to Dominate Radiation-Hardened Electronics for Space Applications (by Satellite Platform) Market
North America accounted for the highest share of XX% in the global radiation-hardened electronics for space applications (by satellite platform) by value in 2021, owing to a significant number of companies based in the region. Europe had a share of XX% in 2021 and is expected to witness the second-highest growth during the forecast period 2022–2032, driven by space activities in the U.K., France, Germany, and Russia. Increased spending by commercial space organizations such as Analog Device, BAE System, Cobham Plc, and government key agencies for different platforms is expected to drive huge growth in the radiation-hardened electronics for space applications market during the forecast period.
The competitive landscape of the radiation-hardened electronics for space applications market consists of several organic and inorganic strategies followed by the key players to increase their market share. The strategies include product innovations, contracts, partnerships, acquisitions, and business expansions, among others.
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Some of the key players in the global radiation-hardened electronics for space applications market include Analog Device, Renesas Corporation, Micropac, and BAE System. These companies are aiming for a wide range of partnerships, collaborations, agreements, and contracts to expand their operations and increase their market presence globally to generate revenues and attract new customers.