Market Overview
The global space market was valued between USD 117 billion and USD 143 billion in 2017 and is estimated to grow to USD 300 billion by 2030. The space industry is an ecosystem of businesses and academia that rely on space-based technologies and data. Increasing investments by various governments in space projects are propelling market growth. However, the harsh environmental conditions faced by spacecraft such as extreme temperatures and a significantly increased threat of radiation damage pose a serious challenge to market players.
New and existing players in the space electronics market are expected to see sizable growth during the forecast period. Increase in the production of satellites and the growing entry of commercial space companies are contributing to the demand for electronics in the space industry.
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Competitive Landscape
The key players in the global space electronics market are BAE Systems PLC (UK), Cobham PLC (UK), Heico Corporation (US), Honeywell International Inc. (US), Microsemi Corporation (US), ON Semiconductor (US), ST Microelectronics NV (Switzerland), Texas Instruments (US), Teledyne e2v (UK), TT Electronics PLC (UK), and Xilinx Inc. (US)
Market Segmentation
Based on component type, the global space electronics market has been segmented into discrete semiconductors, optoelectronics, integrated circuits, and others. The integrated circuits segment is expected to be the largest during the forecast period of 2018 to 2023. Increasing demand for electronics with reduced SWaP is driving the growth of the segment.
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Regional Analysis
Based on region, the global space electronics market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per the report, North America is expected to be the largest and fastest-growing space electronics market during the forecast period.
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