Space Electronics Market Size to Grow $5.4 Billion by 2031 at a CAGR of 5.04%

Reading time ( words)

The global space electronics market was valued at USD 3.3 Billion in 2021 and is projected to reach USD 5.4 Billion by 2031, growing at a CAGR of 5.04% from 2022-2031.

Major factors driving the growth of the space electronics market:

The development of a communication satellite constellation in LEO, the acceptance of space tourism in the coming years, and an increase in investment in space enterprises are some of the reasons that are propelling the growth of the space electronics market. 

The space electronics market is changing due to the increase in the use of satellites for a variety of purposes, including surveillance, real-time imaging, communication, navigation, weather forecasting, broadband and connectivity, research, development, and testing, and IoT integration for different government, commercial, and civil-military domains.

Trends Influencing the Growth of the Space Electronics Market:

Today, satellites are used for a variety of fundamental and necessary tasks, including tracking the weather, connecting to the internet, transmitting mobile phone signals, broadcasting television shows, conducting research and development, and setting up secure communication networks. Electronic components are being used more frequently in the space segment as a result of the increasing automation of satellite operations. Demand for various electronic components and other ancillary systems has increased as a result of the increase in satellite launches, forcing industry participants to look into new strategies to meet the demand. Deep space operations and increasing satellite launches are propelling the space electronics market's expansion.

A surge in demand for communication satellites has been caused by the commercial sector's increasing reliance on goods and services provided by space economies, including mobile communications, mobile asset tracking, data connections, broadband connections, and television to homes, among others. This has supported the need for space electronics. To meet the growing business need, private firms are investing significantly in the space sector. This will further drive the growth of the space electronics market.

Integration of SATCOM in the communication Industry will further fuel the space electronics market. One-third of the world can be covered by one satellite's beyond-line-of-sight communications, which makes satellite communication (SATCOM) essential for military operations. An aircraft can interact with air traffic control and other ground-based facilities via satellite while it is in the air thanks to satellite communications.

Over the projection period, the global market is expected to rise as a result of significant mechanical advancements in microprocessors, significant investments in the satellite manufacturing industry, and an increase in the number of space activities worldwide. Along with this, the influx of numerous new materials for better space electronics fabrication and the rising demand for reconfigurable satellite payloads are projected to open up attractive growth potential for the space electronics market in the years to come.


Suggested Items

PCBAA Member Profile: Davy Nakada, Rogers Corporation

04/25/2022 | Davy Nakada, Rogers Corporation
Our industry has suffered from a lack of visibility with policymakers. PCBAA brings many voices together so those in Washington realize what's at stake. Semiconductors have received the most attention in recent years while the domestic production of PCBs and related PCB materials continues to decline. We are now seeing legislative language supporting domestic production because of how PCBAA has educated lawmakers and policymakers on the PCB’s place in the microelectronics ecosystem.

DoD Faces Growing Risks from Reliance on Lead in Electronics

12/13/2021 | Chris Peters, USPAE
Like a cancer that spreads untreated until it becomes an urgent problem, the U.S. defense community is facing a small but growing problem that is increasingly undermining U.S. military readiness and technological dominance. The problem is lead—specifically, the lead-alloy solders that traditionally have been used to attach electronic components to printed circuit boards (PCBs). Over the last 15 years, the commercial electronics industry has shifted to lead-free solders, prompted by environmental health regulations in Europe and elsewhere. However, the U.S. Department of Defense (DoD) and its contractors never made the switch and are still heavily reliant on leaded solders. Now, leaded electronics are becoming harder to find and more outdated.

Catching Up with Allen Keeney of Johns Hopkins University

12/16/2021 | Dan Beaulieu, D.B. Management Group
I have always been fascinated by research labs, especially those tied to major universities. These are the true leaders of innovation and invention and at the very top of the PCB industry. So, when I met Allen Keeney, chief engineer of the Advanced Electrical Fabrication Group at the Johns Hopkins Applied Physics Laboratory (APL) in Laurel, Maryland, I jumped at the chance to talk with him. You will enjoy this look at another facet of our PCB industry.

Copyright © 2023 I-Connect007 | IPC Publishing Group Inc. All rights reserved.