What is the future of Space Electronics Market? Know Covid Impact on Size, Share & Forecasts
June 24, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Space Electronics Market.
It was estimated prior to this unanticipated outbreak that the Space Electronics Market reach an estimated value of US$ 1,620.5 million in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Space Electronics Market Segment Insights:
By Platform Type:
The satellite segment is expected to remain the growth engine of the global space electronics market during the forecast period of 2019 to 2024.
By Component Type:
The integrated circuits are expected to remain the most dominant component type in the total space electronics market during the forecast period of 2019 to 2024.
By Product Type:
Both, radiation-hardened as well as radiation-tolerant electronic segments, are likely to grow at healthy growth rates over the next five year; however, the radiation-tolerant segment is likely to witness a higher growth during the same period. Increasing demand for COTS (Commercial-off-the-Shelf) components, drastically lowering launch cost from commercial space companies, and growing demand for small satellites, especially for earth observation, communication, and networking applications are the key whys and wherefores behind the higher growth of the radiation-tolerant space electronics market.
By Region:
North America is expected to remain the largest space electronics market during the forecast period and is also expected to experience the highest growth during the same period. NASA is the largest space agency in the world, which is largely involved in space-related activities located in the USA. Furthermore, the market entry of commercial space companies, such as Space X, propel the region’s demand for space electronics in the coming years.
Europe and Asia-Pacific are also likely to offer good growth opportunities in the coming years. India, China, and Russia would be the new growth engines of the European and Asia-Pacific’s space electronics market in the coming years.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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