Electronic components, which are equipped in satellites, launch vehicles, and deep space probes, hold huge importance and require verification and testing in order to ensure their functionality. This is largely due to high degrees of radiation in the space environment. Electronic components are highly susceptible to damage and malfunctions caused by radiation, resulting in displacement or ionizing damage. In space, radiations potentially cause anomalies in the electronics component’s operability. Single-event effects (SEEs), electrostatic discharge (ESD), total ionizing dose (TID), and cumulative radiation damage are the major concerns for the Space-based smart sensors and electronics market. Therefore, manufacturers are designing components in such a way that electrical components can operate and survive in high-radiation environments. The electronic components used in space are either radiation-hardened or radiation-tolerant, depending upon the mission. In recent years, it has been observed that there have been continuing advancements in semiconductor and electronic component technology, leading to the development of small and light-weight electronic products.

Read Report Overview: Drone Delivery Market

The era of satellites, particularly for earth observation, began many years ago in 1957 with the launch of the Sputnik 1 satellite, which was launched with a radio, thermometer, and battery. However, the Space-based smart sensors and electronics component industry has come a long way in decades. Manufacturers are adopting miniaturization in the components and enabling stacking multiple components on single circuits. Earlier, satellites used to be huge in size and with heavy payloads. However, with the help of MCUs, the resultant electronic circuits became small and less complex and consumed less power. This resulted in the advent of small satellites, which is currently major traction in the overall space industry.

Satellites Application Segment Dominates the Space-based Sensors and Electronics Market

The Space-based smart sensors and electronics market is expected to generate huge revenues from the satellite application segment, followed by launch vehicles and deep space probes. The space electronics market for the satellite segment reported revenue generation of $1,010.8 million in 2020 and is expected to grow at a CAGR of 4.54% during the forecast period 2021-2026 to reach $1,307.0 billion by 2026. The rise is largely contributed by rapid growth in small satellites and small launch vehicles and by deep space mission plans by various commercial and public key players such as SpaceX, OneWeb, Telesat, Space Development Agency, NASA, Indian Space Research Organisation (ISRO), European Space Agency (ESA) and Japan Aerospace Exploration Agency (JAXA).

North America to Dominate Space-based Smart Sensors and Electronics Market

North America accounted for the highest share of 45.12% in the market in 2020, owing to a significant number of companies based in the region. Asia-Pacific had a share of 21.67% in 2020 and is expected to witness the highest growth during the forecast period 2021-2026, driven by space activities in Japan, China, and India. Increased spending by government space organizations such as the Japan Aerospace Exploration Agency (JAXA), China Academy of Launch Vehicle Technology (CALT), National Aeronautics and Space Administration (NASA), European Space Agency (ESA), and Indian Space Research Organization (ISRO) in different space applications is expected to drive huge growth in the space-based smart sensors and electronics market during the forecast period.

Competitive Landscape

The competitive landscape of the space-based smart sensors and electronics 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.

Request For Sample: https://bisresearch.com/requestsample?id=1080&type=download

Some of the key players in the global space electronics market include BAE Systems, Cobham PLC, Honeywell International, Texas Instruments Inc., The Boeing Company, Xilinx Inc., Microsemi Corporation, STMicroelectronics N.V, TT Electronics, and Solid State Devices Inc. These companies are aiming for a wide range of product launches and collaborations to expand their operations and increase their market presence globally to generate revenues and attract new customers.