NEW YORK, June 09, 2022 (GLOBE NEWSWIRE) — The global space power electronics market is projected to grow at a CAGR of above 16% during the projected years and reach a value of over US$ 770 Mn by 2030.
The increasing number of small satellites for space exploration activities is the leading factor that drives the growth of the global space power electronics market. Satellites are an important part of today’s infrastructure, allowing connecting to the internet, utilizing GPS, and conducting Earth science research. In April 2020, 1,007 of the 2,666 active satellites circling the earth were for communication purposes. 446 are used for Earth observation, while 97 are used for navigation/GPS. Almost 6,000 satellites are orbiting planet right now. About 60% of them are defunct satellites (space junk), with the remaining 40% functioning. Furthermore, due to the increased engagement of commercial space firms such as Space X, OneWeb Satellites, and Sky and Space Global Ltd, as well as the planned launch of over 4,000 satellites during the projection period, demand for satellite electronics products will rise.
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Covid-19 Impact on the Global Space Power Electronics Industry
The space power electronics industry was severely affected in a great manner due to the Covid-19 situation. Because of lockdowns, commercial closures, and travel boycotts, the COVID-19 has had an impact on economies and enterprises in various countries. Thus, the production of space power electronics, components, and subsystems has been harmed eventually creating a snag in the space power electronics industry.
Global Space Power Electronics Market Growth Factors
The growing involvement of several countries in the space community, as well as the increased demand for lower-cost electronic components, is expected to drive demand for the global space power electronics market. Additionally, technological advancements in microprocessors and FPGAs, as well as the adoption of new materials to build space electronics, are also expected to drive market expansion.
However, the complex design of space electronic devices and their difficult integration process are some of the aspects that are restricting the market from growing. Many space organizations and commercial companies are working to improve the technology used in space power electronics so that they can be more reliable by increasing output while reducing power losses. Simultaneously, they are attempting to lower the cost of space power electronics.
Furthermore, the market entry of commercial space companies is of the trends that will create several growth opportunities for the market in the coming years. Then again, the miniaturization of space electronic devices is also likely to push the market forward with significant growth opportunities.
|Market||Space Power Electronics Market|
|Market Size 2021||US$ 203 Mn|
|Market Forecast 2030||US$ 770 Mn|
|CAGR||16.4 % During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Device Type, By Platform Type, By Voltage, By Current, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Infineon Technologies, Texas Instrument Incorporated, STMicroelectronics, Onsemi, and Renesas Electronics Corporation.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Space Power Electronics Market Segments
The space power electronics market is divided into six categories: device type, platform type, current, voltage, application, and geography. Based on device type, the market is split into power IC, power module, and power discrete. Based on our analysis, the power IC segment is expected to lead the market with a considerable market share in 2021.
Based on the platform type segment, the market is split into command and data handling, power, ADCS, propulsion, TT&C, structure, and thermal system. In 2021, the command and data handling segment achieved a substantial market share.
The voltage segment can be categorized into high voltage, medium voltage, and low voltage. By voltage, the medium voltage segment is expected to attain a fair compound annual growth rate (CAGR). On the other hand, the high voltage segment is expected to generate considerable market share. Below 25A, 25-50A, and above 50A are the classifications of the current segment.
Moreover, the application segment is split into spacecraft & launch vehicles, satellites, space stations, and rovers. Based on our analysis, the satellite segment dominated the market with the largest shares in 2021.
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Space Power Electronics Market Regional Stance
North America, Latin America, Europe, Asia-Pacific, the Middle East, and Africa are covered under the regional category. Among all the regions, North America gathered the largest revenue during the projected period 2022 to 2030 due to the presence of key companies coupled with the presence of the largest number of satellites. The North American region is likely to continue its position as the leading space hardware market over the forecast period. It is also expected to grow at the fastest pace in the global market. The presence in the United States of NASA, the world’s largest space agency, as well as a sector of private space businesses like Space X, is propelling the regional market ahead.
Europe and Asia-Pacific are also likely to have significant growth potential in the next years. China, India, and Russia will be the pristine growth drivers of the Asia-Pacific and European space power electronics industries throughout the forecast period.
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