PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1462839
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1462839
Global Space Semiconductor Market is valued at approximately USD 0.99 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.2% over the forecast period 2023-2030. Space semiconductors refer to electronic components specifically engineered and qualified for use in space applications. These semiconductors are designed to withstand the harsh conditions of space, including extreme temperatures, radiation, vacuum, and mechanical stress. They are critical for the operation of various spacecraft, satellites, space probes, and other space vehicles, where standard commercial-grade components do not survive or perform reliably. Space semiconductors undergo rigorous testing and qualification processes to ensure their reliability and resilience in the demanding environment of space. They play a vital role in powering communication systems, navigation equipment, scientific instruments, and other electronic systems used in space missions. The easing demand for satellite communication, expanding space exploration initiatives, coupled with the growing focus on miniaturization and weight reduction are the key factors that are driving the market demand around the world.
In addition, growing interest in space exploration, both by government agencies and private companies, is driving the demand for advanced and reliable electronics used in spacecraft, satellites, and other spacefaring vehicles. According to the Space Foundation, it was assessed that nearly 1,022 spacecraft placed in orbit during the first six months of 2022. Thus, the rise in space exploration activities is further leveraging growth prospects for the market expansion during the estimated period. Moreover, the ongoing technological advancements in semiconductor manufacturing and processing techniques, as well as rise of commercial space ventures present various lucrative opportunities over the forecast years. However, the rise in geopolitical tensions and the supply chain disruption are hampering the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Space Semiconductor Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the significant presence of major OEMs and operators. For instance, in August 2022, Microchip Technology finalized a substantial agreement with the U.S. government under the CHIPS and Science Act, aimed at fortifying the local chip industry amidst competitive pressures from China. As part of a strategic initiative to bolster the domestic semiconductor sector, the U.S. government unveiled plans to allocate approximately USD 162 million in funding to a specific company within the industry, as announced by the U.S. Department of Commerce. Whereas Asia Pacific is expected to grow at the highest CAGR over the forecast years. The market demand across the region is being significantly driven by the swift expansion of space exploration programs, the increasing emphasis on miniaturization and weight reduction in spacecraft and satellites, and the growing investments in space technology.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable