Space Semiconductor Market to Reach $4,813.8 million, Globally, by 2032 at 8.8% CAGR: Allied Market Research – PR Newswire
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The space semiconductor market has expanded as a result of rise in maritime border dispute among neighboring countries, rise in procurement of naval vessels owing to growing defense budget, and technological advancement.
WILMINGTON, Del., March 19, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Space Semiconductor Market by Type (Radiation Hardened Grade and Radiation Tolerant Grade), Component (Integrated Circuits, Discrete Semiconductors Devices, Optical Devices, Microprocessor, Memory, Sensors, and Others), and Application (Satellite, Launch Vehicles, Deep Space Probe, and Rover and Lander): Global Opportunity Analysis and Industry Forecast, 2023–2032.
According to the report, the global space semiconductor industry size generated $2,122.9 million in 2022 and is anticipated to generate $4,813.8 million by 2032, witnessing a CAGR of 8.8% from 2023 to 2032.
(We are providing space semiconductor industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
Download Sample Report and Table of Content – https://www.alliedmarketresearch.com/request-sample/A321013
Prime Determinants of Growth
Space semiconductors include the increasing demand for satellite communication and Earth observation, advancements in satellite technology, the rise of satellite constellations, expanding space exploration initiatives, and the need for reliable and radiation-hardened components in space missions. Furthermore, the growing need for global connectivity, internet access, and data transmission drives the demand for satellite communication systems. Additionally, the rise in Earth observation applications for purposes such as weather monitoring, disaster management, agriculture, and urban planning contribute to the demand for space-based sensors and imaging systems, which rely on semiconductor components for data processing and transmission.
Report Coverage and Details:
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size In 2022
$2,122.9 Million
Market Size In 2032
$4,813.8 Million
CAGR
8.8 %
No. Of Pages in Report
445
Segments Covered
Type, Component, Application and Region.
Drivers
Rise In Satellite Deployment
Advancement In Space Exploration
Miniaturization And Power Efficiency
Opportunity
Emerging Markets for Small Satellites
Restraints
Harsh Environmental Conditions
Stringent Qualification Processes
Impact of Russia-Ukraine War Scenario on Space Semiconductor Industry
Recent Advancements in the Space Semiconductor Sector Showcase Notable Collaborations and Innovations:
Looking for Vendor Sourcing and Supplier Information, Regional/ Country Specific Study – https://www.alliedmarketresearch.com/request-for-customization/A321013
The radiation hardened grade segment to maintain its leadership status throughout the forecast period
On the basis of type, the radiation hardened grade segment held the highest market share in 2022, accounting for more than two-thirds of the global space semiconductor market revenue. This is attributed to the fact that radiation hardened grade semiconductor components are specifically designed and manufactured to withstand the harsh radiation environment present in space. Given that space missions expose electronic systems to various forms of radiation, including cosmic rays and solar radiation, radiation hardened grade components are essential for ensuring the reliability and longevity of these systems.
However, the radiation tolerant grade segment is projected to manifest the fastest CAGR of 12.2% from 2023 to 2032. This is attributed to the fact that radiation-tolerant components offer a balance between radiation resilience and cost-effectiveness, making them suitable for a wide range of space missions with varying requirements. Semiconductor manufacturers can develop radiation-tolerant components that meet the specific needs of different missions, providing flexibility and versatility to space system designers.
The integrated circuits segment to maintain its leadership status throughout the forecast period
On the basis of component, the integrated circuits segment held the highest market share in 2022, accounting for around one-third of the global space semiconductor market revenue. This is attributed to the fact that integrated circuits offer high performance and efficiency, making them well-suited for space applications where reliability and functionality are paramount. Semiconductor manufacturers are continually improving the performance of ICs, including higher processing speeds, lower power consumption, and increased functionality, which are critical for meeting the demanding requirements of space missions.
However, the sensors segment is projected to manifest the fastest CAGR of 13.5% from 2023 to 2032. This is attributed to the fact that space missions require a wide variety of sensors to meet different operational needs. These include temperature sensors, pressure sensors, inertial sensors (such as accelerometers and gyroscopes), radiation sensors, imaging sensors, and more. Each sensor type serves specific purposes in different phases of a mission, from launch and orbit to landing or reentry.
The satellite segment to maintain its leadership status throughout the forecast period
On the basis of application, satellite segment held the highest market share in 2022, accounting for more than one-third of the global space semiconductor market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that satellites are essential components of modern communication, navigation, Earth observation, and scientific research networks. They serve as critical infrastructure for a wide range of applications, including telecommunications, broadcasting, weather forecasting, navigation, surveillance, and disaster management.
Semiconductor components are fundamental to the operation of satellites, driving the demand for space-grade semiconductors. However, the launch vehicles segment is projected to manifest the fastest CAGR of 10.0% from 2023 to 2032. This is due to the fact that launch vehicle manufacturers are continuously striving to reduce the size, weight, and power consumption of onboard electronics to increase payload capacity and improve overall efficiency. This trend drives the demand for compact, lightweight, and energy-efficient semiconductor components, including microcontrollers, sensors, communication modules, and power management ICs.
North America to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global space semiconductor market revenue. This is attributed to the fact that the U.S. is a global leader in semiconductor technology and innovation, with a robust ecosystem of semiconductor manufacturers, research institutions, and technology companies.
North American semiconductor manufacturers are at the forefront of developing advanced semiconductor components tailored for space applications, including radiation-hardened integrated circuits, sensors, and communication chips. However, Asia-Pacific is expected to witness the fastest CAGR of 12.0% from 2023 to 2032. This is attributed to the region’s expanding space programs, increasing satellite launches, growing demand for space-based services, and the rise of indigenous semiconductor manufacturing capabilities.
Key Highlights of the Report:
Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) – https://www.alliedmarketresearch.com/space-semiconductor-market/purchase-options
Leading Market Players: –
The report provides a detailed analysis of these key players of the global space semiconductor market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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