Space Semiconductor Market to Hit USD 3.34 Billion by 2028; Rising Investment in Space Technology to Augment Market Growth, Fortune Business Insights™
Companies covered in space semiconductor market are Teledyne Technologies Incorporated (U.S.), Infineon Technologies AG (Germany), Texas Instruments Incorporated (U.S.), Microchip Technology Inc. (U.S.), Cobham Advanced Electronic Solutions Inc. (U.K.), STMicroelectronics International N.V. (Switzerland), Solid State Devices Inc. (U.S.), Honeywell International Inc. (U.S.), Xilinx Inc. (U.S.), BAE System Plc (U.K.), TE Connectivity (Switzerland), and more players profiled
Pune, India, Nov. 10, 2021 (GLOBE NEWSWIRE) -- The global space semiconductor market size is expected to gain momentum by reaching USD 3.34 billion by 2028 while exhibiting a CAGR of 6.89% during the forecast period. *Fortune Business Insights™ *mentions this information in its report titled “*Space Semiconductor Market, 2021-2028*.” As per the report, the market stood at USD 2.01 billion in 2020.
The increasing innovation and technological advancements are pushing manufacturers to develop an enhanced system that is efficient and cost-effective. Therefore, radiation-hardened space semiconductor devices have gained popularity as they provide high stability and efficiency at a very high temperature. These features make it an ideal choice for space application.
Additionally, the market is expected to rise rapidly due to the commercialization and privatization of low earth orbit (LEO). This factor has encouraged various private firms to take an interest in space programs. Recently, Virgin Galactic launched its unity 22 airplane rocket in space to popularize space tourism.
*COVID-19 Impact*
The ongoing COVID-19 pandemic situation has adversely impacted the market. For instance, in 2020, the United Launch Alliance (ULA) postponed all its launches from 2021 to 2022. This launch date delay affected small and medium-sized companies in the U.S. who provide space system components to the OEMs. As per several reports, space semiconductor devices’ business has declined to 70-80%. However, it is expected to bounce back by the end of 2021.
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*List of Key Players Profiled in Report*
· Teledyne Technologies Incorporated (U.S.)
· Infineon Technologies AG (Germany)
· Texas Instruments Incorporated (U.S.)
· Microchip Technology Inc. (U.S.)
· Cobham Advanced Electronic Solutions Inc. (U.K.)
· STMicroelectronics International N.V. (Switzerland)
· Solid State Devices Inc. (U.S.)
· Honeywell International Inc. (U.S.)
· Xilinx Inc. (U.S.)
· BAE System Plc (U.K.)
· TE Connectivity (Switzerland)
*Market Segmentation:*
By type, the market is segmented into radiation hardened grade, radiation-tolerant grade, and others. By component, it is classified into integrated circuits, discrete semiconductors devices, optical device, microprocessor, memory, sensors, and others. By application, it is divided into satellite, launch vehicles, deep space probe, and rovers and landers. Finally, based on region, the market is grouped into North America, Europe, Asia Pacific, and the rest of the world.
*What does the Report Provide?*
This market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape involving leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to market growth.
*Driving Factors*
*Rising Acceptance of Wideband Gap Semiconductor Material to Promote Growth*
The rising research and development and increasing investments in the space industry are expected to promote the space semiconductor devices market growth. The researchers have come up with a wide bandgap semiconductor material that allows end-user to design space product solutions with smaller size, high power efficiency, lightweight, and overall low cost. These properties increase the consumption of Gallium Nitride (GaN) and Silicon Carbide (SiC) wide bandgap semiconductor material technologies. In addition, GaN and SiC materials have insensitivity to radiation and operate at very high temperatures. Therefore, these materials are ideal for the development of advanced space system components such as HEMTs and FETs.
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https://www.fortunebusinessinsights.com/space-semiconductor-market-105223
*Regional Insights *
*North America to Dominate Backed by Presence of Several Manufacturers in the Region*
North America is expected to dominate the space semiconductor market share during the forecast period due to the presence of many satellite systems and associated components manufacturers in the region, especially in the U.S. The region’s market stood at USD 0.86 billion in 2020.
Asia Pacific is expected to grow significantly due to the increasing adoption of modern innovative technologies to develop large volume electronics space semiconductor in India, Japan, and China. Moreover, the advent of ISRO as a global satellite launch service provider has further helped the regional market.
*Competitive Landscape*
*Key Players to Focus on New Launches to Strengthen their Market Prospectus*
The global market for space semiconductors contains many prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market.
*Below are two industry developments:*
· *June 2020 –* A subsidiary of Teledyne Technologies, Teledyne U.K. Limited developed new space-grade semiconductor FPGAs incorporation with Xilinx, Inc.
· *June 2021 – *Starlink, the satellite internet business segment of Space Exploration Technologies Corp (SpaceX) planning to deploy 12000 satellites worth USD 10 billion. This project aims to provide global coverage.
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*Detailed Table of Content:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Industry Developments –Mergers, Acquisitions and Partnerships
· Latest technological Advancements
· Porters Five Forces Analysis
· Supply Chain Analysis
· *Qualitative Insights*
· Impact of COVID-19 on the Space Semiconductor Market
· Steps Taken by the Industry/Government/Companies to Overcome the Impact
· Potential Opportunities due to COVID-19 Outbreak
· *Global Space Semiconductor Market Analysis, Insights and Forecast, 2017-2028 *
· *Segmental Definitions*
· *Market Analysis, Insights and Forecast – By Type*
· Radiation Hardened Grade
· Radiation Tolerant Grade
· Others
· *Market Analysis, Insights and Forecast – By Component*
· Integrated Circuits
· Discrete Semiconductors Devices
· Optical Device
· Microprocessor
· Memory
· Sensors
· Others
· *Market Analysis, Insights and Forecast – By Application*
· Satellite
· Launch Vehicles
· Deep Space Probe
· Rovers and Landers
· *Market Analysis, Insights and Forecast – By Region*
· North America
· Europe
· Asia-Pacific
· Rest of the world
*TOC Continued…!*
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