Space Electronics Market Segment | Size, Share, Emerging Industries and Forecast to 2023

Market Overview

Space electronics is a space technology that is witnessing a rapid revolution. The transformation of the space industry and the daily launches in the innovations and satellite manufacturing technology growing the space electronics industry. There has been a growing use of space electronics for operating the spacecraft, satellites and deep-space probes is putting pressure on the space community for delivering technology with high performance and low cost.

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The global space electronics market report presents the growth of the global market in various aspects that are estimated to register a CAGR of almost 6.53% during the forecast period of 2018 to 2023. There are different factors that are driving the supply chain of the global market that comprises raw material suppliers, electronic component manufacturers, subsystem manufacturers, spacecraft manufacturers, and space agencies or launch the service providers.

Key Players

The key players in the Global Space Electronics Market are BAE Systems PLC (UK), Cobham PLC (UK), Heico Corporation (US), Honeywell International Inc. (US), Microsemi Corporation (US), ON Semiconductor (US), ST Microelectronics NV (Switzerland), Texas Instruments (US), Teledyne e2v (UK), TT Electronics PLC (UK), and Xilinx Inc. (US).

Industry News

Honeywell International Inc. has announced that it will be setting up a $10 million fund that will help the employees with the financial difficulties from the COVID-19 crisis. The company will give upto $750 for hourly and administrative employees.  It has estimated that the 10% to 15% of its 113,000 employees will qualify for this one-time relief payment.

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Regional Analysis

The North American region is expected to remain the largest space electronics market with the presence of NASA along with the entry of private space companies such as Space that is in turn propelling the growth of the regional market. Moreover, China, India, and Russia are expected to be the major contributors to the growth of the space electronics market in the coming years. The report also presents the data of other regions that are significantly contributing to the rise in the global space electronics market. The space industry is booming and with this surge there is a high demand for space electronic devices.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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