The global space electronics market will likely demonstrate notable revenue growth in future years. The growing use of industrial-scale electronics systems in space drives market growth. Market Research Future (MRFR) expects the global space electronics market to create a valuation of USD 1.6 BN by 2030, registering a 5.4% CAGR from 2021 to 2030.
The success of any space mission depends on its electrical, electronic, and electro-mechanical (EEE) components. Even a small-sized standard satellite requires a number of these active and passive devices. Space agencies with several kilometers of connective links are looking into printing these electronics to drive down mass, manufacturing lead times, and cost while boosting the overall robustness of the system.
Printed EEE parts offer significant advantages, including flexibility in printing in virtually any shape. Printing electronics is an easy process and can be performed locally without the need to manufacture parts in fab plants. Also, they can be produced at a much lower cost, approximately 95% cheaper than standard EEE parts. They are compatible with the space industry's low-volume high-variety mix requirements, considerably reducing the turnaround time.
Over recent years, the space electronics industry has been growing continually, witnessing growing investments. With the emerging commercial space sector, R&D investments to innovate novel technologies are increasing, too, creating significant space electronics market opportunities.
Space electronics businesses increasingly seek the tech that can be incorporated into the space resources value chain and help them meet the market needs for space tugs to deliver satellites and aid in space traffic management. Moreover, multiple R&D activities have been undertaken to advance additive manufacturing or 3D printing technology, to build AI-based robots, and nuclear power reactors providing large amounts of energy.
Over recent years printed components have been increasingly used in space electronics to increase the production of various satellite components, such as spacecraft and payload parts. This has made printed electronics technology increasingly relevant in space endeavors. Also, the demand for substantially lighter appliances and components that can be manufactured with reduced material wastage and costs is witnessing a significant rise.
North America dominates the global space electronics market. Key growth drivers are the large presence of major technology providers in this region and increasing government-led space exploration activities. Besides, the vast availability of advanced tech, scientists, skilled engineers & operators, and private investors with a successful track record in various industries influences the space electronics market value.
The global space electronics market appears highly competitive, with the presence of several giant players. With their strong global presence, industry players make the market appear highly fragmented. The growing competition among space service providers encourages these market players to develop advanced products. They also focus on developing advanced resources to meet the growing global demand. Such initiatives also help them shape the future development of the space electronics market.
For instance, on July 17, 2023, LightRidge Solutions, a space & airborne sensor provider, announced the acquisition of Trident Systems, a space electronics supplier. LightRidge is a portfolio company of ATL Partners, a private equity firm, while Trident Systems provides space electronics and subsystems for national security missions. This acquisition will enable LightRidge to boost its national security space capabilities and production & delivery under demanding schedule requirements.