With a significant increase in satellite launches and launch vehicle industry, along with advancement in microprocessor and FPGA technologies, space electronic market has been witnessing robust growth. However, high cost in the development and testing the electronics components and creation of real testing environment are the major restraints for the market. This chapter of the report intends to provide an in-depth understanding of the major factors that are expected to act as drivers, challenges, and opportunities for the space electronic market.
Since the inception of the space industry, satellite manufacturing has been capital-intensive with long development process, which remained the prominent factor for restricted innovations in satellite manufacturing processes. However, with the emergence of entrepreneurial players in the market, new methods in satellite production have been witnessed, resulting in a rapid innovative growth in the market. Along with the commercial players, space agencies such as NASA, ESA, JAXA and ISRO have also contributed largely to the development of the space industry.
The strategies employed to gain a significant share in space electronics market have been varying from mergers to business expansions and from acquisitions to partnerships. This segment provides comprehensive insights regarding different market development activities that key players in the industry are adopting in order to compete with each other directly. To lead the market as well as engage in the process of overall growth, a company needs to improve the existing product framework, work in collaboration with top market leaders or win new contracts from various industries, and acquire the relatively weaker companies into its stronghold.
Small satellites have a huge potential for easy and cost-effective access to space. Currently, small satellites are creating huge potential market for the COTS. In the recent years (2013-2018), a number of companies and space agencies have planned to use smaller satellites as it has lower launch cost and development time to fulfill a mission. However, with sophistication in electronic products and engineering field, the design of scalable electronic components with open standards and architectures are enabled due to the miniaturization of the components.
Space electronics are primarily used in satellites, launch vehicles and others. The electronic components are used to enable functioning of satellite subsystem with optimum accuracy. In 2018, the major focus was to develop optimum electronic solutions for small satellites due to increasing production of small satellite constellation globally.
The North America region includes mainly two countries, the U.S. and Canada. Currently, the U.S. is the dominant country that manufactures satellite, launch vehicles, and deep space probes in North America and is anticipated to remain the same until 2024. However, Canada is investing heavily in research and development of subsystems for the space applications and is anticipated to gain prominence in the market during the forecast period. Motivated by an intrinsic desire to explore space, major manufacturers along with government agencies in North America are extensively investing in developing latest technologies aimed at fundamentally improving the space access.
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Over a decade, there has been an increase in the number of satellite deployment for varied commercial satellite applications such as earth observation, communication, navigation, and internet. For instance, OneWeb, a U.S.-based company, has planned to launch a satellite constellation of more than 600 small satellites by 2020. Such initiatives are one of the major factors driving the growth in the space electronics market. Moreover, investment and development of deep space probes in order to explore other planets is further driving the growth in the space electronics market.
UPCOMING INDUSTRY TRENDS 