Global Space Semiconductor Market projected to grow to USD 3.3 billion by 2033

From GlobeNewswire: 2024-04-05 16:00:00

The Global Space Semiconductor Market is projected to grow from USD 2.6 billion in 2023 to USD 3.3 billion by 2033, with a CAGR of 2.41%. There is a rising demand for smaller, lighter, and more power-efficient semiconductor components due to the increase in satellite and space exploration equipment size reduction goals. The need for ruggedized semiconductors for space habitats is increasing to withstand extreme conditions.

The satellite segment holds the largest market share from 2023 to 2033, driven by the growing use of satellites for communication, navigation, Earth observation, science, and national security. The radiation-hardened segment leads in market share, as there is a rising need for radiation-resistant semiconductor components due to complex space missions and harsh conditions. Integrated circuits account for the largest market share, given the demand for high-performance ICs for satellite applications.

North America dominates the Space Semiconductor Market, supported by NASA’s space exploration missions and increasing investments in satellite technology by defence contractors. Asia Pacific shows the fastest market growth, with countries like China, India, Japan, and South Korea expanding their satellite fleets. The region is a significant hub for semiconductor component production, driven by applications such as precision agriculture and satellite-based remote sensing.

Major vendors in the market include Teledyne Technologies Incorporated, Infineon Technologies AG, Texas Instruments Incorporated, and STMicroelectronics International N.V. Recent developments include Northrop Grumman’s strategic agreement with UK company Space Forge to use compound semiconductor substrates in low-Earth orbit. Market segmentation includes analysis by application, type, component, and region, providing insights on revenue forecasts from 2023 to 2033.



Read more at GlobeNewswire: Global Space Semiconductor Market Size To Worth USD 3.3