New York, United States , Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Global Space Power Electronics Market Size is to Grow from USD 279.48 Million in 2023 to USD 1242.41 Million by 2033, at a Compound Annual Growth Rate (CAGR) of 16.09% during the projected period.
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Space power electronics is the use of electronic components in satellites, spacecraft, open vehicles, space stations, and rovers to control and transmit electrical energy from one form to another. It is in charge of handling high voltages and currents to provide power for many purposes. The energy supply system encompasses all aspects of generation, storage, conditioning, distribution, and conversion for space applications. Space missions have a duration ranging from a few minutes to decades, thus it is vital to identify the best primary and secondary sources and design a system that maximizes their utility. Power electronics make it easier to design energy-efficient appliances and devices for the consumer electronics market. Power management circuits enhance battery life and energy efficiency in a wide range of products, including laptops, cell phones, and residences providing customers with longer-lasting and more sustainable products. The complexity of space exploration initiatives is driving down the weight and hardness of space electronics. These requirements drive space innovation and assistance the sectors growth. Furthermore, one of the challenges restricting the market for space power electronics from expanding is the high cost of designing and developing space power systems, including the rigorous design and integration process.
Browse key industry insights spread across 186 pages with 110 Market data tables and figures & charts from the report on the "Global Space Power Electronics Market Size, Share, and COVID-19 Impact Analysis, By Device Type (Power Discrete, Power Module, and Power IC), By Application (Satellites, Spacecraft & Launch Vehicles, Space Stations, Rovers), By Platform Type (Power, Command and data handling, ADCS, Propulsion, TT&C, Structure, and Thermal System), By Voltage (Low Voltage, Medium Voltage, and High Voltage) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The power IC segment is expected to hold a significant share of the space power electronics market during the projected timeframe.
Based on the device type, the space power electronics market is divided into power discrete, power module, and power IC. Among these, the power IC segment is expected to hold a significant share of the space power electronics market during the projected timeframe. Power ICs are integrated circuits with numerous power rails and other power management functionalities on a single chip. Power-integrated circuits are frequently used to power small, battery-powered devices because the integration of multiple functions into a single chip results in a more efficient use of space and system power.
The satellites segment is expected to hold the highest market share of the space power electronics market during the projected timeframe.
Based on the application, the space power electronics market is divided into satellites, spacecraft & launch vehicles, space stations, rovers, and others. Among these, the satellites segment is expected to hold the highest market share of the space power electronics market during the projected timeframe. Satellites are increasingly being utilized in current communication technology. The release of wireless satellite internet and the growth of compact hardware systems are capitalizing on some opportunities in the sector of satellite-based connection.
The command and data handling segment accounted for the largest revenue share of the space power electronics market during the projected timeframe.
Based on the platform type, the space power electronics market is divided into power, command and data handling, ADCS, propulsion, TT&C, structure, and thermal system. Among these, the command and data handling segment accounted for the largest revenue share of the space power electronics market during the projected timeframe. NASA's robotic and sample-return missions, in addition to its orbiters, landers, flyover spacecraft, and space-based observatories, all require complex command and control systems. To support NASA's objectives, ongoing missions, and programs, technological advances in sensor electronics and command and data management are essential.
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North America is expected to hold the largest share of the space power electronics market over the forecast period.
North America is expected to hold the largest share of the space power electronics market over the forecast period. The United States government has made major investments in contemporary space electronics to increase the quality and effectiveness of deep space research and satellite communication. Furthermore, the modernization of current communications in military platforms, law enforcement agencies, and critical infrastructure is predicted to help expand the regional space electronics industry. The Space Power Electronics Industry in North America is expected to be driven by some factors, including the modernization of military platform communication systems, the use of satellite systems by law enforcement agencies, and increased investment in satellite equipment to improve the armed forces' defense and surveillance capabilities. Radiation-tolerant DC-DC converter power modules are extensively utilized in Boeing's O3b mPOWER satellites to enhance power conversion.
Asia Pacific is predicted to grow at the fastest pace in the space power electronics market during the projected timeframe. With the increased usage of cutting-edge technology, a rise in the number of enterprises producing space electronics components, and increased government attempts to boost the aerospace and defense industries, power electronics are critical in the renewable energy business because they convert, condition and control electricity generated from renewable sources efficiently. Furthermore, the market share for power electronics is being supported by the increasing need for advanced power electronics in the renewable energy industry, which is being driven by advancing technology, supportive government laws, and rising environmental consciousness.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the space power electronics market are Renesas Electronics Corporation, Texas Instrument Incorporated, BAE Systems, Cobham Limited, Microchip Technology Inc., RUAG Group, STMicroelectronics, Mitsubishi Electric Corporation, Heico Corporation, Honeywell International Inc., TT Electronics, Toshiba Corporation, Harris Corporation, Safran SA, Infineon Technologies, and others.
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Recent Developments
- In January 2023, Maxim Integrated Products revealed the release of their new space-qualified analog-to-digital converter (ADC). The ADC is intended for use in a wide range of space applications, such as satellite communications, Earth observation, and deep space research.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the space power electronics market based on the below-mentioned segments:
Global Space Power Electronics Market, By Device Type
- Power Discrete
- Power Module
- Power IC
Global Space Power Electronics Market, By Application
- Satellite
- Spacecraft & Launch Vehicle
- Rovers
- Space Stations
Global Space Power Electronics Market, By Platform Type
- Power
- Command and data handling
- ADCS
- Propulsion
- TT & C
- Structure
- Thermal System
Global Space Power Electronics Market, By Voltage
- Low Voltage
- Medium Voltage
- High Voltage
Global Space Power Electronics Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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