Dublin, Oct. 17, 2024 (GLOBE NEWSWIRE) -- The "Space Sensors and Actuators Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Space Sensors and Actuators Market is forecast to surpass US$3.28 billion in 2024.
Investment by Private Firms in Space Exploration Missions
The space sensors and actuators market is experiencing robust growth driven by several key factors. One significant driver is the substantial investment by private firms in space exploration missions. Private companies like SpaceX, Blue Origin, and others have significantly expanded their involvement in space activities, ranging from satellite deployment to crewed missions to the International Space Station (ISS) and beyond. These investments are fostering innovation in space technology, pushing boundaries in satellite miniaturization, reusable launch systems, and advanced propulsion technologies. The competitive landscape created by private firms has also lowered costs and accelerated the pace of development in the space industry, spurring market growth for sensors and actuators.
Moreover, the increasing commercialization of space activities is another pivotal factor propelling market expansion. Commercial satellite operators are leveraging advanced sensor technologies for applications such as Earth observation, telecommunications, and remote sensing. These satellites require sophisticated sensors for imaging, environmental monitoring, and communication, driving demand for high-performance sensor systems. Actuators, crucial for satellite maneuverability and functionality, are also benefiting from advancements in materials science and robotics, enabling more precise and reliable spacecraft operations.
Radiation Damage and Corrosive Atmosphere Hinder the Market Growth
Radiation damage and the corrosive atmosphere present significant challenges hindering the growth of the space sensors and actuators market. In the harsh environment of space, spacecraft and their components are exposed to ionizing radiation from cosmic rays and solar radiation. This radiation can degrade electronic components over time, affecting their performance and reliability. Radiation-hardened materials and designs are required to mitigate these effects, adding complexity and cost to the development of space sensors and actuators.
Moreover, the corrosive atmosphere in space, which includes atomic oxygen and other reactive species, poses another obstacle. These elements can cause oxidation and degradation of exposed materials, leading to potential failures in mechanical and electronic components. Ensuring the longevity and operational integrity of sensors and actuators in such environments necessitates the use of specialized coatings, materials, and design strategies that can withstand prolonged exposure to these corrosive agents.
Market Dynamics
Market Driving Factors
- Growing Demand for Wireless Sensors Driving the Market Growth
- Investment by Private Firms in Space Exploration Missions Driving the Market Growth
- Growing Demand for Small and Smart Actuators Driving the Market Growth
Market Restraining Factors
- Government Policy and Regulations for Spacecraft Hinder the Market Growth
- Radiation Damage and Corrosive Atmosphere Hinder the Market Growth
Market Opportunities
- Collaboration and Partnership Between Market Players Opportunities for the Market
- Expansion in Geographical Region and New Product Launch Opportunities for the Market
- Investment in New Space Project Opportunities for the Sensor and Actuators Market Growth
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), porter,Aos five forces model, and recent developments.
Segments Covered in the Report
Segment by Type
- Sensors
- Actuators
Segment by Sensors
- Environmental Sensors
- Structural Health Monitoring Sensors
- Attitude and Orbit Control Sensors
Segment by Actuators
- Thrusters
- Control Moment Gyroscopes
- Reaction Wheels
- Solar Array Drives
Segment by Platform
- Satellites
- Capsules/Cargos
- Interplanetary Spacecraft & Probes
- Rovers/Spacecraft Landers
- Launch Vehicle
Segment by Application
- Attitude & Orbital Control System
- Command & Data Handling System
- Telemetry
- Tracking and Command
- Thermal System
- Propellent Feed System
- Other Applications
In addition to the revenue predictions for the overall world market and segments, the report also includes revenue forecasts for five regional and 19 leading national markets.
The report also includes profiles for some of the leading companies in the Space Sensors and Actuators Market, with a focus on this segment of these companies' operations.
Leading companies in the Space Sensors and Actuators market profiled in the report include:
- AMETEK
- Analog Devices
- Honeywell International
- InnaLabs
- ISP System
- Maxar Technologies
- Moog
- RUAG Holding
- Sierra Nevada Corporation (SNC)
- TE Connectivity
- Teledyne Technologies
- Texas Instruments (TI)
For more information about this report visit https://www.researchandmarkets.com/r/mp43va
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