Space Sensors Market Demand, In-depth Analysis And Estimated Forecast by 2028
The space sensors market growth was USD 1.40 billion in 2020. The market is projected to grow from USD 1.91 billion in 2021 to USD 6.16 billion in 2028 at a CAGR of 18.21% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Space Sensors Market, 2021-2028.” Factors, such as the ability to collect data and monitor conditions on the ground and increasing advancements in sensing technology, will increase the footprint of the market during the forecast period. Additionally, rising development toward hardened electro-optical space sensors will boost the market growth.
COVID-19 Impact
Production Delays & Volatility in Raw Material Pricing to Degrade Market Growth
The COVID-19 pandemic had a devastating effect on the aviation industry. The dominant players seem to bypass the economic backlash caused by the pandemic even after facing delays in product launches and disruptions in supply chains. However, some players faced huge revenue losses due to supply chain faltering and production losses. Additionally, imposed lockdowns and delays in the transport sector will further push the space sensors industry toward negative growth.
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Segments
Product Type, Platform, End Use, and Region are Studied
Based on product type, the market is broken down into pressure sensors, temperature sensors, proximity sensors, position sensors, vibration sensors, and others.
By platform, the market is divided into satellite, rovers, launch vehicle, and probes.
With respect to end use, the market is segmented into commercial and government & defense.
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage
The report contains a comprehensive analysis of the market by encompassing critical aspects such as key players, product types, platforms, and end-uses. Additionally, the report also offers the ongoing industry developments and future market trends to provide our readers with an analytical read. Also, the report presents a detailed forecast during the intended duration and lists factors that are expected to impact the market in a negative/positive manner.
Drivers & Restraints
Increasing Usage of Image Sensors to Bolster Market
Factors, such as increased usage of image sensors toward earth observation, solar system exploration, and universe observation missions, will boost the space sensors market growth during the forecast period. Additionally, rising applications among high-resolution imaging, space telescopes, atmosphere spectroscopy, and others will increase the footprint of the market. Rising research & development funding from various space agencies on a global scale will fuel the market growth.
However, strict government regulations regarding spaceships will limit the market growth during the forecast period.
List of Key Players Present in the Market
- Texas Instruments Incorporated (U.S.)
- Honeywell International Inc. (U.S.)
- Moog Inc. (U.S.)
- Ametek Inc. (U.S.)
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Regional Insights
North America to Witness Largest Market Share due to Demand for Increasing Mars & Lunar Moon Missions
North America will witness the largest space sensors market share during the forecast period due to increasing instances of Mars & lunar moon missions and the presence of dominant players. Factors, such as rising demand for orbiter satellite deployment and advancements in space systems from global organizations, will increase the footprint of the market.
Asia Pacific will hold a substantial market share in terms of global contribution due to rising government funding toward advanced technologies and rising space missions from emerging economies such as China and India.
Europe will post a considerable market share during the forecast period due to rising space programs and increasing R&D investments in sensor technology.
Competitive Landscape
Development of Novel Products & Constant Upgrade Cycle to Augment Market Growth
The dominant players in the market are constantly striving for introducing novel products for enhancing their product portfolio. Government grants and contracts are one way of dominant players to generate revenue. For example, in November 2021, the Utah State Space Dynamics Laboratory (SDL) won two contracts worth USD 1.31 billion for research & development activities for making developments on advanced space and nuclear prototypes plus space-based sensors for missile defense. Advancements toward launch vehicles, satellite payloads, and microelectronics are expected to fuel the market growth. Exploration of new environment is crucial for prominent players toward increasing costs in R&D activities.
Industry Development
- August 2020: L3Harris Technologies won a contract form the U.S. Space Force worth USD 1.2 billion for modernization of the military’s ground-based sensors that have the ability to track objects and activities in space.
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