Space Sensors and Actuators Market Size & Share

4.3
Space Sensors and Actuators Market Size & Share

The Space Sensors and Actuators Market was estimated at USD 8,124 million in 2020, expanding at a CAGR OF 18.5% over the forecast period (2021-2028).

Space Sensors and Actuators Market

The Space Sensors and Actuators Market was estimated at USD 8,124 million in 2020, expanding at a CAGR OF 18.5% over the forecast period (2021-2028).

The factors driving the growth of Space Sensors and Actuators Market includes rise in the number of small satellites launches around the world, rising use of electro hydrostatic actuators in space applications and growing demand of wireless sensors. According to report published by Bloomberg, the Global Small Satellite Market is anticipated to reach USD 13711.7 million by the end of 2030, expanding at a CAGR of 16.4% over the forecast period (2021-2030), which will boost the Space Sensors and Actuators Market size in the approaching years. Moreover, the increasing investments in space exploration activities by major corporations such as SpaceX and OneWeb, technological advancements in space sensors and rise in in budget allocation for the space agencies, are some of the additional factors supplementing the Space Sensors and Actuators Market Growth. In addition, rise in the number of space start-ups, increase in spending on research and development by leading players and growing population growth rates, are further contributing to the market growth.

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However, the growth of Space Sensors and Actuators Market is hindered due to high cost for developing space-based technologies.

The major players operating in the Space Sensors and Actuators Market are Minebea Intec GmbH, Lockheed Martin Corporation., Northrop Grumman, Moog Inc., Honeywell International Inc., Innovative Sensor Technology IST AG, Digi-Key Electronics, Bradford Space, TE Connectivity and Maxar Technologies, among others.

Platform – Segment Analysis

Based on Platform, the Satellites segment is projected to expand at a significant CAGR during the forecast period attributed to rise in Government’s funding for space exploration programs and scientific research.

End-User – Segment Analysis

Based on End-User, the Commercial segment is anticipated to capture a sizeable market share over the forecast period attributed to rise in the number of small satellites launches by the private players such as Kuiper Systems and SpaceX, and increasing investments in space exploration activities, are some of the factors responsible for the growth of the segment.

Regional – Segment Analysis

Based on Region, the North American region is predicted to grow at a remarkable CAGR during the forecast period. Rise in the space exploration programs, presence of the leading companies such as Blue Origin and SpaceX, growing adoption of advanced space sensors, high per capita incomes and increasing population growth rates, are some of the important factors augmenting the market growth in North America.

Market Segmentation

Global Space Sensors and Actuators Market by Platform

Satellites

Capsules/Cargos

Interplanetary Spacecraft & Probes

Rovers/Spacecraft Landers

Launch Vehicle

Global Space Sensors and Actuators Market by End-User

Commercial

Government and Defence

Global Space Sensors and Actuators Market by Region

Asia Pacific

China

Japan

India

Rest of APAC

North America

United States of America

Canada

Europe

United Kingdom

Germany

France

Spain

Rest of Europe

RoW

Brazil

South Africa

Saudi Arabia

UAE

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