Space and communication sectors have witnessed numerous developments in the past years to cater to the rising market demand for satellite communication. Technological developments in space-based radiofrequency (RF)/microwave components, miniaturization of parts, reducing launch costs, and increasing demand for stable connectivity in remote locations are primary factors supporting market opportunities. The rise in research and development efforts and collaborations between space organizations and universities are accelerating the pace of innovation in the space industry. Some of the major advancements identified within the space-based RF/microwave technology market and the space sector include multispectral communication and 3D printed electronic components. These technologies are completely independent of each other; the commercial integration of these technologies has resulted in increased efficiency and a reduction in operational costs.
Read Report Overview: Space-Based RF & Microwave Technology Market
The rise in the application of satellites for a range of activities like surveillance, real-time imaging, communication, navigation, weather forecasting, broadband and connectivity, research, development, and testing, and IoT integration for various government, commercial, and civil-military domains is leading to the evolution in the space industry. More than 6,000 satellites are expected to be launched within the timeframe of 2021 to 2031, with rising year-on-year (YoY) launch rates. The rise in satellite launches has generated demand for various satellite connectivity components and other peripheral systems, forcing industry players to explore new market verticals to cater to the growing demand.
Global Space-Based RF/Microwave Technology Market Size
The global space-based RF/microwave technology market is expected to reach $14.02 billion by 2031, increasing from $6.64 billion in 2020 at a CAGR of 7.26% during the forecast period 2021-2031.
Government and Military Segment to Dominate the Space-Based RF/Microwave Technology End-User Market.
The global space-based RF/microwave technology market by end user includes government and military, which is expected to dominate the market with a share of 71.03% in 2031. Its market size was witnessed to be $2.48 billion in 2020 and is projected to reach $6.28 billion by 2031, registering a CAGR of 9.09% during the forecast period 2021-2031. However, the media and telemetry segment is anticipated to witness a growth rate of 8.08% CAGR during the forecast period 2021-2031
North America: Frontrunner in the Global Space-Based RF/Microwave Technology Market
The global space-based RF/microwave technology market has witnessed different market dynamics across various regions. Major developed countries such as the U.S., Europe, and Russia have a matured market and will experience increased market competitiveness over the forecast timeframe due to the presence of major industry players like L3Harris Technologies, GD Mission Systems, Thales Group, and Honeywell Corporation. Developing nations like China, India, and Japan will experience accelerated growth rates due to increasing investment by private bodies and government players toward the development of the space industry. For instance, in March 2020, Zhejiang Geely Holding Group, China, announced the investment of $326 million to develop a smart three-dimension mobility ecosystem, under which the company will launch LEO satellites to provide low-latency connectivity and positioning, navigation, and timing (PNT) services.
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Key Market Players and Competition Synopsis
Some of the key companies operating in the market include ASELSAN A.?, Airbus S.A.S., General Dynamics Mission Systems, Inc., Honeywell International Inc., HUBER+SUHNER AG, Kongsberg, L3Harris Technologies, Inc., Leonardo S.p.A, Mitsubishi Electric Corporation, Microchip Technology Inc, Teledyne Technologies, Thales Group, and TTI Norte S.L. (TTI).
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the space-based RF & microwave technology industry.
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