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The space sensors and actuators market is projected to grow from USD 2.7 Billion in 2022 to USD 4.9 Billion by 2027, at a CAGR of 12.7% from 2022 to 2027
Increasing development of radiation-hardened electro-optical space sensors, demand for electro hydrostatic actuators in space applications, use of CMOS image sensors for Earth observation, focus on reducing cost of space sensors, use of solar sensors for deep-space missions, demand for small & smart actuators for space robotic missions, are major drivers for the growth of this market.
New York, Jan. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Space Sensors and Actuators Market by Product Type, Platform, Application, End User, Region - Global Forecast to 2027" - https://www.reportlinker.com/p06106169/?utm_source=GNW
The state of technology within the space industry is evolving rapidly.On the one hand, improvements in sensors and other technologies and innovations such as the small satellite architecture and manufacturing of sensors using 3D printers are driving down costs.
On the other hand, more sensors and a greater diversity of sensor types mean greater spatial resolution, higher temporal cadence, and richer spectral coverage.This combination of decreased cost and increased capabilities opens new use cases, industries, and applications for businesses.
There are significant ongoing investments in telecommunications, navigation, and Earth observation applications. It is not just the global superpowers and multinationals that have access to space and related services, but also emerging countries and startups.
Based on End User, the commercial segment is expected to lead the space sensors and actuators market from 2022 to 2027.
Space exploration is an ideal investment option for private players to increase their exploration activities in space.The commercial segment has been further classified into the NewSpace industry, satellite operators & owners, space robotic solution providers, space exploration companies, and satellite and launch vehicle manufacturers.
For instance, in October 2022, SpaceX announced the successful launch of 53 Starlink satellites, boosting its internet-beaming space network to 3,558 satellites. Additionally, on December, 2022, OneWeb Satellites, a joint venture between OneWeb, British Government and Airbus Defense and Space to design and manufacture satellites, launched around 40 satellites for the OneWeb constellation from Kennedy Space Center, US.
Based on platform, the satellite segment is estimated to lead the space sensors and actuators market from 2022 to 2027.
Based on platform, satellite segment is estimated to lead the space sensors and actuators market from 2022 to 2027 and is projected to grow further.Satellites carry a variety of sensors measuring bio-geophysical parameters such as sea surface temperature, nitrogen dioxide or other atmospheric pollutants, winds, aerosols, and biomass.
These parameters can be evaluated through statistical and spectral analysis techniques.Satellites require swift movement for effective space operation.
This swift movement is achieved by the actuators that provide a high torque control capacity. Venture Mfg. is one of the manufacturers of different types of linear actuators for satellite applications
The North America region is estimated to account for the largest share of Space sensors and actuators market in 2022.
Based on region, North America is expected to lead the space sensors and actuators market from 2022 to 2027.There is strong political support in North America for adoption of advanced satellites.
Another key factor fueling the growth of the space sensors and actuators market in the region is that a large number of leading developers of space sensors and actuators are concentrated in North America, with clear policies laid out for dealing with government agencies on defense matters. The satellite industry of North America is the largest in the world.
The break-up of the profile of primary participants in the Space sensors and actuators market:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
• By Region: North America – 40%, Europe – 20%, Asia Pacific – 30%, Middle East & Africa – 5%, Latin America – 5%
Major companies profiled in the report include Texas Instruments Incorporated (US), Honeywell International Inc. (US), Moog Inc. (US), Teledyne Technologies Limited (UK), Ametek, Inc. (US), TE Connectivity (Switzerland), RUAG Group (Switzerland), among others.
Research Coverage:
This market study covers the Space sensors and actuators market across various segments and subsegments.It aims at estimating the size and growth potential of this market across different segments based on product type, platform, end use and region.
This study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments undertaken by them, and key market strategies adopted by them.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Space sensors and actuators market.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on Space sensors and actuators offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the Space sensors and actuators market
• Market Development: Comprehensive information about lucrative markets – the report analyses the Space sensors and actuators market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Space sensors and actuators market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the Space sensors and actuators market
Read the full report: https://www.reportlinker.com/p06106169/?utm_source=GNW
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