According to the Market Statsville Group (MSG), the global space components market size is expected to grow from USD XX million in 2022 to USD XX million by 2033, growing at a CAGR of XX% from 2023 to 2033. It is expected that the growth of the space components market will be accelerated during the forecast period due to increased investment in space ventures, increased launch activity by a number of major private and public players, the establishment of a constellation of communication satellites in low earth orbit, and the adoption of space tourism. Satellites are increasingly being used for a wide range of purposes, including surveillance, real-time imaging, communication, navigation, weather forecasting, broadband and connectivity, research and development, and IoT integration for a variety of government, commercial, and civil-military applications. This is leading to an increasing demand for space component products.

Further, the rising investments in space exploration programs by key players as well as government organizations will significantly increase the market’s growth over the forecast period. Moreover, increased adoption of satellite technology (such as surveillance and security, commercial and military communication, geospatial data acquisition and mapping, situational awareness, and weather forecasting) is expected to boost the number of satellites in space, thereby accelerating the growth for space components market.

Definition of the Global Space Components Market

A satellite is a space object that orbits or surrounds a larger object. These satellites' main objective is to photograph the planet in order to aid meteorologists in their calculations of the weather and in the tracking of tropical cyclones and hurricanes. Similar to this, a number of satellites take pictures of the sun, planets, distant stars, and dark matter to help scientists understand the universe and the solar system. Satellites comes in a wide range of shapes and sizes, but the majority of them include at least two common parts: an antenna and a power source. The power source is either a battery or a solar panel, and the antenna often transmits and receives data to Earth. By converting solar energy into electrical energy, these panels will generate power. Other parts used in satellites differ according to their functions. For transmitting and receiving signals from Earth, antennas are crucial components of satellite systems. Satellite command and control systems examine every element and get instructions for operation from Earth. The satellite's location can be monitored by sensors to make sure it maintains the proper orbit and slope. A satellite can alter its position and direction by using thrusters and other maneuvers as needed. Solar cells are used by the majority of satellites to convert sunlight into electrical energy. Uplink and downlink signals will come and go at various frequencies. Frequencies are changed from uplink to downlink by transponders, which subsequently magnify the altered signal for transmission to Earth.

COVID-19 Impact on the Global Space Components Market

The COVID-19 epidemic has harmed overall space and satellite production, as well as the space electronics industry. Prior to the pandemic, there was a global shortage of semiconductors due to a significant increase in demand for consumer devices. In COVID-19, industrial industry was already suffering a chip scarcity, which was exacerbated by global trade restrictions and a geopolitical crisis. Asia-Pacific acts as a manufacturing hub for semiconductor chips, accounting for more than 70% of market demand. The unexpected installation of worldwide lockdown and trade restrictions had a significant impact on North America and Europe, which were heavily reliant on Asia-Pacific for semiconductors. The interruption in the supply chain caused significant delays in production cycles, leading businesses to incur losses. However, investments made by major industry players and government bodies in North America and Europe to revitalize the semiconductor industry, as well as competition between the China and United States for technological dominance through indigenous capabilities, are expected to support business opportunities in the coming years.

Global Space Components Market Dynamics

Drivers: Surge in the use of satellites in military applications

The surge in the use of satellites in military applications driving the growth of the market. The surge of satellites in military applications has resulted in the development of small bodyguard satellites and space-based laser defences to protect important space assets, thereby augmenting the market’s growth. According to the French Institute of International Relations, in 2011, fewer than 100 satellites weighing less than 600 kilograms (kg) were launched into Earth's orbit. In 2020, more than 1200 satellites of this type were launched, most of them possessed by commercial companies. The implications of these trends are significant for military users worldwide. Moreover, the rise in government investments in satellite has significantly drive the North America space component market.

Thus, the increasing expenditure in satellite fuel the market’s growth. In addition to stimulating scientific and technological advances, it motivates the global scientific and technical workforce, which expands human economic activity globally. Such factors are driving the market’s growth.

Restraints: High costs of satellite components and stringent design constraints

The high costs related to satellite components and their complex programming and design-related risks restrain the growth of the market. Although the satellite is used in communications and many space missions, most space-related missions fail due to the complexity related to the designing and programming of the satellites. The designers rely on numerical modeling of vehicle aerodynamics rather than actual wind tunnel tests. These factors are causing major restraints in the market growth. Product weight, size, efficiency, and total operational cost are all highly important in the space sector. As a result, the primary focus for manufacturers is the development of lightweight, miniaturised, and low-cost space solutions. Furthermore, GaN and SiC semiconductor materials are more expensive than silicon and Gallium Arsenide. Furthermore, the COVID-19 scenario has resulted in limited raw material availability due to a global semiconductor chip scarcity, as well as reduced R&D expenditure by medium- and small-sized businesses. During the projected period, these issues are likely to restrict market growth.

Furthermore, the space systems and infrastructure of medium and large satellites necessitate the use of a wide range of satellite components to transmit signals, communications, imaging solutions, and other solutions that increase the satellites' capabilities. Since the introduction of micro-, nano-, and tiny satellites, traditional satellite components for these satellites have grown more expensive than previously, since additional space infrastructure, such as ground monitoring stations and their accompanying components, is required. This development is expected to stifle market expansion. However, new satellite network stations or essential space infrastructure come at a considerable cost.

Opportunities: Surging integration of the internet of things (IoT) and 5g network

Space can pave the way towards accelerating a sustainable and inclusive transition to 5G networks, creating significant economic and social value across the region. Space technologies have endless touchpoints with IoT, be it providing ubiquitous connectivity and enhanced capacity with the help of Satellite Communication, geospatial data to plan and optimise 5G networks with the help of Earth Observation, or high accuracy positioning with the help of Satellite Navigation.

5G-enabled LEO satellites work with terrestrial 5G infrastructure to extend 5G networks across sea, air and other remote areas. This improves the experience quality of high-capacity applications, saves valuable spectrum, and improves the resilience of each network. Billions of future 5G IoT devices will need constant updates that require an efficient distribution of data on a global scale. Satellite communication is well-positioned to support IoT by offering shared uplink connectivity, data aggregation and additional capacity as an IoT backup, amongst others, thus permitting higher peak rates and more reliability in massive machine communication. LEO based communication networks may play a part on the road to 6G as well, thereby creating a lucrative growth opportunity in the market.

Scope of the Global Space Components Market

The study categorizes the space components market based on component type, application, and end user area at the regional and global levels.

By Component Type Outlook (Sales, USD Million, 2019-2033)

• Accelerometers
• Engine Igniters
• Actuators
• Battery Cells & Modules
• Gyros
• Amplifiers
• Antenna Deployment
• Optical Encoders
• Solar Cells & Arrays
• Water Recovery System
• Oxygen Generation System
• Others

By Application Outlook (Sales, USD Million, 2019-2033)

• Docking & Berthing Systems
• Spacecraft Deployable Systems
• Electrical Power Systems
• Flight Control Systems & Thrust Vector Control Systems
• Launch Adapters & Separation Systems
• Telecommunications System
• Attitude & Articulation Control System
• Data Handling System
• Mechanical & Structural Systems
• Propulsion Systems
• Environmental Control and Life Support System
• Pointing Systems & Motion Control
• Thermal Control Systems
• Other Systems & Subsystems

By End User Outlook (Sales, USD Million, 2019-2033)

• Government & Defense
• Commercial & Civil

By Region Outlook (Sales, USD Million, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Government & Defense segment accounts for the largest market share by end user

Based on the end user, the market is divided into government & defense and commercial & civil. The government & defense segment is expected to dominate the market share in 2022 in the global space components market. The government & defense segment currently dominates the market share in the space components market. The government is investing in technological advancements that are being made to enhance lethality, accuracy, and the range of weapons. Moreover, the military segment will expand dramatically as satellites are increasingly used in surveillance operations. The government segment will expand significantly as government space organizations get more involved in small satellite development initiatives.

North America is expected to witness the largest market share by Region

Based on the regions, the global space components market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share in 2022. The United States has the greatest market for small satellites in North America. The increased demand for small satellite deployments, as well as advancements in digital satellites made by NASA, the US Department of Defense, and private players such as SpaceX (US), Sierra Nevada Corporation (US), and Lucix Corporation (US), are driving the growth of the satellite component market in North America. The successful launch of flexible satellites into orbit has resulted in a rise in the number of space trips.

Competitive Landscape: Global Space Components Market

The space components market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global space components market are:

• Northrop Grumman
• Moog Inc
• Honeywell
• Ducommun Incorporated
• Ball Aerospace
• Raytheon (Collins Aerospace)
• SpaceX
• MDA (MACDONALD, DETTWILER & ASSOCIATES)
• L3Harris
• Blue Origin
• ATEC, INC.
• BMT Aerospace USA Inc.
• Electromech Technologies
• CDA InterCorp
• Firstmark Aerospace Corp, (Ontic Company)
• Bradford Space
• AMETEK.Inc.
• Texas Instruments Incorporated
• Exxelia Group
• RUAG Ammotec USA Inc.

Recent Development

• In April 2022, L3Harris Technologies was selected by the United had Launched Alliance (ULA) to provide avionics and communication equipment critical to the launch of Amazon’s Project Kuiper commercial satellites over five years. ULA launched the majority of the Project Kuiper satellite constellation to bring high-speed, low-latency broadband service to places not reached by traditional networks.
• In December 2021, Ducommun Incorporated acquired Magnetic Seal Corporation. It is a provider of high-impact, military-proven magnetic seals for critical systems in aerospace and defense applications, delivering sealing solutions that are engineered to perform in high-speed, high-vibration and other challenging environments.
• In December 2021, Ball Aerospace-Built Spacecraft for NASA X-Ray Astrophysics Mission Successfully Launched from Kennedy Space Center.  The spacecraft is based on the smallest Ball Configurable Platform (BCP) model. The BCP has a broad spectrum of capabilities and is highly reliable with proven stability and pointing performance, which are essential for astrophysics missions, such as IXPE.
• In September 2021, Moog Exhibited Spacecraft Technology at Satellite 2021. Its systems, subsystems, and components support missions from LEO to GEO and beyond. Moog technology has travelled to every planet in the solar system and into interstellar space. The Small Launch Orbital Maneuvering Vehicle (SL-OMV) is shown on display at satellite 2021.
• In September 2021, Honeywell has ramped up its offerings in the rapidly growing small satellite market segment by adding three new products to its space offerings. The product includes Honeywell's X Band Downlink Transmitter and Optical Communication Terminal (OCT), which enables high-bandwidth data to be transmitted both on Earth and between satellites. Additionally, Honeywell is debuting a new line of Commercial Series reaction wheel assemblies specifically designed for commercial space satellites.

Key Issues Addressed

• What is the market size by various segmentation of the space components by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the space components market?
• What are the key opportunities and trends for manufacturers involved in the space components supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of space components in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.