According to MarketsandMarkets research "Radiation-Hardened Electronics Market with COVID-19 impact, by Component (Analog & Digital Mixed Signals, Memory & Processors, Controllers, Power Devices), Manufacturing Technique, Application, Product Type, and Geography) - Global Forecast to 2026", The market for radiation-hardened electronics was valued at USD 1.4 billion in 2020 and is estimated to reach USD 1.7 billion by 2026, registering a CAGR of 3.5% during the forecast period (2020–2026). The growing intelligence, surveillance, and reconnaissance (ISR) operations globally, the increase in number of space missions, and growing demand for rad-hard electronics in the commercial satellite industry are factors driving the growth of the rad-hard electronics market.
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COVID-19 Impact on Radiation-Hardened Electronics Market
The COVID-19 crisis has led to global health and economic pandemic. The demand for radiation-hardened electronics was increasing steadily in the pre-COVID-19 scenario. With tensions in China-US trade, the immediate impact of COVID-19 can be easily observed on the imports of radiation-hardened electronics in the US. The US and Europe are key importers of semiconductor components. The high import tariffs on radiation-hardened electronic components in these geographies, together with disruptions in their supply chain, are negatively impacting the manufacturers of radiation-hardened electronics based in the US and Europe. This could result in a supply-demand imbalance, resulting in a negative impact on the growth of the market. However, the market is expected to recover slowly in the next 2 years and will grow at a CAGR of 3.5% from 2020 to 2026.
Opportunity : Increasing use of commercial-off-the-shelf products in satellites and other space applications
The role of commercial off-the-shelf (COTS) parts in satellites and other space applications is significant as the demand for low-cost nanosatellites is growing. COTS components can be used for small satellites that are mission specific. For example, the US military has made an initiative to launch smaller satellites with an aim to reduce launch costs and the time taken between making a decision to create a satellite to fulfill a mission and getting that satellite in orbit. COTS components are also attractive as they offer high bandwidth and performance. High bandwidth demands in satellite applications have forced the designers to choose radiation-hardened electronics.
Challenge: Customized requirements of high-end consumers
The major challenge faced by the manufacturers of radiation-hardened electronics and semiconductor systems is the highly customized requirements of high-end consumers. This is mainly due to the fact that the military and space missions are highly confidential and application-oriented, due to which there is a wide difference between the requirements of one consumer from another. The companies strive to fulfill such requirements since a significant amount of time, money, and R&D is involved in the process. Companies even need to change their design technique for each customized need of the end user, such as radiation hardening by design and by process. This also results in long development cycles of radiation-hardened components.
North America accounted for the largest share of the global radiation-hardened electronics market.
The growth in North America is attributed to the large presence of leading companies such as Honeywell Aerospace & Defense (US), Microchip Technology (US), and Xilinx, Inc. (US) and renowned space research institutes such as the National Aeronautics and Space Administration (NASA), the Florida Space Research Institute (FSRI), and Keck Institute for Space Studies (KISS). Most of the rad-hard components (nearly 50%) are supplied by the US to several parts of the world, and despite the stagnant economic growth and DoD budget costs, the demand for radiation-hardened electronics products is expected to remain high owing to various space missions and military operations being conducted worldwide. On the other hand, Europe is also expected to represent promising opportunities for the rad-hard component manufacturers during the forecast period. The market in APAC is expected to register the highest CAGR in the rad-hard market. With cutting-edge manufacturing technological abilities and improving economic conditions in China, India, and Japan, the region is expected to witness high growth in the coming years.
Bae Systems (UK), STMicroelectronics (Switzerland), Microchip technology (US), Renesas Electronics (Japan), Honeywell Aerospace & Defense (US), and Infineon Technologies (Germany) are the key players in the global Radiation-Hardened Electronics Market.
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