Radiation-Hardened Electronics Market Trends
Growth Drivers
- Growing Demand for Semiconductor Materials- On the account of growing usage of semiconductor materials in a variety of applications such as laptops, tablets, and others, the market is expected to expand more in the upcoming years. As per data, the global sales of semiconductors increased by over USD 420 billion in 2020.
- Rising Demand for Satellites- The rising demand for high-speed and reliable communication services across the globe is estimated to drive market growth. More than 1,500 commercial satellite were deployed in 2021, reflecting the commercial satellite industry's recent strong growth.
- Surging Space Industry Radiation hardened electronics are primarily driven by the aerospace sector, which is estimated to drive the market growth. According to the most recent data, in 2021, the space industry was estimated to be worth more than USD 450 billion.
Challenges
- Exorbitant Costs of Development and Designing- The high cost and complex design of radiation hardened electronics is one of the major factors predicted to slow down the market growth. For instance, to resist the hostile space environment, electronics that have been radiation hardened need specific design considerations. The expense of the design process is increased by the need for rigorous testing and validation. In addition, compared to conventional electronics, radiation hardened electronics frequently require more expensive materials and components.
- Growing Concerns for the Effect of Radiation on Electrical Devices
- Lack of Production and Standardization of Radiation Hardening
Radiation Hardened Electronic Market: Key Insights
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.3% |
|
Base Year Market Size (2024) |
USD 1.72 billion |
|
Forecast Year Market Size (2037) |
USD 2.97 billion |
|
Regional Scope |
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