Space Sensors and Actuators Market worth $7.7 billion by 2026 - Exclusive Report by MarketsandMarkets™

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08 Jul, 2021, 13:30 GMT

CHICAGO, July 8, 2021 /PRNewswire/ -- According to a research report "Space Sensors and Actuators Market by Product Type (Sensors and Actuators), Platform (Satellites, Capsules\Cargos, Interplanetary Spacecraft & Probes, Rovers/Spacecraft Landers, Launch Vehicles), Application, End User, Region - Forecast to 2026", published by MarketsandMarkets™, the Space Sensors and Actuators Market is projected to grow from USD 3.3 billion in 2021 to USD 7.7 billion by 2026, at a CAGR of 18.5%. from 2021 to 2026. The space sensors and actuators market is growing at a significant rate across the world, and a similar trend is expected to be observed during the forecast period. Ongoing advancements in space sensor technology and actuators, increasing number of small satellite launches by SpaceX (US) and OneWeb (UK), and growing investments in space exploration missions such Mars and Moon are fueling the growth of the space sensors and actuators market.

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Growing investments by several governments particularly in developed and developing economies such as the US, India, and China, among others. COVID-19 has affected the Space sensors and actuators market growth to some extent, and this varies from country to country. Industry experts believe that the pandemic has not affected the demand for Space sensors and actuators in applications.

"Based on application, the command and data handling system (C&DH) segment of application is expected to lead the space sensors and actuators market from 2021 to 2026."

Over the past few years, there has been an explosion of activity in the space exploration of Mars and Moon. In March 2020, NASA's launched its Mars rover mission, a Mars exploration program that includes the rover perseverance and the small robotic, coaxial helicopter ingenuity.

"Based on platform, the satellite segment is estimated to lead the space sensors and actuators market from 2021 to 2026."

Based on platform, satellite segment is estimated to lead the space sensors and actuators market from 2021 to 2026 and is projected to grow further due to the adoption of advanced technologies in space sensors such as quantum sensors, complementary metal-oxide-semiconductor (CMOS) imaging sensors technology or CMOS imaging sensors (CIS).

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"The North America region is estimated to account for the largest share of Space sensors and actuators market in 2021."

Based on region, North America is expected to lead the space sensors and actuators market from 2021 to 2026. The US is the largest market for space sensors and actuators in North America. The growing demand for commercial lunar moon and mars missions, increasing deployment of orbiter satellites and CubeSats in moon exploration and planned commercial crewed/manned missions for planetary exploration are key factors expected to drive the market in North America. The market growth in this region can also be attributed to the high demand for orbiter satellites deployment as well as advancements in space systems from NASA and other private players, such as SpaceX (US), Blue Origin (US), and Maxar Technologies (US), among others. The successful execution of high-tech space sensors and actuators used to take payloads into outer planet mobility has increased the number of outer planetary exploration. Technological breakthroughs and resourceful insights obtained from past space missions have inspired new players to invest in this niche market.

The space sensors and actuators market is dominated by a few globally established players such as Texas Instruments Incorporated (US), Honeywell International Inc. (US), Moog Inc. (US), Teledyne UK Limited (UK), Ametek, Inc. (US), TE Connectivity (Switzerland), RUAG Group (Switzerland), among others.

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