Space onboard computing platform market to reach $2.3 billion by 2027, study findsNews
May 06, 2022
NORTHBROOK, Ill. The global market for space onboard computing platforms -- estimated at $1.3 billion in 2022 -- is projected to reach $2.3 billion by 2027, at a combined annual growth rate (CAGR) of 12.1% during that period, according to a study from MarketsandMarkets, "Space On-board Computing Platform Market by Platform, Application (Earth Observation, Navigation, Communication, Military & Scientific), Orbit, Communication Frequency, Technology, and Region (North America, Europe, APAC and RoW) -- Forecast to 2027."
The study authors assert that growth in the market to 2027 will be caused in part by the rise in the use of commercial off-the-shelf (COTS) components in space, technical innovations in the space sector, and increased concern about use of space onboard computing platforms in the national-security sector.
Broken out by segment, the study authors find that the communications segment will grow at the highest rate during the forecast period, as such computing platforms are increasingly being adopted in modern communication technologies, as the introduction of 5G and the development of new hardware systems present numerous opportunities in the field of satellite-enabled communication.
For additional information visit the MarketsandMarkets website.