According to our new research study on "Radiation-Hardened Electronics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Manufacturing Technique, and Application," the market is expected to grow from US$ 1,520.86 million in 2021 to US$ 2,045.04 million by 2028; it is estimated to grow at a CAGR of 4.3% from 2021 to 2028.
Rising Adoption of Radiation-Hardened Electronics to Drive Radiation-Hardened Electronics Market During Forecast Period
The adoption of satellites has increased significantly in various industries, such as communication, networking, television broadcasting, and space-based surveillance, over the years. However, solar flares often lead to system failures, which has resulted in the adoption of radiation-hardened electronics in industries like aerospace & defense, nuclear power plants, and space. In July 2019, Silicon Technologies Inc. (STI) was awarded a 2-year contract by the US government to develop Radiation Hardened by Design (RHBD), Process Portable, and Mixed Signal Design IP, with the primary objective of increasing access to radiation-hardened electronic equipment. The agreement aims to demonstrate prototypes of radiation-hardened electronic components that support the US government's strategic and space missions. As a result, the increasing adoption of radiation-hardened electronics by various organizations is driving the growth of the global radiation-hardened electronics market.
The global radiation-hardened electronics market is expected to benefit from the fast-growing medical equipment manufacturing industry in both developed and developing countries. The increased investment by government bodies to improve the infrastructure of medical facilities by providing them with state-of-the-art medical devices is further fueling the demand for medical equipment manufacturing. Government initiatives have led to a rise in demand for medical equipment in countries such as Peru and Chile. In addition, countries such as the US, France, Germany, and Switzerland have renowned medical equipment manufacturers who are continually investing in the development of technologically advanced and compact medical equipment designs. These factors are likely to impact the medical applications sector of the radiation-hardened electronics market, contributing to the overall growth of the global radiation-hardened electronics market.
The COVID-19 outbreak in North America sparked significant apprehension and inflicted significant economic harm. The United States was among the most severely impacted countries worldwide, prompting governments to enforce a range of limitations on industrial, commercial, and public events throughout the nation to combat the spread of SARS-CoV-2 infection. The suspension of operations in various sectors, the closure of numerous manufacturing units, and people's reluctance to enter the workforce are all impeding the expansion of the radiation-hardened electronics market.
Key Findings of Study:
The global analysis of the radiation-hardened electronics market with respect to geography has been categorized into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The surge in demand for radiation-hardened electronics in the aerospace and defense sectors is fueling the growth of the radiation-hardened electronics market in the United States. The US government is also seeking systems that are hardened against weapons effects, such as the Space-Based Infrared Surveillance (SBIRS) system that monitors weapons launches, and other initiatives, including the GPS program that updates the electronic components of the nation's navigation satellites to survive and function during nuclear events. Additionally, the concentration of radiation-hardened electronics manufacturers in the United States is contributing to the growth of the radiation-hardened electronics market. Boeing and the US government are collaborating on the development of a new generation of radiation-hardened microprocessors for a wide range of space applications, which will provide sophisticated processing technologies for future space missions with extensive industry and software support.
Throughout the forecast period, Europe's market is projected to experience significant growth due to increased investment by governmental and non-governmental entities in advancing aerospace activities. Additionally, the region's advanced manufacturing capabilities and research and development efforts in producing high-level electronics are expanding. In Asia Pacific, the increasing number of commercial space projects is a major factor driving the market. Moreover, radiation-hardened devices can withstand the extreme temperatures and radiation levels found in nuclear reactors, thereby contributing to the growth of the market. The burgeoning semiconductor sector in the region is another factor propelling the radiation-hardened electronics market.
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