Semiconductor market to double due to military, aerospace demand: reportNews
February 27, 2023
PORTLAND, Oregon. The military and aerospace semiconductor market will more than double from $6.3 billion in 2021 to $12.9 billion in 2031, a new report predicts.
"The rise in military expenditure as well as growth in aircraft upgradation and modernization programs support the growth of the global semiconductor in the military and aerospace market," states the report from Allied Market Research. "The use of radiation-tolerant semiconductor components also boosts the growth of semiconductors in the military and aerospace market."
The report adds that the scarcity of semiconductors may restrict market growth somewhat, but that could be balanced out by an increase in investments in space technology and defense modernization.
"The shift in the trend toward automation and quick adoption of new technologies such as artificial intelligence, and machine learning through the deployment of software-defined and autonomous satellites have notably increased the demand for onboard memory chips," the report adds.