Space sensors and actuators market to nearly double by 2027: reportNews
January 20, 2023
DUBLIN, Ireland. The space sensors and actuators market will nearly double in size by 2027, a new report claims. The report, from Research and Markets, predicts that the market will grow from $2.7 billion in 2022 to $4.9 billion in 2027 for a compound annual growth rate (CAGR) of 12.7%.
The report pointed to SpaceX's launch of 53 Starlink satellites as a major event in the market space, as well as the launch of about 40 satellites for the OneWeb constellation toward the end of 2022.
"Based on the platform, the satellite segment is estimated to lead the space sensors and actuators market from 2022 to 2027 and is projected to grow further," the report states.
Also, North America is expected to dominate the market, the report says.
"Another key factor fueling the growth of the space sensors and actuators market in the region is that a large number of leading developers of space sensors and actuators are concentrated in North America, with clear policies laid out for dealing with government agencies on defense matters," it continues. "The satellite industry of North America is the largest in the world."