Global Radiation-Hardened Electronics Market Forecast to 2028: Increasing Investment in Space Programs & Rising Adoption of Radiation-hardened Electronics for Medical Applications - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Radiation-Hardened Electronics Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Component, Manufacturing Technique, and Application" report has been added to ResearchAndMarkets.com's offering.
The radiation-hardened electronics market size was valued at US$ 1,520.86 million in 2021 and is projected to reach US$ 2,045.04 million by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Medical devices, including wearable devices, are prone to wear and tear and are exposed to harsh environments, propelling the demand for radiation-hardened electronics to sterilize them, thereby protecting them from any damage.
Further, the devices used across medical facilities, such as radiation rooms, are also exposed to high-temperature fluctuations, increasing the demand for radiation-hardened electronics for medical applications, hence gaining transaction in the global radiation-hardened electronics market share.
The rapidly growing medical equipment manufacturing industry across developed and developing countries is expected to contribute to the radiation-hardened electronics market growth. The high investment by government bodies to promote infrastructural development across medical facilities and equip the same with the latest medical devices further contributes to the high medical equipment manufacturing across the globe. For instance, developing countries such as Peru and Chile have experienced a rise in demand for medical equipment and product due to government initiatives.
Additionally, other countries such as the US, France, Germany, and Switzerland have the presence of renewed medical equipment manufacturers that are constantly investing in the development of technologically advanced and compact medical equipment designs. These factors are expected to increase the demand for radiation-hardened electronics from the medical applications sector, thereby fueling the growth of the global radiation-hardened electronics market industry.
The government of Germany has prepared the path for its military departments to undergo modernization. For instance, a few days later, after Russia launched its first strikes on Ukraine, the German government announced the allocation of a special fund of US$ 112 billion (€100 billion) for military purchases and will spend more than ~2% of Germany's GDP on defense.
As a result, all the firms present in the aerospace & defense ecosystem, including radiation-hardened electronics market vendors, are expected to gain from these increased budgets. These devices will be crucial in developing and designing next-generation military equipment and weapons.
Such factors are likely to boost the growth of the radiation-hardened electronics market in the country. Moreover, through acquisitions and collaboration, the country's businesses are bolstering their position in the global radiation-hardened electronics market. For instance, Infineon Technologies announced the acquisition of Cypress Semiconductor Corporation (US) in April 2020.
With the addition of Cypress, Infineon will be able to focus even more on structural growth drivers and various applications. Cypress offers a unique set of microcontrollers, networking components, software ecosystems, and high-performance storage. Infineon's global reach is strengthened by the inclusion of Cypress' excellent R&D skills and its presence in the US and Japan.
Asia Pacific is the world's largest semiconductor market. According to a Deloitte report, the region accounts for 60% of global semiconductor sales, with China responsible for more than 30% of sales. Hence, cutting-edge manufacturing technological capabilities and improving economic conditions in China, India, and Japan make Asia Pacific one of the world's prominent regions for the radiation-hardened electronics market.
Several radiation-hardened electronics market vendors in the region are constantly working to improve their product lines to fulfill the increasing demand of the aerospace sector. For instance, Renesas launched its high-reliability radiation-hardened plastic portfolio for satellites in medium and geosynchronous Earth orbits in July 2021. The ISL71001SLHM/SEHM point of load (POL) buck regulator, the ISL71610SLHM and ISL71710SLHM digital isolators, and the ISL73033SLHM 100V GaN FET and integrated low-side driver are among the four new products. Hence, due to its strong R&D capabilities and robust semiconductor industry, Asia Pacific will be a key region to monitor the growth of the radiation-hardened electronics market.
Furthermore, due to increased spending by governmental and non-governmental bodies on enhancing aerospace activities, the market in Europe is expected to develop at a significant rate throughout the forecast period. Moreover, the region's cutting-edge manufacturing capabilities and research and development for creating high-level electronics are growing.
Similarly, one of the major reasons boosting the market in Asia Pacific is the increasing number of commercial space projects. Furthermore, radiation-hardened devices can survive the extreme temperatures and radiation levels seen in nuclear reactors, helping boost their total sales. The expanding semiconductor sector across the area is another factor driving the market.
Key Market Dynamics
- Rising Adoption of Radiation-Hardened Electronics
- Increasing Investment in Space Programs
- High Complexity in Designing Radiation-Hardened Electronics
- Rising Adoption of radiation-hardened electronics for Medical Applications
- BAE Systems
- Data Device Corporation
- Honeywell International Inc.
- Infineon Technologies AG
- Renesas Electronics Corporation
- Texas Instruments Incorporated
- Xilinx, Inc. (AMD)
- VORAGO Technologies
- Microchip Technology Inc.
For more information about this report visit https://www.researchandmarkets.com/r/as4klt
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