The Memory And Processors For Military And Aerospace Applications Market Size Will Grow To $10.09 Billion In 2028
Memory And Processors For Military And Aerospace Applications Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The memory and processors for military and aerospace applications market size has grown rapidly in recent years. It is expected to grow from $5.72 billion in 2023 to $6.4 billion in 2024 at a compound annual growth rate CAGR of 11.9%. This growth in the historic period can be attributed to the rise of network-centric warfare, an increase in aircraft upgrades, increased demand for high-performance semiconductors, increased data storage needs, and a rise in sensor systems generating extensive data.
What is driving this rapid growth in the memory and processors market2 for military and aerospace applications market?
The increase in government investments in the military is a prominent driver of this growth. Investments in the military are integral to enhancing national security, maintaining technological superiority, and addressing evolving global threats. Modernizing defense infrastructure and capabilities is at the heart of these investments. In addition to that, these investments help in funding the development of cutting-edge, reliable, and high-performance technologies capable of meeting the stringent requirements of defense and aerospace operations. For instance, in August 2024, the US military spent approximately $820.3 billion, accounting for roughly 13.3% of the federal budget. In contrast, in March 2023, the Department of Defense requested $842.0 billion for 2024, reflecting a 2.6% increase. This shows the increasing government investments in the military, which is positively influencing growth in this market.
What does the future look like for the memory and processors market for military and aerospace applications3 market?
The market size is expected to see rapid growth in the next few years, according to forecasts. It will grow to $10.09 billion in 2028 at a compound annual growth rate CAGR of 12%. This growth in the forecast period can be attributed to the increasing application of drone technology, growing desire for innovative technologies, growing demand for high-performance and specialized solutions, increasing need to replace aircraft display screens, and increasing government investments in military. To be more precise, major trends in the forecast period include technological advancements, advanced packaging and 3D integration, rapid technological innovation, modular and scalable systems, artificial intelligence, and machine learning integration.
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Who are the key players in the memory and processors for military and aerospace applications market and what innovations are they bringing?
Major companies operating in the memory and processors for military and aerospace applications market are developing innovative products using RISC-V architecture to enhance the performance and flexibility of processors used in military and aerospace systems. RISC-V architecture, an open-source instruction set architecture, allows companies to customize and optimize their processors for specific applications, improving efficiency and reducing power consumption. For instance, in September 2024, Microchip Technology Inc., a US-based semiconductor company, launched the PIC64 portfolio, specifically designed for military and aerospace applications. The PIC64 series utilizes a 64-bit RISC-V architecture known for its open standard and flexibility. This architecture allows for efficient processing capabilities and supports various operating systems, including Linux and real-time operating systems. The PIC64GX model features a quad-core processor configuration that enables high-performance computing.
How is the memory and processors for military and aerospace applications market segmented?
The memory and processors for military and aerospace applications market covered in this report is segmented –
1 By Type: Memory, Processor
2 By Technology: Dynamic Random Access Memory DRAM, Static Random Access Memory SRAM, Flash Memory, Other Technologies
3 By End User: Military, Aerospace
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