New York, US, June 15, 2023 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) 's report highlights Space Robotics Market Information By Solution, End-User, And Region - Forecast till 2030, the market will achieve USD 465 billion by 2030 at a 8.98% CAGR.
Space Robotics Market Overview
Robotics in Space: Market Size to reach USD 465 billion in value by 2020–2030, growing at a CAGR of 8.98% As the need for effective geostationary satellite repair, servicing, and maintenance grows, so does the demand for space robots. The capacity to function in harsh space settings, enhanced productivity, and cost effectiveness are the main factors influencing demand for space robotics technology. Furthermore, sophisticated robotics systems are needed for the efficient execution of upcoming space programmes like NASA's lunar surface innovation effort and on-orbit manufacturing and assembly aboard the International Space Station.
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Key Players identified in the space robotics market include
- Altius Space Machines (US)
- Astrobotic Technology (US)
- Effective Space Solutions Ltd (UK)
- Honeybee Robotics (UK)
- Ispace (Japan)
- Maxar Technologies (US)
- Metecs (US)
- Motiv Space Systems, Inc. (US)
- Northrop Grumman Corporation (US)
- Olis Robotics (US)
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | 2030: USD 465 Billion |
| CAGR | 8.98% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Solution, End-User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing Demand for In-Orbit Satellite Servicing |
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Market Synopsis:
The market for space robotics is expected to grow as a consequence of factors such technological advancements, a growth in the use of autonomous systems in space, and a rise in the number of space programmes.
Emerging technologies like Artificial Intelligence (AI) and Deep Learning (DL) are commonly used in the robotics industry. Many companies are creating AI-based robots with improved space mobility and exploration capabilities.
The market is anticipated to grow as a result of elements such technical advancements, an increase in the usage of autonomous systems in space, and a rise in the number of space programmes. According to NASA's space technology roadmap through 2035, there are a number of robotics-related fields that must be developed. Similar to this, the European Space Agency (ESA) is sponsoring a number of projects by the European Commission, including PERASPERA and SpacePlan 2020, to establish technology roadmaps in space robotics. Within the years 2023–2024, Project PERASPERA seeks to create a comprehensive master plan for space robotics technology.
Other countries with robotics-related space programmes, including China, Russia, India, and Japan, have also made announcements in this regard.
The demand for on-orbit satellite maintenance and an increase in the number of private space exploration missions have both contributed to the rapid growth of the global space robotics market in recent years. The industry is expanding as a result of the growing use of satellites for everyday communications, national defence, agricultural monitoring, and weather monitoring. However, difficulties with space robot movement and control are anticipated to somewhat impede market expansion.
Robotics and autonomous systems are essential to the ongoing and next missions of space exploration. Robots designed specifically for space missions can carry out a variety of jobs, including satellite service and maintenance, satellite repair, and exploration.
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Segmentation
Space robotics market is segmented on the basis of solution, end user, and region.
- By Solution, the space robotics market is segmented into Products and Services.
- By End-User, the space robotics market is segmented into Government and Commercial.
- By region, the market report is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
- By giving astronauts better handling capabilities, the robots increase human capacity to operate and explore in space.
The multi-disciplinary approach used in engineering and space science is represented by modern space robots. As a result, a wider range of uses for space robotics technology now exist, from helping the crew to independently operating on a new planet's surface.
The robotics sector makes extensive use of cutting-edge technology like Deep Learning (DL) and Artificial Intelligence (AI). Many companies are creating AI-based space robots that offer improved exploration benefits and mobility. These robots can work independently and for a longer period of time while carrying out exceedingly difficult jobs.
Regional Analysis
Due to NASA's substantial spending in the research and development of space robotics, North America dominated the regional market for space robotics in 2018 and is anticipated to continue to be the largest market during the forecast period. It is anticipated that Europe will be the second-largest regional market. This is due to a rise in space exploration operations in France, Germany, the UK, and Russia. Due to significant expenditures in space robotics made by nations like China and India, the market in the Asia-Pacific region is anticipated to develop at the quickest rate over the forecast period. Additionally, multiple communications, earth observation, and navigational satellites are operated by space agencies and private companies in these nations, which is anticipated to fuel industry expansion in the area.
Latin America and the Middle East & Africa make up the rest of the world's market. Due to the rising demand for communications satellites in Brazil, the UAE, and Saudi Arabia, the market in the rest of the world is anticipated to experience consistent expansion.
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