Space Robotics Market is Expected to Reach a Market Value of USD 6.55 Billion by 2030 with Constant CAGR 4.7%

Space Robotics Market

According to the most recent analysis by Emergen Research, the size of the worldwide space robotics market reached USD 4.32 billion in 2021 and is projected to grow at a revenue CAGR of 4.7% over the forecast period. One of the main factors propelling market revenue development is the increasing inclusion of Internet of Things (IoT)-enabled smart robotic systems.

The need for efficient geostationary satellite repair, service, and maintenance is driving up demand for space robotics. The ability to function in the harsh environment of space, greater productivity, and cost-effectiveness are the primary factors affecting demand for space robotics technology. Additionally, advanced robotics systems are required to realise future space efforts like the National Aeronautics and Space Administration’s (NASA) effort to innovate the lunar surface and on-orbit manufacturing and assembly in the International Space Station (ISS).

The existing and upcoming missions of space exploration depend heavily on robotics and autonomous systems. Many tasks, including satellite care and maintenance, satellite repair, and exploration, can be performed by robots created expressly for space missions. The robots boost human capability to operate and explore in space by providing astronauts with better handling capabilities. Modern space robots are an example of the multidisciplinary approach utilised in engineering and space science. As a result, there are currently more applications for space robotics technology, ranging from assisting the crew to independently operating on the surface of a new planet.

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Some Key Highlights From the Report :

Government segment accounted for significantly robust revenue share in 2021.

Due to numerous R&D projects and satellite launches for defence and security goals, the market’s need for robotics technology is rising. A growing emphasis on satellite and space technology for military and defence activities is causing the industry to rise. Many countries are also funding R&D projects for robots and space applications. Using the FAIR-SPACE Hub programme as an example, the U.K. government financed robotics and AI research for space missions in 2017. The FAIR-SPACE Hub is working with a select group of commercial businesses to create technologies that will enable future space robots to install infrastructure, repair satellites, manufacture satellite parts in orbit, assemble gigantic space telescopes, and clean up space debris. Such governmental plans for funding and efforts are opening up new markets.

Over the projected period, the deep-space segment is anticipated to record the highest CAGR

Planetary or deep space robots are essential for observing, mapping, and collecting extraterrestrial surfaces. The robotic system is essential for deep space exploration programmes because it supports the astronaut crew during space operations, increases planetary access capabilities, and improves human operation efficiency. Some of the robotic systems that are gaining traction in the market are exploration robots, autonomous spacecraft, human-assistive robots, and piloted aeroplanes.

The North American market accounted for the largest revenue share in 2021. The existence of major market players like Northrop Grumman, Redwire Corporation, and others is crucial to the expansion of this region’s market’s income. These companies are investing heavily in both the construction of new manufacturing facilities and the creation of cutting-edge robotic systems that precisely fulfil the needs of end users. For instance, on September 13, 2021, Northrop Grumman, a significant aerospace, defence, and security company based in Virginia, United States, declared that its wholly-owned subsidiary, Space Logistics, is preparing to launch a new servicing vehicle equipped with a robotic arm for maintaining satellites.

Some major companies in the global market report include Oceaneering International, Inc., Northrop Grumman, Motiv Space System, Inc., Metecs, LLC, Maxar Technologies, Intuitive Machines, LLC, Astrobotic Technology, Inc., Altius Space Machines, Motiv Space Systems, Inc., Ispace, Inc., Olis Robotics, and Stinger Ghaffarian Technologies, Inc.

Emergen Research has segmented global space robotics market on the basis of offerings, application, end-use, and region:

  • Offerings Outlook (Revenue, USD Billion; 2019-2030)
    • Solution
      1. Autonomous Sensors and Systems
      2. Robotics and Subsystems
      3. Software
      4. Others
    • Services
      1. Satellite Servicing
      2. On-orbit Assembly
      3. Surface Mobility
      4. De-orbiting Services
      5. Others
  • Application Outlook (Revenue, USD Billion; 2019-2030)
    • Near Space
      1. Space Operations
      2. Space Exploration
      3. Space Transportation
      4. In Space 3D Printing
      5. Others
    • Deep Space
      1. Space Transportation
      2. Space Exploration
    • Ground
  • End-Use Outlook (Revenue, USD Billion; 2019-2030)
    • Government
      1. Defense Department
      2. Space Agencies
      3. Others
    • Commercial
      1. Private Satellite Operators
      2. Launch Service Providers
      3. Others
  • Regional Outlook (Revenue, USD Billion; 2019-2030)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/space-robotics-market

About Emergen Research

Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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