Space robotics market can potentially touch USD 465 billion by 2030, suggests MRFR (Market Research Future). MRFR also expects the market’s growth rate to be 8.98% during the assessment period. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Growth Inducers and Primary Barriers
Space robotics has emerged as a lucrative field, dealing with producing general purpose machineries that can bear extreme space environment and efficiently perform maintenance, exploration, servicing and development activities. Space robots are being increasingly used in the aerospace industry, since these help bring down the costs and speed up the schedules, with low risk and are also known for performing better than humans. Governments in India, Canada and the U.S. are continuously taking up initiatives for developing and manufacturing new satellites and spacecraft. Also, emergence of GEO satellites and various advanced robotic technologies can be favorable for the space robotics market insights.
Heightened demand for satellite servicing, increasing spending on space exploration activities and the surging demand for on orbit assembly as well as debris removal also benefit the space robotics market. Innovative deployment of space robots in deep space, around the space and ground by government and commercial sectors is expected to favor the global market as well. Smart robots perform as rovers, dexterous manipulators, free flyers and large manipulators, with widespread use by nations such as Canada, the U.S, Japan, and various European countries. Escalating use cases of space robots in space 3D-printing, space transportation, space exploration and space maintenance and inspection applications are anticipated to foster the growth of the space robotics market in the ensuing years.
Product launches, innovations, partnerships, and joint ventures remain the top competitive strategies adopted by top vendors that intend to stay relevant in the global market. The cut-throat rivalry is encouraging players to focus on developing innovative technologies that could help them get ahead in the race. A case in point, in May 2020, Motiv Space Systems launched xLink space-rated modular robotic arm system, which can be used for every existing and planned space-rated robotic manipulation application. The robotic system is equipped with a host of actuation features along withg force-torque sensors, end effectors as well as tool changing capabilities.
Some of the most renowned market players are Honeybee Robotics (UK), Effective Space Solutions Ltd (UK), Maxar Technologies (US), Metecs (US), Motiv Space Systems, Inc. (US), Ispace (Japan), Northrop Grumman Corporation (US), Olis Robotics (US), Astrobotic Technology (US), Altius Space Machines (US), to name a few.
Asia Pacific or APAC and North America along with Europe and ROW/Rest of the World are the primary markets for space robotics.
North America has prevailed as the leading market for space robotics market trends since 2021 and is expected to maintain its winning streak throughout the given period. Huge spending by NASA on research and development of innovative space robotics and the heightened demand for satellite servicing, debris removal and on-orbit manufacturing and assembly bolsters the regional market’s position. Further, the growth in technical advancements in autonomous frameworks and the rising demand for space robots among commercial, government, defense firms, space agencies, organizations and satellite service providers could also be a key growth inducer in the North American market.
The APAC market can most likely secure the fastest growth rate over the conjectured period, backed by the sizeable investments that go into space robotics in India and China. The space robotics industry in the region is witnessing frequent technical innovations, due to the increasing use of AI technologies with the systems that are deployed during space exploration. Various firms in the region are creating AI-based space robots that offer better manipulation and mobility benefits. Japan and China, owing to existing and upcoming projects, are expected to emerge as lucrative markets in the region.
Solution and end-users are the key market segments considered in the MRFR report.
Solutions covered in the study are services and products.
End-users mentioned are commercial and government. Government has been dominating the global market since 2021, given the increased use of space robots for exploration purposes by various government agencies. Commercial segment can however, procure a better growth rate, as a result of the surge in space exploration activities conducted by private companies.
Read More Blogs:
Security Robots Market By Type (Unmanned Aerial Vehicle, Unmanned Underwater Vehicle, Unmanned Ground Vehicle), By Application (Explosive Detection, Patrolling Surveillance, Rescue Operations, Firefighting, Others), By Component (Guidance, Navigation and Control System, Propulsion System, Camera System, Frame, Other Payloads) - Forecast till 2027
Military Robots Market Research Report Information by Payload (Sensor, Radar, Weapon, and Others), Mode of Operation (Human Operated and Autonomous), Application (Mine Clearance; Firefighting; Search Rescue; Transportation; Intelligence, Surveillance, and Reconnaissance (ISR); Combat Support; Explosive Ordnance Disposal (EOD); and Others), Platform (Airborne, Ground-Based, and Naval), and Region (North America, Europe, Asia-Pacific, Middle East Africa, and Latin America) - Forecast till 2030
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Market Research Future®
99 Hudson Street, 5Th Floor
New York, New York 10013
United States of America