Space Robotics Market Size
:
Space Robotics Market size was USD 3.79 billion in 2021 and projected to grow from USD 4.4 billion in 2023 to USD 9 billion by 2032, exhibiting a CAGR of 8.2% during the forecast period.
Space robots are a type of robots which are self-controlled and are created to perform activities in space. These devices contain electrical, mechanical, and electronic parts like actuators, controller, sensors, communication system and power supply which perform activities replicating a living agent by exploring inaccessible areas by humans as they can sustain in the harsh environment of space. They are designed to execute the programmed tasks like maintenance, construction, servicing of spatial satellites, etc. over prolonged periods without the supervision of humans. Space robots are advantageous as they are cost effective, offer better productivity.
Market Highlights
Space Robotics Market is expected to project a CAGR of 8.2% during the forecast period, 2022-2032
Space Robotics Market is expected to reach USD 9 billion, growing at a CAGR of 8.2% during forecast period owing to the increasing investments in space robotics globally along with the growing demand for satellite launches. The merging of key market players to expand their business activities is also anticipated to boost market growth. The technological advancements in space industry by utilizing various software to improve flexibility to alter space missions is expected to drive demand for market growth. Robots improve the human ability to investigate and work in space by permitting better handling abilities. Space robots serves as a multi-disciplinary approach.
Space Robotics Market Segmentation:
Deep Space segment is expected to grow during the forecast period
Space Robotics Market is classified based on the Application into Ground, Near Space, Deep Space. Near Space segment dominated the market in 2021 as the near space robots are utilized for gathering large space telescopes, servicing satellites, and establishing assets in space for scientific investigation. Deep Space segment is expected to dominate the market in the forecast period as deep space robots have important role in surveying, noticing, and extracting extra-terrestrial areas. Deep space exploration aid in improving human reachability into space and expand planetary access capability.
Government segment is expected to grow with high CAGR during the forecast period
Space Robotics Market is classified based on the End User into Government, Commercial. Government segment dominated the market in 2021 and is expected to continue its dominance over the forecast period owing to the increasing satellite launches and R&D activities for security & defense purposes which are expected to boost the growth of segment in the market. Growing technological advancements in space and satellite technology for military & defense activities may boost the segment growth. Certain government initiatives and funding programs are also aiding in the growth of the segment in the market.
Market Dynamics:
Growth Drivers
Growing Expenditure on Space Robotics is Expected to Boost Market Growth
Space robots are of major importance for space exploration. These devices are either are semi of fully-autonomous and are designed to move around planetary bodies. They pool the information regarding terrain or collect samples like dust, liquids, rocks, and soil which involves certain expenditure and the growing investment in space exploration programs is expected to boost the growth of the market as it aids in detecting the existence of water, valuable elements etc. Certain governments are funding for their space projects which would aid in recognising the possibility of living conditions on various planets and for preservation of biosignatures in accessible geological resources.
Growing Space Exploration Activities May Boost the Growth of the Market
The space exploration programs are increasing, and the data produced by satellites is growing. This data is to be stored and processed carefully, and the advancements in technology like Machine Learning and Artificial Intelligence is aiding in managing the huge data without any hassle. The utilization of multi robot systems is increasing to support in the planetary exploration by covering wider areas and gather the information and is expected to enhance locomotion by merging many specialized vehicles to investigate planetary missions. The acceptance of multi-robot systems is expected to drive the demand for the growth of space robotics market.
Restraint
High Manufacturing Cost May Restrain the Growth of the Market
The time and cost required for the manufacturing of space robotics is high and the space exploration programs result in increased space debris which is expected to hamper the growth of space robotics market in the forecast period.
Recent Developments:
- In February 2022, Space Logistics of Northrop Grumman Corporation declared agreement with Optus to give a mission extension pod for installation on Optus D3 satellite in 2025.
- In December 2019, Airbus started a space assistant robot named CIMON-2, for the German Aerospace Center (DLR) which was initiated on the CRS-19 supply mission.
Space Robotics Market
Key Players Covered:
- Northrop Grumman Corporation
- Space applications services nv/sa
- Oceaneering International, Inc
- Motiv space systems, inc.
- Intuitive Machines, LLC
- Altius Space Machines
- Astrobotic Technology
- ispace inc.
- Honeybee robotics
- Maxar Technologies
- Olis Robotics
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Space Robotics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region dominated the market in 2021 owing to the factors like growing space activities by different organizations in countries of this region to enhance the scientific research in space. The presence of key market players in this region like Oceaneering International, Inc., Maxar Technologies etc. are expected to boost the demand for growth of Space Robotics market in the forecast period.
Impact of Covid-19 on Space Robotics Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 had negatively affected several industries. The industries involved in space robotics globally were halted during the pandemic. Research and development processes were delayed. The pandemic has permitted governments to assist their regional space firms that depend on private and government companies as investors. Covid-19 had a slight negative impact on the growth of the Space Robotics Market.
Space Robotics Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Space Robotics Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 8.2% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Solution |
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Application |
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|
End User |
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By Region |
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Frequently Asked Questions (FAQ):
Space Robotics Market size was estimated at USD 3.79 billion in 2021 and is expected to reach USD 9 billion in 2032.
Deep Space and Government segment accounted for the highest growth rate in the Space Robotics market.
Leading players: Northrop Grumman Corporation, Space applications services nv/sa, Oceaneering International, Inc, Motiv space systems, inc., Intuitive Machines, LLC, Altius Space Machines, Astrobotic Technology, ispace inc., Honeybee robotics, Maxar Technologies, Olis Robotics and Other Prominent Players are the leading players in the Space Robotics Market.
Growing Expenditure on Space Robotics and Growing Space Exploration Activities are the factors driving the Space Robotics market.
The manufacturing cost & time required to manufacture space robotics is high and the increasing production of space debris are the challenges associated with the Space Robotics Market.
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