The global space robotics market size reached USD 4.32 Billion in 2021 and is expected to register a revenue CAGR of 4.7% during the forecast period, according to latest analysis by Emergen Research. Increasing incorporation of Internet of Things (IoT)-enabled smart robotic systems is a key factor driving market revenue growth. Technologies such as Artificial Intelligence (AI) and IoT have significantly boosted speed of development and acceptance of the Internet of Robotic Things (IoRT), which is a robotic process system that enables space robots to communicate safely with other IoT-enabled devices, learn, and develop characteristics such as self-maintenance and self-awareness. In addition, IoRT applications enable space robots to plan, execute, and complete tasks under varying environmental conditions and situations by leveraging the information collected from their own infrastructure and the collective intelligence of robotic things.
Key participants 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.
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Drivers:
Several factors drive the growth of the Space Robotics market. One primary driver is the growing emphasis on space exploration and scientific research, which necessitates the development of versatile and capable robotic platforms for conducting experiments, collecting samples, and exploring challenging terrain on celestial bodies such as the Moon, Mars, and asteroids. Additionally, the increasing demand for satellite servicing and maintenance drives investment in robotic technologies capable of extending the operational lifespan of satellites, repairing malfunctions, and mitigating space debris.
Research Methodology
Emergen Research follows a cohesive methodology to reduce the residual errors to a minimum level by refining the scope, validating through primary insights, and nurturing the in-house database on a regular basis. A dynamic model is formulated to capture the regular fluctuations in the market and thereby, being updated with any shifts in the market dynamics. The parameters and variables involved in the research vary depending on individual markets and most importantly, both demand and supply side information is included in the model to identify the market gap.
Key Objectives of the Global Space Robotics Market Report:
- An all-inclusive analysis and forecast estimation of the market have been included in this report.
- The report offers valuable insights into the major drivers, limitations, opportunities, and challenges faced by the global Space Robotics Market
- and its leading players.
- The report sheds light on the prominent market contenders, as well as their business strategies and long-term expansion plans.
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Restraints:
Despite its growth potential, the Space Robotics market faces certain restraints. One challenge is the high cost and technical complexity associated with designing, building, and operating robotic systems for space missions, which can limit the accessibility of space robotics capabilities to a select few space agencies and organizations with significant resources. Moreover, the harsh environment of space, including extreme temperatures, radiation, and microgravity, presents engineering challenges and reliability concerns for space robotic systems, necessitating rigorous testing and validation processes.
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
- Autonomous Sensors and Systems
- Robotics and Subsystems
- Software
- Others
- Services
- Satellite Servicing
- On-orbit Assembly
- Surface Mobility
- De-orbiting Services
- Others
· Application Outlook (Revenue, USD Billion; 2019-2030)
- Near Space
- Space Operations
- Space Exploration
- Space Transportation
- In Space 3D Printing
- Others
- Deep Space
- Space Transportation
- Space Exploration
- Ground
· End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Government
- Defense Department
- Space Agencies
- Others
- Commercial
- Private Satellite Operators
- Launch Service Providers
- Others
Regional Overview:
The global Space Robotics Market market has been categorized on the basis of key geographical regions into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. It evaluates the presence of the global Space Robotics Market market in the major regions with regards to market share, market size, revenue contribution, sales network and distribution channel, and other key elements
The report considers the following timeline for market estimation:
- Historical Years: 2017-2018
- Base Year: 2019
- Estimated Year: 2027
- Forecast Years: 2020-2027
Global Space Robotics Market Report – Table of Contents:
- Chapter 1 includes the global Space Robotics Market market introduction, followed by the market scope, product offerings, growth opportunities, market risks, driving forces, and others.
- Chapter 2 broadly categorizes the Space Robotics Market market on the basis of geography, and determines the sales, revenue, and market shares of each region over the estimated period.
- Chapter 3 elaborates on the competitive outlook of the Space Robotics Market market, focusing on the major manufacturers and vendor landscape.
- Chapter 4 exhaustively studies the key manufacturers of the Space Robotics Market industry, along with their anticipated sales and revenue shares.
- Chapters 5 includes market segmentation based on product type, application range, and market players.
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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.
