April 06, 2020
As per the report titled ‘Space Robotics Market Size By Solution, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, global space robotics market is projected to surpass USD 3.5 billion by the year 2025.
Inflowing government investments and increasing number of space research and exploration projects across several nations is driving the growth of space robotics market. Numerous satellites and spaceships operating in deep and near space require routine maintenance and repairing, thereby boosting the demand for highly efficient and precise robotics. Incorporation of humanoids to carry out maintenance, servicing, and transportation efficiently will boost the market growth in the coming years. In addition, increasing integration of advanced technologies such as AI and autonomous solutions will augment the market outlook.
Based on the product, probes and arms are expected to register escalated demand in the coming years. This trend can be affixed to the crucial ability of probes and arms to clean the litter and debris of lost equipment and satellites drifting in space, hence eradicating obstructions for existing satellites, spaceships, and astronauts. Increasing development for advanced robotic arms to assist astronauts in performing maintenance & research related tasks will further enhance the segment growth.
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Speaking of the end-use spectrum, space robotics market share from government segment is witnessing rapid growth on account of various R&D activities. Increasing investments, growing awareness towards space exploration opportunities, and new satellite launches for aiding defense & military activities are drawing government’s attention to space robotics.
Considering the geographical outlook, space robotics market in Asia Pacific is slated to record momentous gains over 2019-2025, owing to several ongoing space exploration and research projects in countries including India, China, and Japan. Expeditions such ISRO’s unmanned space mission with a humanoid robot will play a key role in fostering the regional business outlook in the coming years.
Major companies of space robotics market are Altius Space Machines, GITAI Inc., Astrobotic Technology, Honeybee Robotics, Motiv Space Systems, MAXAR Technologies, Northrop Grumman, Space Applications Services, Oceaneering International, SpaceX, and Stinger Ghaffarian Technologies.
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