Space Robotics Market: Worth $6.55B by 2030, 4.7% CAGR, COVID-19 Impact – Emergen Research.

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 demand for space robots is increasing due to the requirement for effective geostationary satellite repair, servicing, and maintenance. The main reasons influencing demand for space robotics technology are cost-effectiveness, increased productivity, and capability to function in the harsh environment of space. Furthermore, highly developed robotics systems are necessary for the realisation of future space initiatives like the National Aeronautics and Space Administration’s (NASA) lunar surface innovation effort and on-orbit manufacturing and assembly in the International Space Station (ISS).

Robotics and autonomous systems are essential to the ongoing and next missions of space exploration. Robots designed specifically for space missions can carry out a variety of jobs, including satellite service and maintenance, satellite repair, and exploration. By giving astronauts better handling capabilities, the robots increase human capacity to operate and explore in space. The multi-disciplinary approach used in engineering and space science is represented by modern space robots. As a result, a wider range of uses for space robotics technology now exist, from helping the crew to independently operating on a new planet’s surface.

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Some Key Highlights From the Report :

Government segment accounted for significantly robust revenue share in 2021.

The need for robotics technologies in this market is increasing as a result of several R&D initiatives and satellite launches for defence and security objectives. The market is expanding as a result of a growing focus on satellite and space technologies for military and defence operations. Additionally, numerous governments are sponsoring R&D initiatives for robots and space applications. As an illustration, the U.K. government supported the FAIR-SPACE Hub programme in 2017 to help develop robotics and AI for space missions. The FAIR-SPACE Hub is collaborating with a few private companies to develop technology that will allow future space robots to deploy infrastructure, repair satellites, manufacture satellite parts in orbit, assemble massive space telescopes, and clean space garbage. Such governmental initiatives and funding schemes are generating market expansion opportunities.

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.

In 2021, the North American market represented the biggest revenue share. Major market players like Northrop Grumman, Redwire Corporation, and others are present, and their presence is a vital factor in this region’s market revenue growth. These businesses are making large investments in the development of cutting-edge robotic systems that exactly meet the needs of end users as well as in the building of new manufacturing facilities. For instance, on September 13, 2021, Northrop Grumman, a major aerospace, defence, and security company with its headquarters in Virginia, United States, announced that its wholly-owned subsidiary, Space Logistics, is getting ready to launch a new servicing vehicle outfitted 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

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