According to a new report published by Allied Market Research, titled, “Space Robotics Market Size, Share, Competitive Landscape and Trend Analysis Report, by Solution, by Application, by End User : Global Opportunity Analysis and Industry Forecast, 2021-2031.” The space robotics market was valued at $4.3 billion in 2021, and is estimated to reach $8 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market. The global space robotics market size was valued at $4.3 billion in 2021, and is projected to reach $8 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.
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The capability and the suppleness to reconfigure a space robot that is now in orbit are being demanded by the operatives. The ability to tweak the space robots and spaceship to the varying needs of the market is important for the operators of GEO (Geostationary Orbit) satellites that have a lifespan of more than 15 years. This may include switching its functionality from TV broadcasting to internet connectivity or moving a satellite and its robotic arm into a different position, which would be difficult with the traditional hardware-defined space robots.
For instance, in 2021, Lockheed Martin, an American satellite manufacturer launched a set of CubeSats into the LEO (low Earth orbit). These CubeSats were distinct from regular CubeSats. They were introduced in structures, function as a space-based process data onboard, cloud computing platform, and have their functionality changed through updates in software operated from the ground during the mission.
This shows the entry of the leading companies into software-defined space robotics that rely on flexible software, generic hardware, and a distributed & advanced space on-board computing platform to identify their missions. With its automated on-board computing platform, software-defined technology offers the suppleness they need and could also decrease the costs in the future. Though, the operators and manufacturers have now introduced partially software-defined space robots for MEO and LEO constellations. Thus, software-defined technology is designed to create opportunities for the space robotics market.
By solution, the services segment held the highest share in 2021, holding more than two-fifths of the global space robotics market revenue, and is projected to maintain its dominance by 2031. The rising number of space test missions introduced in outer space and earth orbits along with a growing number of space programs by developed and developing regions drive the growth of the segment. The remotely operated vehicles segment, on the other hand, would showcase the fastest CAGR of 8.5% during the forecast period. This is due to their ability to operate without real-time assistance from ground control throughout their operation.
By application, the near space segment accounted for nearly three-fifths of the global space robotics market revenue in 2021 and is projected to rule the roost by 2031. The growing need for continuous servicing & maintenance of active satellites, inflowing government investments, and increasing number of space research & exploration projects across the world are the factors driving the growth of the segment.
By end-user, the commercial segment has garnered the major share in 2021, generating more than two-thirds of the global space robotics market revenue, and is anticipated to grow by 2031. This is because the growing number of threats in military security have been ultimately fostering the need for satellite communication services as a part of ensuring reconnaissance, surveillance, and intelligence application areas. The government segment, on the other hand, would display the fastest CAGR of 9.0 % throughout the forecast period. This is attributed to the fact that government projects have recently covered most of the headlines and public sector activity has also increased significantly.
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By region, North America accounted for the highest share in 2021, holding nearly three-fifths of the global space robotics market revenue. To cater to the rising demand for commercial purposes, hundreds of new satellites are expected to be launched in near future. Also, the governing relaxation on the sale of high-end satellite images for commercial uses is one of such measures that has offered lucrative opportunities for the market growth across North America. LAMEA, simultaneously, would portray the fastest CAGR of 12.1% from 2022 to 2031.
The key players operating in the space robotics market are Altius Space Machines, Astrobotic Technology, Honeybee Robotics, ispace Inc., Maxar Technologies, Motiv Space Systems Inc., Northrop Grumman Corporation, Oceaneering International, Inc., Olis Robotics, and Space Applications Services.
Key Finding of the Study:
➢ By solution, the remotely operated vehicles segment is projected to dominate the global space robotics market in terms of growth rate.
➢ By application, the ground segment is projected to dominate the global space robotics market in terms of growth rate.
➢ By end user, the government segment is projected to dominate the global space robotics market in terms of growth rate.
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