According to the latest report by IMARC Group, titled “Space Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global space robotics market is expected to grow at a CAGR of 5.17% during 2022-2027. Space robotics is a branch of science and engineering that assists in undertaking space missions and performing exploration activities. It relies on space robots for reducing costs and risks, accelerating schedules, and improving the overall performance. As these robots are made using lightweight materials and can extend human ability to operate in space, they provide greater handling capabilities to astronauts. Consequently, space robotics is widely employed in autonomously operating on a new planetary surface.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Space Robotics Market Trends:
The growing utilization of autonomous systems in space, coupled with the increasing number of space programs, represents one of the key factors favorably influencing the market. For instance, PERASPERA and SpacePlan 2020 are projects funded by the European Commission and coordinated by the European Space Agency (ESA) for planning technology roadmaps in space robotics. The objective of PERASPERA is to develop an integrated plan for space robotics technology during 2023-2024. Besides this, a considerable rise in the demand for efficient repairing, servicing and maintenance of geostationary satellites is also strengthening the market growth. Furthermore, the rising adoption of artificial intelligence (AI) and deep learning (DL) in the robotics industry is driving the market. Moreover, the key players are introducing AI-based robots that provide greater exploration benefits and enhance mobility space.
- Based on the solution, the market has been divided into remotely operated vehicles [ROV] (rovers/spacecraft landers, space probes, and others); remote manipulator system [RMS] (robotic arms/manipulator systems, gripping and docking systems, and others); software; and service solutions.
- On the basis of the application, the market has been segregated into deep space (space transportation, space exploration, and others); near space (space transportation, space exploration, in-space maintenance, and others); and ground.
- Based on the end use, the market has been bifurcated into commercial and government segments.
- Region-wise, the market has been classified into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Altius Space Machines (Voyager Space Holdings Inc.), Astrobotic Technology Inc., GITAI Inc., Honeybee Robotics (Ensign-Bickford Industries), Intuitive Machines LLC, Made In Space Inc. (Redwire LLC), Maxar Technologies Inc, Metecs LLC, Motiv Space Systems Inc., Northrop Grumman Corporation, Oceaneering International Inc. and Olis Robotics.
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