The global space robotics market is expected to reach US$ 5.92 Bn by 2027.
Space robotics are capable of surviving the rigors of the space environment and performing exploration, assembly, construction, maintenance. It is the technology, which is developed to perform exploration of outer space and multiple tasks like orbital exploration, planetary exploration, and inspection.
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The main driving factor for the growth of the global space robotics market is less risk and relieving humans from dangerous tasks to be performed in space. High investments by the government and private firms in space exploration projects are driving the growth for the space robotics market. In countries like the U.S., Canada, India, governments have taken initiatives to develop and launch various spacecraft & satellites. Moreover, an introduction of the GEO satellites and some the innovative robotic technologies are playing a significant role in the growth of the market.
However, high manufacturing cost, mobility, time delay, extreme environment, and manipulation are some of the factors, which are limiting the growth in the market. Also, strict government regulations regarding space projects and legal laws are expected to hamper the market growth. Furthermore, an increase in demand for on-orbit satellite servicing and planetary orbit servicing and up gradations in the new techniques in the space industry creates a lucrative opportunity in the growth of the global space robotics market.
Global Space Robotics Market: Segmentation Analysis
By solution, the global space robotics market is segmented into product types and services. The growing importance of on-orbit servicing is helping in the growth of the global space robotics market. The on-orbit services are increasing rapidly because of the provision of solutions, which offer satellite servicing, logistics delivery, infrastructure maintenance, debris removal, and repair. It helps to increase the spacecraft lifespan by safe & secure servicing along with small risks of its failure. On-orbit services are economical over new satellite launching because of the efficient repairing & maintenance.
By application global space robotics market is segmented into deep space, near space and ground. Among these, deep space exploration is expected to dominate the space robotics market. An introduction of new humanoid robots is helping to assist in every dangerous task during long-lasting journeys in space. The rise in usage of humanoid robots for exploration operations is expected to drive the market growth. Several government agencies like NASA are focusing on the development of the robots, which will work in an efficient manner in deep space exploration activities.
Global Space Robotics Market- Regional Analysis
Region-wise, North America is expected to contribute a XX % share in the global space robotics market during the forecast period. The US and Canada are contributing maximum share in the space robotics market because of the emerging initiative in the robotics industry by the government and commercial entities. High investment in the space exploration projects along with R&D activities for various humanoid robot technologies are expected to boost the market growth in the region. Followed by North America, Europe, and the Asia Pacific are projected to grow the space robotics market during the forecast period.
The objective of the report is to present a comprehensive analysis of the Global Space Robotics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Space Robotics Market dynamics, structure by analyzing the market segments and project the Global Space Robotics Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Space Robotics Market make the report investor’s guide.
The Scope of Global Space Robotics Market
Global Space Robotics Market, By Solution
o On-orbit service
o De-orbiting service
o Surface mobility
o Launch support
Global Space Robotics Market, By Application
• Deep Space
• Near Space
Global Space Robotics Market, End User
Global Space Robotics Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East Asia
Global Space Robotics Market, Key Players
• Made In Space
• Honeybee Robotics
• Northrop Grumman
• Effective Space Solutions Limited
• Maxar Technologies
• Motiv Space Systems
• Astrobotic Technology
• Altius Space Machine
• Olis Robotics
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