Space Robotics Market is projected to reach USD 5.24 Billion by 2025 at a CAGR of 8.6% from 2019 to 2025. Space robotics is the development of general-purpose machines that are capable of surviving the harsh environment in space and performing exploration, assembly, maintenance, and services, among other tasks. Moreover, the use of space robots helps reduce costs and accelerate schedules, with minimal risk and improved performance as compared to humans.
The Global Space Robotics Market has witnessed high growth in recent years owing to rising demand for on-orbit satellite servicing and an increasing number of space exploration missions by private firms. Moreover, the widespread use of satellites for day-to-day communications, national defense, agricultural monitoring, and weather monitoring is driving the growth of the market. However, issues with the mobility and manipulation of space robots are expected to hinder market growth to some extent.
The use of robots in space applications reduces risk to human lives.
- Growing Demand for In-Orbit Satellite Servicing: It requires a high budget, human resource and time for developing satellites. Hence, if any breakdown occurs in satellite while orbiting the planet it generates heavy loss and also creates lots of space debris. Thus, space robots are increasingly being used for the servicing of satellites in-orbit as failure of these satellites or loss of contact with the control center resulting in the satellite becoming space debris.
- Increasing Number of Space Exploration Missions by Private Firms
- Failures in Space Robots
- Stringent Regulations
- Products: The segment includes spacecraft landers, space probes, gripping and docking systems, robotic arms or manipulator systems, robotic servicing vehicles, and space debris removal The increasing investments in the development of such products are expected to drive the growth of this segment.
- Services: Services include on-orbit assembly and manufacturing, satellite servicing, space debris removal, refueling, surface mobility, and launch support. The demand for these services is expected to increase significantly during the review period.
- Government: The segment dominated the global space robotics market in 2018 due to the increasing adoption of robots for space exploration activities by government agencies.
- Commercial: The segment is expected to register a higher growth rate during the forecast period owing to an increase in the number of space exploration activities by private firms.
- North America: North America dominated the space robotics market in 2018 and is projected to remain the largest regional market during the forecast period due to the high investments by NASA in the research and developments of space robotics.
- Europe: Europe is expected to be the second-largest regional market. This can be attributed to the increase in space exploration activities in Russia, the UK, Germany, and France.
- Asia-Pacific: The market in Asia-Pacific is projected to be the fastest-growing during the forecast period due to high investments in space robotics in countries such as China and India. Moreover, space agencies and private firms in these countries operate several communications, earth observation, and navigational satellites, which is expected to drive market growth in the region.
- Rest of the World: The market in the rest of the world includes the Middle East & Africa and Latin America. The market in the rest of the world is expected to showcase steady growth due to the increasing demand for communications satellites in Brazil, the UAE, and Saudi Arabia.
- Altius Space Machines (US)
- Astrobotic Technology (US)
- Effective Space Solutions Ltd (UK)
- Honeybee Robotics (UK)
- Ispace (Japan)
- Maxar Technologies (US)
- Metecs (US)
- Motiv Space Systems, Inc. (US)
- Northrop Grumman Corporation (US)
- Olis Robotics (US)
Frequently Asked Questions (FAQ) :
Space Robotics Market value by the year 2025 is expected to be USD 5.24 Billion.
Space Robotics Marketc an attain a CAGR of 8.6% between 2019 and 2025.
The key growth inducers in the global market include the mounting demand for on-orbit satellite servicing along with the surge in space exploration missions conducted by private vendors. The growing use of satellites for national defense, agricultural monitoring, weather monitoring and day-to-day communications, also add to the market attractiveness across the globe.
Government is the end-use segment is leading the global Space Robotics Market.
APAC is estimated to move ahead at the fastest rate during the review period.