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  • Space Robotics Market Growth Analysis | 2023-2028

    Space Robotics Market Growth Analysis | 2023-2028

    Space Robotics Market Growth Analysis | 2023-2028
    Report code - SRAD233 Delivery - 2 Weeks
    Space Robotics Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis &ndas See more...

    Market Insights

    The space robotics market was estimated at USD 4.43 billion in 2022 and is likely to grow at a CAGR of 6.77% during 2023-2028 to reach USD 6.62 billion in 2028.

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    What are space robotics?

    Space robotics are machines that are designed with the capability of surviving in the environment of space. They are used in different activities in space such as construction and maintenance purposes, performing exploration, and many others. Such robots are controlled by humans through local consoles such as the astronauts in the spacecraft who can control the robots that they have sent.

    Space robotics are important today as they have the ability to do a task in an inexpensive way and also are known to complete the tasks with greater performance. They can work for long durations and can be sent to areas where it can be risky for humans.

    Space Robotics Market Highlights

    Market Size in 2022

    USD 4.43 billion

    Market Size in 2028

    USD 6.62 billion

    Market Growth (2023-2028)

    6.77% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the major players in the space robotics market are-

    • Altius Space Machines
    • Astrobotic Technology
    • Effective Space Solutions
    • Honeybee Robotics
    • ITT Corporation
    • Maxar Technologies
    • Motiv Space Systems
    • Northrop Grumman
    • Olis Robotics
    • Stinger Ghaffarian Technologies (SGT).

    Market Dynamics

    The demand for space robots is likely to increase in the coming years owing to several factors. Below given are some key growth factors -

    • Growing space exploration – Space robotics help in space exploration by performing remote operations beyond human capabilities. The growth in space exploration is creating ample opportunities for the space robotics sector. Over the years, the space industry has been growing, with ~186 successful rocket launches in 2022 (41 more than in 2021), the most ever, signaling a revolution in the space sector.
    • Advancing technologies in robotics – Emerging technologies like Artificial Intelligence, Deep Learning, Machine Learning, etc. are transforming the robotics used for the space industry since they allow increased autonomy, efficiency, and capability in performing complex tasks and much more. Owing to its many benefits, OEMs are investing in advanced robotics. The first ever AI-powered robot Crew Interactive Mobile Companion – CIMON, was sent to space by Airbus and the German Aerospace Center DLR, and IBM back in 2018. Since then, there is a lot more progress in this sector.
    • Developments in space robotics and other autonomous systems – To improve the overall performance of space exploration, several developments are being made in robotics and other autonomous systems by key players. For instance, NASA has set roadmaps considering a wide range of technologies and developments needed in robotics and plans to launch much ambitious robots to space, by 2025.
    • Cost-effective and long hours working – Sending a robot to space is much more cheaper than sending a human. Also, robots can work way longer than humans can. The hazardous atmosphere of space is risky for humans, and there can be a life risk. To avoid such risks, reduce costs, and increase hours of stay, space robots are preferred.

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    Segments' Analysis

    By Solution Type

    Based on the solution type, the market is segmented into services and products. The satellite servicing segment led the market in 2022 and is estimated to remain dominant during the forecast period. The growth of the satellite servicing segment can be attributed to the escalating demand and requirement for space-based services, such as satellite servicing, de-orbiting services, surface mobility, and resupply services.

    By Application Type

    Based on the application type, the market is segmented as deep space, near space, and ground. The near space segment is estimated to register the highest growth in the coming five years. This growth of the segment can be credited to the claim for resupply missions for the International Space Station (ISS), on-orbit satellite engineering, and increasing requirements to service prevailing geosynchronous satellites.

    By End-User Type

    Based on the end-user type, the market is segmented as commercial and government. The commercial segment is expected to depict a higher growth against the government segment, during the forecast period, driven by the increasing demand for satellite servicing, refueling and mission extension services which provide prospects for satellite operators/owners by extending the life of satellites and hence, generate profits from prevailing satellite fleets, and deliver enhanced flexibility in handling in-orbit satellite fleets.

    Regional Insights

    In terms of regions, North America was expected to register the largest share of the market in 2022, and the region is expected to continue its dominance during the forecast period as well. The market is driven by high demand for space robotic activities from prominent establishments, such as NASA and the Department of Defense, owing to the rising dependence on space resources and for empowering safety in space operations. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The space robotics market is segmented into the following categories.

    By Solution Type

    • Services
    • Products

    By Application Type

    • Deep Space
    • Near Space
    • Ground

    By End-User Type

    • Commercial
    • Government

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Space-Robotics-Market-Segmentation

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    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Space Robotics Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the application types by end-user type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The space robotics market was estimated at USD 4.43 billion in 2022.

    The space robotics market is likely to reach USD 6.62 billion in 2028.

    Space Robotics are machines that are designed with the capability of surviving in the environment of space. They are used in different activities in the space such as construction and maintenance purposes, performing exploration, and many others. Such robots are controlled by humans through local console such as the astronauts in the spacecraft can control the robots that they have sent. Space robotics are important today as they have the ability to do a task in an inexpensive way and also are known to complete the tasks with greater performance. They can work for long durations and can be sent in areas where it can be risky for humans.

    The space robotics market is likely to witness an impressive CAGR of 6.77% during the forecast period.

    In terms of regions, North America was expected to register the largest share of the market in 2021, and the region is expected to continue its dominance during the forecast period as well.

    Some of the major players in the market are Altius Space Machines, Astrobotic Technology, Effective Space Solutions, Honeybee Robotics, ITT Corporation, Maxar Technologies, Motiv Space Systems, Northrop Grumman, Olis Robotics, and Stinger Ghaffarian Technologies (SGT).

    The satellite servicing segment is expected to remain dominant in the market.

    The near space segment is expected to register the highest growth in the market.

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