Space Robotics Market Analysis | 2023-2028

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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Market Dynamics

Introduction

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.

Market Drivers

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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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).

Note: The above list does not necessarily include all the top players in the market.

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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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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s space robotics market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and 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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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)

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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.

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