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    Space Robotics Market Report

    Space Robotics Market Report
    Report code - SRAD233 Delivery - 2 Weeks
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    Space Robotics Market Size, Share, Trend, Forecast, & Industry Analysis – 2020-2 See more...

    Market Insights

    Space robotics market is likely to witness an impressive CAGR of 10.2% during the forecast period. The growth of the space robotics market is driven by a wide array of factors, such as increasing demand for servicing prevailing geostationary satellites, debris elimination, and technological progressions in self-governing systems, and collective demand for on-orbit engineering and assembly in the International Space Station (ISS) from various government agencies and commercial entities.

    Space-Robotics-Market-Forecast

    Space Robotics Market - Snapshot

    Growth

    10.2% for the next five years

    Major Solution Type

    Satellite servicing

    Major Application Type

    Near Space

    Dominant End-User Type

    Commercial

    Region with the highest demand

    North America

    Key Players

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

    Segments' Analysis

    Space-Robotics-Market-Dominant-Segments

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    Space Robotics Market Share: By Solution Type

    Based on the solution type, the market is segmented as services and products. The satellite servicing segment led the market in 2018, 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.

    Space Robotics Market Share: 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 requirement to service prevailing geosynchronous satellites.

    Space Robotics Market Share: 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.

    Space Robotics Market Share: By Region

    In terms of regions, North America was expected to register the largest share of the space robotics market in 2018, 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.