What's Driving the Space Robotics Market Growth? Astrobotic, Honeybee Robotics, MAXAR Technologies, Northrop Grumman, Oceaneering, Space Applications Services NV/SA, SpaceX, Stinger Ghaffarian Technologies (SGT)

Global space robotics market is estimated to procure commendable returns in the ensuing years, primarily owing to the increasing investments and efforts dedicated toward space research and exploration in countries such as the United States, India, and Russia. Space robotics is significant in the development of machines that are capable of expanding the human capacities in space by facilitating abilities beyond human limitations in extreme space environments.

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Over the past few years, thousands of satellites have been launched into earth's orbit, while aerospace companies have attempted to realize commercial space flights and make them affordable. All the while, governments are funding projects to explore interplanetary surfaces, the most notable being Mars exploration. The space robotics market can be pegged as a vital component of these projects, since equipment like rovers and probes are valuable in investigating surfaces and collecting samples using robot arms. Activities like placing a satellite into orbit, collecting and providing information on space aircraft functions and assisting flight crew in handling spatial objects can be done cost-effectively and without delays by using robotic equipment.

The Major Key Players in the Market are as follows:
"Astrobotic
Honeybee Robotics
MAXAR Technologies
Northrop Grumman
Oceaneering
Space Applications Services NV/SA
SpaceX
Stinger Ghaffarian Technologies (SGT)"

In terms of segmental growth, the robotic arms segment is slated to witness immense demand over the coming years. Robotic arms have proved to be one of the most reliable machines in space missions. Recently, NASA's Jet Propulsion Laboratory finished installing a 2.1-meter-long robot arm on the Mars 2020 rover. The new arm has been designed to perform much more complex activities. Increasing penetration of robotic arms for advanced space mission will result in segmental growth for the global space robotics market.

The North America space robotics market is currently a highly profitable growth ground owing to the presence of substantially funded organizations like NASA and the Canadian Space Agency. The region is also witnessing several ongoing and upcoming space missions that are anticipated to generate considerable demand for space robots, further strengthening the region's space robotics industry.

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The Asia Pacific market is also likely to emerge as a strong contender due to increasing implementation of major space projects. For example, the Indian Space Research Organization's second moon mission Chandrayaan 2 is the nation's first attempt at robotic space explorations. Increasing adoption of space robotics engineering for upcoming space programs and explorations would primarily contribute to expanding Asia Pacific space robotics market.

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