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Space Robotics Market 2021 Key Data Points Mapped for Industry Professionals - Altius Space, Astrobotic Technology, Inc., BluHaptics, Inc.

10-14-2021 05:17 AM CET | Media & Telecommunications

Press release from: Next Move Strategy Consulting

Space Robotics Market 2021 Key Data Points Mapped for Industry

The Space Robotics Market size was valued at USD 2.54 billion in 2020 and is predicted to reach USD 7.60 billion by 2030 with a CAGR of 11.9% from 2021-2030.

Space robots are specially designed for space missions and exploration activities. They are capable of withstanding extreme space condition and can perform activities such as assembly, maintenance, and repair of spatial satellites, among others. There are two major types of space robots such as remotely operated vehicles (ROV) and remote manipulator system (RMS). These robots expand the capabilities of astronauts in space by providing them greater handling capacity.

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Top Companies: Altius Space, Astrobotic Technology, Inc., BluHaptics, Inc. (Olis Robotics), Honeybee Robotics, Intuitive Machines, LLC, Maxar Technologies, Metecs, LLC, Motiv Space Systems, Inc., Northrop Grumman Corp. and Oceaneering International, Inc. and others.

Market Dynamics and Trends:

Increase in number of space research & exploration projects, need for proper maintenance and servicing of existing satellites, and on-orbit assembly are the factors driving the demand for space robotics market. Space robots are used for successful execution of space programs, such as on-orbit manufacturing in the International Space Station (ISS) and lunar surface innovation initiative by National Aeronautics and Space Administration (NASA). Also, huge investments by private companies as well as by government organizations are fuelling the growth of space robotics market. For instance, the European Space Agency (ESA) has been preparing technology roadmaps in space robotics by funding multiple projects, such as PERASPERA and SpacePlan 2020. The PERASPERA project aims to develop a comprehensive master plan for space robotics within 2023-2024 timeframe. Similarly, NASA has been working on its space technology roadmap to 2035 and identified several robotics areas for the same.

However, high initial & maintenance cost, and limited technological know-how are factors expected to restrain the space robotics market growth to some extent. On the contrary, technological developments and rise in the use of autonomous systems in space are expected to create ample growth opportunities for the market in the coming years.

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Market Segmentations and Scope of the Study:

The space robotics market is segmented on the basis of solution, application, organization type, and geography. Based on solution, the market has been segmented into Remotely operated vehicle, remote manipulator system, software and services. Based on application, the space robotics market has been segmented into deep space, near space and ground. Based on organization type, the market has been segmented into government and commercial. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia Pacific, and Rest of the World.

Geographical Analysis:

North America holds the lion share of space robotics market during the forecast period. This is attributed to factors such as increasing number of space activities by organizations such as NASA, CSA and the U.S. Department of Defence. In order to successfully execute space exploration programs, these organizations are investing heavily in R&D and technology enhancements. For instance, in July 2021, Intuitive Machines bagged a contract from NASA to develop a mini extreme mobility lunar vehicle that would hop around the Moon’s surface and take pictures inside craters on the lunar South Pole.

However, Asia-Pacific is expected to show a steady rise in the space robotic market due to increased investments by countries such as China and India. Also, government agencies as well as private firms in these countries operate various communications, earth observation, and navigational satellites, which in turn is expected to propel the market growth. Moreover, space programs, such as Chang'e 7 robotic lunar exploration mission by China and Chandrayaan-3 by India, are expected to contribute towards the growth of space robotics market in this region.

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About Next Move Strategy Consulting:

Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

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