Space Rover Market Top Manufacturers, Growth & Opportunities USD 107.1 Million by 2030, With a CAGR of 1.07%

The global space rover market size was assessed at USD 106.2 million in 2022. The market is projected to grow from USD 99.4 million in 2023 to USD 107.1 million by 2030, showcasing a CAGR of 1.07% during the 2023-2030 period. Increasing focus on futuristic technologies, rising investment for space exploration, and growing funding in space programs are the factors facilitating market proliferation. This information is provided by Fortune Business Insights, in its report titled, "Space Rover Market, 2023-2030."

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Drivers and Restraints:

Growing Investment for Space Exploration to Aid Market Expansion

Civilians and military customers in the aerospace domain are increasingly participating and investing space exploration activities. They prefer business models in which partners invest upfront to own and develop intellectual property (IP). For instance, the U.S. Department of Defense's Space Development Agency is planning to utilize existing commercial intellectual property to service a large constellation of Low-Earth Orbit (LEO) communication satellites and missile tracking satellites. Meanwhile, new players are taking advantage of rising investor interest to pursue funding, private investment, and partnerships to fund their products. The above-mentioned factors will facilitate the space rover market growth in the coming years.

On the other hand, high costs associated with space exploration and probability of failure in space exploration operations will act as challenges for businesses operating in this domain.

Report Coverage:

The report provides an overview of drivers, challenges, opportunities, and threats affecting market dynamics in the upcoming years. Moreover, it studies the market extensively by splitting it into regions and segments. Statistical data pertaining to each segment and region are also included. The document lists leading companies and latest developments undertaken by them recently to enable industry partakers to make strategic decisions.

Segments:

Mars Surface Segment to Lead Backed by Rising Investments

Based on application, the market is split into Mars surface, lunar surface, and asteroids surface. The Mars surface segment captured majority of the market share owing to rising investment in Mars exploration missions by space agencies including CNSA and NASA.

Hardware Segment to Account for the Largest Share due to Increased Demand for Components

As per solution, the market is arrayed into software and hardware. Among these, the hardware segment dominated the market due to increased demand for components for rover making.

Geographically, the market is segregated into North America, Europe, Asia Pacific, the Middle East, and the rest of the world.

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Regional Insights:

North America to Lead Backed by Significant Investments in Space Exploration from NASA

North America held the largest space rover market share in the recent past owing to substantial investments from NASA. NASA's budget for the fiscal year 2021 was estimated at USD 23.3 billion, which is 3% higher as compared to the previous year. Leading players in the region are also focusing on several lunar missions. For example, Intuitive Machines was preparing for its first lunar mission in the first quarter of 2022, as part of the Commercial Lunar Payload Services program. These factors will contribute to market growth in this region.

Europe is projected to record substantial growth over the forecast period due to increasing adoption of latest rover building technology for modern generation rockets. Presence of leading companies with renowned clients and rising spending on researching space and climate change by European nations will aid market proliferation as well.

List of Key Players Mentioned in the Report:

National Aeronautics and Space Administration (U.S.)
Lockheed Martin Corporation (U.S.)
The Boeing Company (U.S.)
Indian Space Research Organization (India)
Airbus Defence and Space (Germany)
Astrobotic Technology, Inc (U.S.)
Roscosmos (Russia)
European Space Agency (France)
Other key players.
Competitive Landscape:

Innovations by Leading Market Players in Collaboration with Governments will Boost Market Augmentation

Leading players in the space rover domain are partnering with other companies or government agencies to secure funding for launching new and advanced products. For example, in February 2022, Leonardo signed a contract with the European Space Agency in collaboration with NASA to design, build, integrate, and test a robotic arm called the Sample Transfer Arm. The 2.5-meter-long robotic arm will retrieve samples of Martian soil and support their journey back to Earth by 2030.

Key Industry Development:

November 2022 - Canadensys Aerospace, a Canada-based space systems company, won a contract from the Canadian government for designing and building Canada's first lunar rover. Launched under the Canadian Space Agency's Lunar Exploration Accelerator Program (LEAP), the lunar rover will possess essential technologies for future lunar activity and help enhance lunar science study.

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This release was published on openPR.