Press release
Space Robotics Market Is Thriving, With A Projected Value Of USD 465 Billion And An Expected Compound Annual Growth Rate (CAGR) Of 8.98%. This Growth Presents Astronomical Opportunities.
Space Robotics
According to MRFR, The Global Space Robotics Market industry is expected to register a CAGR 8.98% during the forecast period 2022 - 2030 hold a value of over USD 465 Billion by 2030.
The space robotics market refers to the development, manufacture, and deployment of robots and robotic systems for use in space exploration, satellite servicing, and other space-related applications.
COVID-19 Impact: The space robotics market has been impacted by the COVID-19 pandemic, with disruptions to supply chains and manufacturing processes. However, the pandemic has also highlighted the importance of space exploration and satellite-based services, which is expected to drive the demand for space robotics in the future. The increasing demand for satellite-based services, such as communication, navigation, and earth observation, is driving the growth of the space robotics market. The need for space exploration and scientific research is also contributing to market growth. However, the high cost of developing and deploying space robotics systems and the lack of skilled professionals may restrain market growth.
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Regional Analysis-
North America is expected to dominate the market due to the presence of leading space agencies, such as NASA and private space companies, as well as a large number of space robotics manufacturers. North America is the largest market for space robotics, with the United States being a major contributor to the market.
The US government has invested heavily in space robotics, particularly in NASA's space exploration missions, which have propelled the market forward. Europe is another significant market for space robotics, with countries such as France, Germany, and the UK being major players. Asia-Pacific region is also a growing market for space robotics, with countries like Japan and China making significant investments in the field
Market Segmentation-
The space robotics market can be segmented by solution, end-user, and geography.
Based on solution the market is divided into products and services.
Based on end-user, the market is classified into Government, Commercial.
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Key Companies in the Space Robotics market include -
Altius Space Machines (US)
Astrobotic Technology (US)
Effective Space Solutions Ltd (UK)
Honeybee Robotics (UK)
Ispace (Japan)
Maxar Technologies (US)
Metecs (US)
Motiv Space Systems, Inc. (US)
Northrop Grumman Corporation (US)
Olis Robotics (US)
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Space Robotics Industry Developments -
March 2022
MDA Ltd. has announced its new global headquarters and Space Robotics Center of Excellence in Brampton, Ontario, with a $100 million investment, aiming to support the company's growth and long-term success in the commercial space robotics market.
March 2022
Motiv Space Systems and Blue Origin are collaborating to develop a robotic system for the Department of Defense, ModuLink, which will aid in satellite repairs, updates, and modifications, using xLink robotic manipulation technology.
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