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Space Robotics Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Space Robotics Market
Space Robotics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.66 billion In 2028 At A CAGR Of 7.8% :
The space robotics market size has grown strongly in recent years. It will grow from $4.6 billion in 2023 to $4.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to space exploration initiatives, government space programs, commercial space industry growth, rise of private space companies, advancements in ai and automation..
The space robotics market size is expected to see strong growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increased space exploration missions, growth of commercial space industry, space mining opportunities, satellite constellations deployment, planetary colonization initiatives.. Major trends in the forecast period include miniaturization and efficiency, autonomy and ai integration, modular and adaptable systems, interplanetary exploration focus, on-orbit servicing demands..
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Space Robotics Market Major Segments
The space robotics market covered in this report is segmented -
1) By Solution: Remotely Operated Vehicles, Remote Manipulator System, Software, Services
2) By Application: Deep Space, Near Space, Ground
3) By End-User: Commercial, Government
Key Driver - The Role Of Increased Space Mission Investments In Advancing The Space Robotics Market
Growth in investments in space missions is expected to propel the growth of the space robotics market going forward. The growth in investment in space missions is the increase in the amount of money that is being spent on space exploration and development. Growth in investments in space missions will lead to more investments in space robotics that will boost significant advances in technology. For instance, in November 2022, according to an article published by the European Space Agency, a France-based intergovernmental organization, it decided to increase its budget by 17% compared to its last ministerial meeting held in 2019. Furthermore, the participating ministers agreed to extend their support to the agency's Earth Observation Programme by devoting 2.7 billion euros ($2.97 billion). Therefore, the growth in investments in space missions is driving the growth of the space robotics market.
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Prominent Trend - Research And Development Take Center Stage In The Space Robotics Market
A high focus on research and development associated with space robotics is the key trend that is gaining popularity in the space robotics market. Major organizations operating in the market are focused on research and development for product innovations to strengthen their position in the market. For instance, in June 2021, PickNik Inc., a US-based Robotics software development company, announced it has been awarded Phase II Small Business Innovation Research (SBIR) funding from the National Aeronautics and Space Administration (NASA) to develop its technology for advanced planning capabilities for robots in microgravity situations. The company is working on a simple supervised autonomy solution for controlling remote, sophisticated robots. MoveIt Studio is the commercially available version, with an initial release date of Summer 2021. MoveIt Studio extends standard robot teleoperation's problem-solving capabilities.
Space Robotics Market Players
Major companies operating in the space robotics market report are Northrop Grumman Corporation, Altius Space Machines Inc., Astrobotic Technology Inc., Honeybee Robotics Ltd., Maxar Technologies Inc., Motiv Space Systems Inc., Oceaneering International Inc., Olis Robotics, Intuitive Machines LLC, Effective Space Solutions Ltd., Stinger Ghaffarian Technologies Inc. (SGT), GITAI Inc., Ispace Inc., Lockheed Martin Corporation, Anduril Industries Inc., Seoul Robotics, Starship Technologies, Voliro Airborne Robotics Company, Attabotics, ABB Ltd., NVIDIA Corporation, Boston Dynamics, Diligent Robotics, Nuro Inc., iRobot Corporation, Vecna Robotics Inc., Blue Origin LLC, Boeing Company, Space Exploration Technologies Corp. (SpaceX), Virgin Galactic, Rocket Lab Inc., Firefly Aerospace, IHI Corporation
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Largest And Fastest Growing Region In The Market
North America was the largest region in the space robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global space robotics market during the forecast period. The regions covered in the space robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Space Robotics Market Report Structure
3. Space Robotics Market Trends And Strategies
4. Space Robotics Market - Macro Economic Scenario
5. Space Robotics Market Size And Growth
…..
27. Space Robotics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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