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Space Robotic Solutions Market 2024 - By Size, Share, Forecast And Trends Analysis Report 2033
Space Robotic Solutions Market
According to The Business Research Company's, The space robotic solutions market size has grown rapidly in recent years. It will grow from $4.11 billion in 2023 to $4.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to increasing demand for satellite deployment and servicing, growing interest in space exploration and colonization, need for cost-effective and efficient space missions, enhancement of satellite maintenance and repair capabilities, expansion of commercial space activities and applications, improving space infrastructure and sustainability, rising collaborations between space agencies and private companies.
The space robotic solutions market size is expected to see strong growth in the next few years. It will grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to expansion of space tourism and commercial space travel, demand for asteroid mining and space resource utilization, adoption of robotics for planetary exploration and colonization, growth of satellite constellations for global connectivity, focus on space debris removal and space traffic management. Major trends in the forecast period include adoption of robotic systems for satellite servicing, expansion of autonomous missions for asteroid mining, integration of ai and machine learning, growth in demand for on-orbit assembly, adoption of swarm robotics, integration of advanced sensors, innovation in technology.
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Market Drivers and Trends:
The rising number of satellite launches and space missions is expected to propel the space robotic solutions market going forward. Satellite launches and space missions refer to the activities related to deploying satellites into orbit around the Earth or other celestial bodies. The increasing number of satellite launches and space missions is driven by growing demand for telecommunications, Earth observation, scientific research, and commercial opportunities. Satellite launches and space missions employ space robotic solutions for satellite assembly, maintenance, and debris removal, enhancing mission flexibility and extending spacecraft operational lifetimes. For instance, according to the United Nations Office for Outer Space Affairs (UNOOSA), an Austria-based international cooperation agency, the number of individual satellites orbiting the Earth in 2022 reached 8,261, marking an 11.84% increase compared to 2021. Further, by the end of January 2022, around 12,293 satellites had been launched into space. Therefore, the rising number of satellite launches and space missions is driving the growth of the space robotic solutions market.
Major companies operating in the space robotic solutions market are focused on developing technologically advanced solutions, such as Telescopic Grapple Hook ACR based on chainpick technology, to enhance the efficiency and effectiveness of space missions. It is an advanced robotic system designed to autonomously assemble, repair, and recycle satellites in orbit, streamlining space missions and enhancing sustainability. For instance, in October 2023, Hai Robotics, a China-based company that provides automated warehouse solutions and autonomous mobile robots (AMRs), launched the Telescopic Grapple Hook ACR alongside the HaiPick A42T-E2 and HaiPick System 3 innovations, specifically designed to alleviate customer concerns regarding heightened storage density and performance within a more compact warehouse space. Integrating the telescopic Grapple Hook ACR into the HaiPick System 3 forms a synergistic nexus, optimizing performance and augmenting storage density. Featuring ChainPick technology, it comes equipped with a grappling hook boasting a rapid picking speed of 2.7 seconds, efficiently retrieving totes quickly.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Northrop Grumman Corporation, Oceaneering International Inc., Maxar Technologies Inc., iRobot Corporation, MDA Space and Robotics Ltd., Redwire Corporation, Astroscale Holdings Inc., Intuitive Machines LLC., AMP Robotics Corp., Olis Robotics Inc., D-Orbit SpA, Tethers Unlimited Inc., ClearSpace SA, Exyn Technologies Inc., Astrobotic Technology Inc., Tethers Unlimited Inc., Space Applications Services NV/SA, Metecs LLC., BluHaptics Inc., Motiv Space Systems Inc., Altius Space Machines Inc., Bradford Space Inc., Kubos Corporation, Oceaneering Space Systems Inc., Ubotica Technologies Ltd.
Space Robotic Solutions Market 2024 Key Insights:
• The Space Robotic Solutions Market is expected to grow to $6.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Surging Demand For Satellite Launches And Space Missions Fuels Growth In The Space Robotic Solutions Market
• Space Robotic Solutions Innovations In Autonomous Navigation And Manipulation
• North America was the largest region in the space robotic solutions market in 2023. The regions covered in the space robotic solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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