Press release
Space Robotics Market Size, Opportunities And Strategies 2024-2033
Space Robotics Market Size
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Space Robotics Market 2024 Key Insights:
• The space robotics market will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• The Role Of Increased Space Mission Investments In Advancing The Space Robotics Market
• Research And Development Take Center Stage In The Space Robotics Market
• North America was the largest region in the space robotics market in 2023
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