Press release
AI in Space Exploration Market Poised for 30.2 % Growth, Set to Hit $16.69 Billion by 2029
AI in Space Exploration Market
The AI in space exploration market is predicted to grow due to the anticipated rise in space missions. Space missions, which encompass planned initiatives to study and understand the cosmos or astronomical bodies using machineries such as spacecraft, satellites, rovers, telescopes, among others, are facilitated by AI in various ways. It can significantly improve features like autonomous navigation and control, comprehensive data analysis, automated planning and scheduling, and advanced robotics. For example, the United Nations Office for Outer Space Affairs, a secretariat based in Austria, reported in January 2024, that there were 2,664 objects launched into orbit in 2023 as opposed to 2,478 in 2022. This increase in space mission launches indicates a surge in growth for the AI in space exploration market.
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What growth opportunities are expected to drive the ai in space exploration market's CAGR through 2034?
The market size of AI in space exploration has seen a tremendous growth lately. The market, worth $4.44 billion in 2024, is expected to expand to $5.8 billion in 2025, with an estimated compound annual growth rate (CAGR) of 30.5%. Factors contributing to this growth during the historic period include a surge in demand for AI technology to improve space missions, augmented government funding, and rise in autonomous systems and robotics. Additionally, an increase in data management and the application of cognitive cloud computing in space have also been instrumental.
The market size of AI in space exploration is predicted to witness a remarkable expansion in the upcoming years, surging to $16.69 billion in the year 2029 with a compound annual growth rate (CAGR) of 30.2%. Various factors contributing to this growth during the forecast period are the escalating number of space launches and missions, an increase in autonomous vehicles, anomaly detection, and satellite operations. The forthcoming period will also showcase major trends like advancements in technology, product innovation, incorporation of AI technologies, AI-driven robots, and emergence of novel space technologies.
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What are the emerging trends shaping the future of the ai in space exploration market?
Leading enterprises in the AI in space exploration market are focusing on forging strategic partnerships to consolidate their market presence. These strategic collaborations are intentional alliances between entities aiming to meet shared objectives, by harnessing each other's distinctive capabilities and resources to their joint advantage. For example, in February 2023, IBM, a multinational tech firm based in the US, and NASA, the US government's space agency, joined forces to utilize artificial intelligence (AI) in Earth science data, to unearth new information about our planet. This partnership includes the creation of AI base models to sift through petabytes of text and remote-sensing data, with these models being transparent and accessible to the entire scientific community.
Which growth-oriented segments of the ai in space exploration market are leading the industry's development?
The AI in space exploration market covered in this report is segmented -
1) By Type: Rovers, Robotic Arms, Space Probes, Other Types
2) By Application: Robotics, Remote Sensing and Monitoring, Data Analytics, Asteroid Mining, Manned Vehicles and Reusable Launch, Communications, Remote Missions
3) By End-user: Government, Commercial
Subsegments:
1) By Rovers: Mars Rovers, Lunar Rovers, Planetary Exploration Rovers
2) By Robotic Arms: Space Station Robotic Arms, Exploration Mission Robotic Arms
3) By Space Probes: Deep Space Probes, Planetary Probes
4) By Other Types: AI-Assisted Satellites, AI-Powered Space Telescopes
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What regions are leading the charge in the ai in space exploration market?
North America was the largest region in the AI in space exploration market in 2024. The regions covered in the ai in space exploration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the ai in space exploration market?
Major companies operating in the AI in space exploration market report are Lockheed Martin, Airbus, IBM, Northrup Grumman, Hewlett Packard Enterprise (HPE), Thales Group, Booz Allen Hamilton, Spacex, Maxar Technologies Inc., Astroscale, Planet Labs Inc., Spire Global, Iceye, Capella Space, Blacksky Global, Hawkeye 360, D-Orbit, Orbital Insight Inc., LeoLabs, Slingshot Aerospace, Kuva Space, Analytical Space, Raptor Maps, Phase Four, Descartes Labs, AADYAH Aerospace, Ubotica Technologies, Swarm Technologies, Exo-Space, Craft Prospect
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What Is Covered In The AI in Space Exploration Global Market Report?
• Market Size Forecast: Examine the ai in space exploration market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ai in space exploration market for a structured understanding.
• Key Players Overview: Analyze major players in the ai in space exploration market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in space exploration market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ai in space exploration market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in space exploration market.
• Industry Challenges: Identify potential risks and obstacles affecting the ai in space exploration market.
• Competitive Landscape: Review strategic developments in the ai in space exploration market, including expansions, agreements, and new product launches.
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