Space Rovers Market to Reach $998.29 million, Globally, by 2030 at 9.2% CAGR: AMR

According to the report, the global space rover industry generated $431.30 million in 2019, and is expected to generate $998.29 million by 2030, witnessing a CAGR of 9.2% from 2020 to 2030.

A rover is equipped with cameras, sensors, robotic arms, and other equipment to map surroundings and collect rocks, soil, and water samples. They help to examine atmosphere of outer space entities before planning a human space exploration mission. Several space rovers have been sent on Mars, Moon, and even asteroids over past few decades to find traces of water and/or past life.

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In recent years, the market for space mining has gained traction and several space agencies are planning to launch rovers and orbiters to distinct celestial bodies to explore presence of different materials such as gold, platinum, silver, titanium, iron, aluminum, cobalt, and nickel.

Such technologies enhance success rate of space missions. Moreover, the lunar surface exploration segment is anticipated to show a significant CAGR during the forecast period, owing to various moon exploration missions, such as NASA's Commercial Lunar Payload Services (CLPS) program, Chandrayaan-3, and Emirates Lunar Mission, planned in the upcoming years.

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Rise in investments for space explorations across the globe and surge in investments in space mining are expected to drive growth of the global space rovers market. However, factors such as the high costs involved in space exploration missions and high chances of failure of space exploration projects are expected to restrain growth of the market during the forecast period. Furthermore, supportive government regulations are expected to offer potential opportunities for the global space rovers market during the forecast period.

Rise in investments for space explorations and space mining drives the growth of the global space rover market. However, high costs involved in the missions and high probability of failure restrain the market growth. On the other hand, supportive government regulations and technological advancements in 3D printing technology present new opportunities in the coming years.

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Based on region, North America accounted for the highest market share in 2019, contributing to more than two-fifths of the global space rover market, and will continue its dominance in terms of revenue by 2027. This is due to rise in investments by the U.S. and Canada in space exploration missions. However, Asia-Pacific is estimated to maintain its largest CAGR of 10.5% during the forecast period, owing to investment by prominent countries such as China, India, Japan, and others in the exploration of extraterrestrial objects for research and commercial purposes.

Leading market players

Space Applications Services NV/SA
Astrobotic Technology, Inc.
Planetary Transportation Systems GmbH
ispace, inc.
Maxar Technologies
Motiv Space Systems, Inc.
Honeybee Robotics
Northrop Grumman
Toyota Motor Corporation
Airbus S.A.S.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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