Space Robotics Market Analysis

Space Robotics Market Analysis

Based on hardware, the space robotics market from the rovers/landers segment is anticipated to grow at 11.5% growth rate between 2023 and 2032, fueled by the increasing number of exploratory rover and lander missions in recent years. Many global space agencies are launching unmanned missions to nearby planets and satellites to study their surface and atmosphere, creating a strong demand for hardware components. Governments are also collaborating with private firms to contract out certain production aspects of their missions.
 

Based on application, the near space segment is projected to register about 9.5% gains from 2023 to 2032, owing to the rising prominence of near space exploration missions through satellite launches. Recent advancements in the field of wireless communications have also led to the rise of global communication satellites, with firms such as SpaceX frequently conducting launch missions for countries such as Japan, South Korea, and USA. Satellites require continuous maintenance and servicing to remain operational, which entails further near-space launches and impact the space robotics market revenue.
 

With respect to end-use, the government segment held approximately 35% of the market share in 2022, impelled by an increasing demand from state-sponsored space exploration initiatives. Several world governments are working on improving their space technologies to enhance the overall performance of their satellites as well as probes.
 

Europe space robotics market accounted for USD 625 million in 2022. The European Space Agency (ESA), which is an EU-independent organization, has been making significant in-roads in recent years to get ahead in the space race. In November 2022, European research ministers backed the ESA’s ambitions to increase its budget by 17%, during the member states’ meeting in Paris. The new budget will help it achieve the next phase of its new worlds space exploration program, Terrae Novae, which will make use of robots as scouts and precursors for the human journey into the Solar System.