Space Robotics Market size is anticipated to reach USD 4 billion by 2027, according to a new research report by Global Market Insights Inc.
The increasing penetration of IoT and AI-based technologies is likely to support the space robotics industry growth. Companies are using the potential of Industrial IoT and AI-based technologies to improve production processes. For instance, in August 2021, SpaceX acquired Swarm Technologies, a company focusing on IoT technologies, to add IoT expertise to its management operations.
The rising government focus on space robotics projects will drive the market growth through 2027. For instance, in January 2021, the European Investment Fund (EIF) in collaboration with the European Commission announced an investment of around USD 344 million for the region’s space sector technology development. It will accelerate the developments of communications, geolocation, space hardware, space robotics, satellites, and electronics areas.
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High initial investments is one of the major factors limiting the entry of new players in the space robotics market. To conduct product development & testing, companies need a large facility, leading to a high initial investment on properties. Similarly, to increase efficiency & reduce production time, businesses are required to deploy autonomous technologies such as warehousing robots, AI, and machine learning. It supports the company in staying competitive and sustainable but increases the preliminary costs of the set-up. This has created challenges for start-ups to enter & endure in the industry.
The COVID-19 pandemic led to temporary shutdown of component manufacturing facilities, impacting the R&D activities. Several production facilities remained closed in the first half of 2020 due to the lockdown measures imposed by several government organizations. The delays in acquiring raw materials owing to supply chain disruptions resulted in the hampering of manufacturing processes. Companies are leveraging remote collaboration tools with the presence of a minimum number of workers at manufacturing facilities to enable social distancing while continuing production processes.
Analyst view: “Increasing government projects and investments related to space research & exploration globally are driving the space robotics market revenue. The launch of several satellites and spaceships working in deep & spaces requires timely maintenance & repairing, creating the need for highly efficient robotic systems.”
Browse key industry insights spread across 200 pages with 269 market data tables and 18 figures & charts from the report, “Space Robotics Market Size By Solution (Product [Rovers/Landers, Probes, Arms/Manipulator Systems], Software, Services), By Application (Deep Space [Space Exploration, Space Transportation], Near Space [Space Exploration, Space Transportation]), By End-Use (Commercial, Government), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Robust expansion opportunities for space logistics services
The space robotics service solution held over 30% of the revenue share in 2020. The growing requirement for space services for satellite servicing & maintenance, payload release, and additional accessories installation is boosting the market demand. Industry participants are innovating space services for logistics & debris removal to increase their revenue stream.
Increasing investments by the government in deep space exploration activities to fuel space robotics market
The deep space application is expected to register a growth rate of about 5% through 2027. Extreme & deep space environments are hazardous for human astronauts & operators, which are being replaced by robotic systems that can perform high-risk activities. Several private & government space agencies, including NASA and JAXA, are working on developing robots that have efficiency & reliability capabilities to work in deep space activities.
Transportation services are proliferating impelled by their vital role in transferring payload to the space stations to enhance their deep space exploration abilities. Furthermore, this space transport also carries the transit vehicles for in-detailed planet surface research & exploration. Industry players are investing in their R&D to develop spacecraft with maximum payload capacity. For instance, in October 2020, Boeing developed a powerful deep space rocket capable to carry 38 metric ton payload through nine million pounds of thrust.
Supportive government initiatives for space exploration will enhance the APAC industry statistics
The Asia Pacific space robotics market is projected to grow at a CAGR of nearly 8% till 2027. The rising space exploration missions in various Asian countries including China, India, and Japan will augment the regional market expansion. The Indian Space Research Organization (ISRO) provides technical consultancy services to various R&D institutes & industries in diverse areas of its expertise. Moreover, ISRO implements various space science research projects in the fields of planetary exploration and atmospheric science, aiding the rapid development of space robotics technologies.
Major space robotics market players include MAXAR Technologies, Inc., Space Applications Services, Stinger Ghaffarian Technologies, Altius Space Machines, Inc., GITAI, Inc., Motiv Space Systems, Astrobotic Technology, Inc., SpaceX, Oceaneering International, Northrop Grumman, and Honeybee Robotics Ltd. Industry participants are focusing on partnerships to strengthen their position and acquire a greater share.