Space Robotics Market size worth over $3.5 Bn by 2025
Published Date: April 3, 2019 Authors: Preeti Wadhwani, Prasenjit Saha
Space Robotics Market size is set to exceed USD 3.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
The integration of AI technologies into the systems developed for space exploration is likely to fuel the space robotics industry growth. Several companies are developing AI-based robots that provide enhanced mobility & manipulation benefits. These machines can perform highly-complex tasks for a longer duration and offer minimal human dependence. The integration of AI offer 3D perception and proximity GNC to robots, which will support resistance against environmental conditions and offer high flexibility, accuracy, and control. Moreover, the increasing experiments & projects related to space exploration by government agencies globally are attributing to the market expansion.
Robotic arms segment is poised to witness a high demand for the deployment in advanced space systems. Robotic arms aid astronauts in lifting and handling heavy & large objects in space. Moreover, rovers are spacecraft that use exploration vehicles and perform the transportation of crew members from one spaceflight to another. The companies working in the space robotics market are developing partially or fully autonomous rovers for exploration & transportation applications.
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The near space exploration & transportation segments are estimated to gain substantial gains through 2025 due to several missions working on asteroid survey missions, which are near to the Earth’s surface. The need for continuous maintenance & servicing of the existing satellites is creating a huge demand. The near space transportation segment utilizes advanced transportation systems that support transporting of heavy cargos to the existing objects for repairing & other purposes. Various companies are gaining huge investments to carry out their near space transportation projects.
Browse key industry insights spread across 150 pages with 161 market data tables & 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), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
Technical advancements and various exploration missions adopted by governments along with companies is driving the space robotics market demand in commercial application. In March 2019, SpaceX announced the launch of Crew Dragon’s demonstration mission, which was intended for demonstrating the company’s capabilities including safety of astronauts to fly to and from the International Space Station. The spacecraft is America’s first one to autonomously dock along with the orbiting laboratory. The segment includes companies that include satellite operators & private owners, launching service providers, and exploration companies, which aid in the proper functioning of spaceflights.
North America is a leading market participant owing to the presence of national organizations, including NASA and CSA, that are actively working toward the industry development. The U.S. and Canada are investing huge amounts in R&D and technology enhancement to achieve space exploration initiatives. The Asia Pacific space robotics market is also growing at a rapid pace in countries including India, Japan and China drive by several on-going and upcoming space projects.
The key companies operating in the market include Oceaneering International, Maxar Technologies, Northrop Grumman, Astrobotic Technologies, Motiv Space Systems, Altius Space Machines, etc. These players are investing heavily on R&D activities to develop new solutions related to exploration and transportation in both deep & near spaces.
Strategies, such as partnerships & contracts, with other companies & government organizations, such as NASA, ISRO, etc., are strengthening their position in the space robotics market. In November 2018, Northrop Grumman announced that its Cygnus spacecraft completed berthing operations with the ISS. The spacecraft carried about 7,400 pounds of supplies, cargos, and other scientific experiments.