Global Artificial Intelligence (AI) In Space Exploration Market Is Valued At $393.6 Million In 2022 And Is Projected To Reach $6,226.1 Million In 2031, Registering A CAGR Of 43.9%.

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Key Companies Covered in the Artificial Intelligence (AI) in the space Exploration Market include Airbus S.A.S., General Electric Company, Intel Corporation, International Business Machines Corporation (IBM), Iris automation Inc., Microsoft Corporation, SITA, Spark Cognition, Thales Groups, and The Boeing Company. 

Global Artificial Intelligence (AI) in space Exploration Market is valued at $393.6 million in 2022 and is projected to reach $6,226.1 million in 2031, registering a CAGR of 43.9%. Kenneth Research, in its repository of market research reports, have recently added a report on Artificial Intelligence (AI) in space Exploration Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Artificial Intelligence (AI) in space Exploration Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2021 to 11.53% of total goods exports in 2022.

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Moreover, incre

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

AI in space exploration Market is valued approximately USD 2 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 7.25% over the forecast period 2019-2026. Machine learning and AI leave their imprints on various fields including construction, automation, image analytics, and space exploration along with many others. Many applications of AI in space is being researched on various domains which includes relative positioning, communication and many others. Various spacecraft and space vehicles including satellites that are operating in the space may generates large amount of data owing to the complexity of the research missions. With AI in space exploration enables the data transmission over large distance with ease. Many organization and government agencies are collaborating on machine learning solutions for detection of new planets, space weather using magnetosphere and atmosphere measurement.

With rapid technological development and increasing investment in R&D sector, space exploration is experiencing rapid technical development owing to the integration of AI and the space vehicles which are developed for space exploration. The factor leading to the growth of AI in space exploration is the development of AI-based robots that can perform highly complex tasks over a longer period without human inference and for enhances mobility and manipulation benefits. AI offers high flexibility, accuracy and control owing to the development of 3D perception and proximity GNC in AI robots. Moreover, robotics arms in space exploration is witnessing high demand due to the high weightlifting and handling capabilities that are offered to astronauts.

The regional analysis of AI in space exploration market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is expected to dominate the market share of AI in space exploration market owing to the presence of space organizations such as NASA and CSA working effectively towards the development of AI in space exploration. Moreover, U.S. and Canada are investing in the R&D sector and technological innovations to explore deep space. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026 owing to the factors due to various ongoing and upcoming space programs in developing countries such as India and China.

Major market player included in this report are:

Orbital ATK
DARPA
Neurala
Descartes Labs
KittyHawk
Iris Automation
Flyby Nav
PrecisionHawk
Pilot.ai
MRX Global Holding Corp.
Oceaneering International
Maxar Technologies
Northrop Grumman
Astrobotic Technologies
Motiv Space Systems

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product Type:
Robotic arms
Rovers
Space probes
Others
By Applications:
Government
Commercial

By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World

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Furthermore, years considered for the study are as follows:

Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026

Target Audience of the AI in space exploration Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

Chapter 1.Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2017-2026 (USD Billion)
1.2.1. AI in Space Exploration Market, by Region, 2017-2026 (USD Billion)
1.2.2. AI in Space Exploration Market, by Product Type, 2017-2026 (USD Billion)
1.2.3. AI in Space Exploration Market, by Application, 2017-2026 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. AI in Space Exploration Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. AI in Space Exploration Market Dynamics
3.1. AI in Space Exploration Market Impact Analysis (2018-2026)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. AI in Space Exploration Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2016-2026)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. AI in Space Exploration Market, by Product Type
5.1. Market Snapshot
5.2. AI in Space Exploration Market by Product Type, Performance – Potential Analysis
5.3. AI in Space Exploration Market Estimates & Forecasts by Product Type 2016-2026 (USD Billion)
Chapter 6. AI in Space Exploration Market, by Application
6.1. Market Snapshot
6.2. AI in Space Exploration Market by Application

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