Space Robotics Market Is Projected To Experience A CAG Of 6.9% By Year 2031

(MENAFN- EIN Presswire)

space robotics market

The capability and the suppleness to reconfigure a space robot that is now in orbit are being demanded by the operatives.

WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, June 20, 2024 /EINPresswire / -- Increase in investments in space robotics, rising demand for satellite launches, and the surge in the number of Joint ventures by major players to broaden their business and geographic reach across the world drive the growth of the global Space Robotics Market . On the other hand, high costs associated with space exploration missions restrain the market growth to some extent. However, technological advancements in the space industry and the use of software-defined technology in space robots are expected to create lucrative opportunities in the industry.

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The global space robotics market size was valued at $4.3 billion in 2021, and is projected to reach $8 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

The rise of threats in military security have been ultimately fostering the need for satellite communication services as a part of ensuring reconnaissance, surveillance, and intelligence application areas. This further adds up to the necessity toward launching missiles, space crafts and many others to increase security standards and services within the defense & military units.

The key players profiled in this report include

Altius Space Machines, Olis Robotics, space applications services nv/sa, Astrobotic Technology, motiv space systems, inc., Oceaneering International, Inc., Northrop Grumman Corporation, Maxar Technologies, ispace inc., honeybee robotics

The rise in the number of space missions planned by various space agencies is driving the growth of the space robotics in deep space. In addition, the incorporation of technology is fostering the application and development of space exploration systems. These space missions aim at the investigation of several intended celestial bodies such as Saturn's moons, Jupiter's moons, Earth's moon, asteroids, Sun, and Mars. Furthermore, these operations are meant to recognize the properties of the planets along with observing their atmosphere and analyzing the possibility of life at different planets.

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Also, the advancements in technology have proliferated the demand for deep space exploration around the world. Additionally, the demand for space exploration technologies arises with the development and emergence of artificial intelligence. Moreover, the inclusion of solar electric propulsion systems, guidance and navigation technology is increasing the demand for the space robotics in deep space. Furthermore, leading players and space agencies are spending huge amounts in research & development activities for regular improvements in the field of space technology. Such factors are effectively driving the growth of space robotics market.

Regional Analysis:

By region, North America accounted for the highest share in 2021, holding nearly three-fifths of the global space robotics market revenue . To cater to the rising demand for commercial purposes, hundreds of new satellites are expected to be launched in near future. Also, the governing relaxation on the sale of high-end satellite images for commercial uses is one of such measures that has offered lucrative opportunities for the market growth across North America. LAMEA, simultaneously, would portray the fastest CAGR of 12.1% from 2022 to 2031.

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This shows the entry of the leading companies into software-defined space robotics that rely on flexible software, generic hardware, and a distributed & advanced space on-board computing platform to identify their missions. With its automated on-board computing platform, software-defined technology offers the suppleness they need and could also decrease the costs in the future. Though, the operators and manufacturers have now introduced partially software-defined space robots for MEO and LEO constellations. Thus, software-defined technology is designed to create opportunities for the space robotics market.

KEY FINDINGS OF THE STUDY

By solution, the remotely operated vehicles segment is projected to dominate the global space robotics market in terms of growth rate.

By application, the ground segment is projected to dominate the global space robotics market in terms of growth rate.

By end user, the government segment is projected to dominate the global space robotics market in terms of growth rate.

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David Correa
Allied Market Research
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