Market Overview:

The space robotics market was estimated at USD 4.43 billion in 2022 and is likely to grow at a CAGR of 6.77% during 2023-2028 to reach USD 6.62 billion in 2028.

Market Dynamics

The demand for space robots is likely to increase in the coming years owing to several factors. Below given are some key growth factors -

• Growing space exploration – Space robotics help in space exploration by performing remote operations beyond human capabilities. The growth in space exploration is creating ample opportunities for the space robotics sector. Over the years, the space industry has been growing, with ~186 successful rocket launches in 2022 (41 more than in 2021), the most ever, signaling a revolution in the space sector.
• Advancing technologies in robotics – Emerging technologies like Artificial Intelligence, Deep Learning, Machine Learning, etc. are transforming the robotics used for the space industry since they allow increased autonomy, efficiency, and capability in performing complex tasks and much more. Owing to its many benefits, OEMs are investing in advanced robotics. The first ever AI-powered robot Crew Interactive Mobile Companion – CIMON, was sent to space by Airbus and the German Aerospace Center DLR, and IBM back in 2018. Since then, there is a lot more progress in this sector.
• Developments in space robotics and other autonomous systems – To improve the overall performance of space exploration, several developments are being made in robotics and other autonomous systems by key players. For instance, NASA has set roadmaps considering a wide range of technologies and developments needed in robotics and plans to launch much ambitious robots to space, by 2025.
• Cost-effective and long hours working – Sending a robot to space is much more cheaper than sending a human. Also, robots can work way longer than humans can. The hazardous atmosphere of space is risky for humans, and there can be a life risk. To avoid such risks, reduce costs, and increase hours of stay, space robots are preferred.

Segment Analysis

Based on the solution type, the market is segmented into services and products. The satellite servicing segment led the market in 2022 and is estimated to remain dominant during the forecast period. The growth of the satellite servicing segment can be attributed to the escalating demand and requirement for space-based services, such as satellite servicing, de-orbiting services, surface mobility, and resupply services.

Based on the application type, the market is segmented as deep space, near space, and ground. The near space segment is estimated to register the highest growth in the coming five years. This growth of the segment can be credited to the claim for resupply missions for the International Space Station (ISS), on-orbit satellite engineering, and increasing requirements to service prevailing geosynchronous satellites.

Based on the end-user type, the market is segmented as commercial and government. The commercial segment is expected to depict a higher growth against the government segment, during the forecast period, driven by the increasing demand for satellite servicing, refueling and mission extension services which provide prospects for satellite operators/owners by extending the life of satellites and hence, generate profits from prevailing satellite fleets, and deliver enhanced flexibility in handling in-orbit satellite fleets.

In terms of regions, North America was expected to register the largest share of the market in 2022, and the region is expected to continue its dominance during the forecast period as well. The market is driven by high demand for space robotic activities from prominent establishments, such as NASA and the Department of Defense, owing to the rising dependence on space resources and for empowering safety in space operations. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

What do we aim to solve with this report?

By delivering concise and pertinent industry information & outlook, we aim to assist the stakeholders in navigating through the decision-making terrain.
The report primarily aims at:
- Helping the user recognize innovative trends surrounding the Space Robotics Market.
- Finding out factors that assist the user in making practical business decisions.
- Highlighting the positive & negative influencers of the Space Robotics Market.
- Forecasting the sales, CAGR, and the dominant segments & sub-segments of the market.
- Analysing the key players/competitors in the market.

Key Players

• Altius Space Machines
• Astrobotic Technology
• Effective Space Solutions
• Honeybee Robotics
• ITT Corporation
• Maxar Technologies
• Motiv Space Systems
• Northrop Grumman
• Olis Robotics
• Stinger Ghaffarian Technologies (SGT).

Critical Questions Answered in the Report

l  What are the key trends in the Space Robotics Market?

l  How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?

l  What is the impact of COVID-19 on the Space Robotics Market?

l  What are the key strategies adopted by the major vendors to lead in the global Space Robotics Market?

l  What is the market share of top vendors?

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