Space robotic solutions are widely used for tasks such as building space infrastructures, carrying maintenance activities, inspecting satellites and rovers, among others. These solutions offer advantages such as reliable performance in space environments, reduced mission costs, handling of repetitive tasks autonomously and minimizing risks to human spaceflight.
The global Space Robotic Solution Market is estimated to be valued at US$ 5.04 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Increasing Deployment of Satellites
The key trend driving the growth of the space robotic solution market is the increasing deployment of satellites globally. Satellite services are witnessing significant increase in demand for applications such as Earth observation, telecommunication, navigation, and research. Spurred by innovations and emergence of new technologies, the small satellite launch industry is growing exponentially with increasing number of satellite constellations being deployed by private space companies for various purposes including broadband internet services. As traditional methods for satellite maintenance and construction are time consuming and risky, space robotic solutions are playing a critical role by automating tasks such as on-orbit satellite servicing, refueling, repairing and assembly with greater precision, reliability and minimal cost. This is expected to significantly drive the adoption of space robotic solutions over the forecast period.
Segment Analysis
The global Space Robotic Solution market is segmented into robotics hardware, software & services. The robotics hardware segment dominates the market and is expected to witness the highest growth during the forecast period. This is mainly due to increasing demand for application-specific end-effectors, robotic arms, mobility platforms & sensors for accomplishing space missions effectively and efficiently.
Key Takeaways
The global Space Robotic Solution market is expected to witness high growth over the forecast period.
North America dominates the market currently due to presence of major space agencies like NASA and private space companies in the region. The region is also focusing heavily on development of cost-effective robotic technologies.
The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. This is attributed to increasing space exploration budgets by countries like China and India. Also, growing collaborations between space agencies and private players in the region are driving opportunities for robotic solution providers.
Key players
Key players operating in the Space Robotic Solution market are Maxar Technologies, Motiv Space Systems, Altius Space Machines, Astrobotic Technology, Made In Space, Northrop Grumman, Honeybee Robotics, Effective Space Solutions, Bradford Space, Olis Robotics, Metecs, Astroscale, D-Orbit SpA, ClearSpace, Space Applications Services, Kepler Communications, Kubos, SpiderFab, Tethers Unlimited, MDA. Maxar Technologies and Northrop Grumman are currently dominating the market due to their expertise and strong presence across major geographies and applications.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it