New York, Aug. 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global space robotics market generated USD 2.97 billion in 2021, and is predicted to reach USD 7.11 billion by 2030, witnessing a CAGR of 9.7% from 2022 to 2030. The research provides a detailed analysis of competitive landscape along with business performance of top market players. In addition, it highlights changing market dynamics and analyzes major segments and their sub-segments.
Equipping an extensive analysis of the market in 291 pages, supported by 164 tables and 134 figures, the report aims to help leading players, investors, and others devise steps to be taken to achieve sustainable growth and competitive edge. The research provides the detailed impact of the Covid-19 pandemic on the space robotics market size.
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| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | USD 2.97 Billion |
| Market Size in 2030 | USD 7.11 Billion |
| CAGR | 9.7% |
| No. of Pages | 291 |
| Tables | 164 |
| Figures | 134 |
| Segments covered | Solution, Application, Organization Type, and Geography. |
| Drivers | Rise in number of space exploration missions |
| Surge in funding offered by national space agencies for space robotics programs | |
| Opportunities | The emergence of private organizations and companies in the space robotics industry |
| The integration of artificial intelligence (AI) and deep learning (DL) in the robotics industry |
The research provides an extensive analysis of changing market dynamics based on driving factors, restraining factors, and opportunities. Rise in number of space exploration missions, surge in funding offered by national space agencies for space robotics programs, and increase in need to repair, maintain, and service the geostationary satellites drive the growth of the global space robotics market. On the other hand, stringent regulations associated with the space robots and limited technological knowledge restrain the market growth.
Outlining the opportunities that help leading players in expansion of their space robotics market share in the coming years, the Lead Analyst for the ICT & Media at Next Move Strategy Consulting, stated, “The emergence of private organizations and companies in the space robotics industry is projected to create new avenues in the coming years. Moreover, the integration of artificial intelligence (AI) and deep learning (DL) in the robotics industry would provide new opportunities for the market players.”
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The research provides an extensive analysis of major segments and sub-segments of the global space robotics market. Major segments analyzed in the research include solution, application, organization type, and geography. Based on solution, the report classifies the market into remotely operated vehicle, software, remote manipulator system, and services. By application, the report further segments the market into near space, deep space, and ground. On the basis of organization type, the report bifurcates the market into government and commercial.
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Based on geography, the report divides the global space robotics market into North America, Europe, Asia-Pacific, and RoW. North America accounted for the highest share of the market in 2021, and will maintain its highest contribution during the forecast period. This is due to rise in number of space activities by organizations such as the National Aeronautics and Space Administration (NASA) and the U.S. Department of Defence along with rise in investments. However, Asia-Pacific is estimated to grow steadily during the forecast period, owing to increased investments by government agencies of countries such as China and India.
The research offers an extensive analysis of each region based on each segment and sub-segment with the help of graphical and tabular representations. These insights are helpful in taking necessary steps to achieve growth during the forecast period.
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The report offers a comprehensive analysis of leading players of the global space robotics market. Major players analyzed in the research include Altius Space, BluHaptics, Inc. (Olis Robotics), Astrobotic Technology, Inc., Intuitive Machines, LLC, Honeybee Robotics, Metecs, LLC, Maxar Technologies, Northrop Grumman Corp., Motiv Space Systems, Inc., and Oceaneering International, Inc. These players are analyzed based on business performance, key strategies and developments, and product portfolio.
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