Selbyville, Delaware, Nov. 23, 2021 (GLOBE NEWSWIRE) --
The space robotics market size is anticipated to record a valuation of USD 4 billion by 2027, according to the most recent study by Global Market Insights Inc. The shifting government focus toward space robotics projects will drive the market growth during the forecast timeframe. Government organizations are investing in the global space agency to join large-scale projects.
The temporary closure of industrial plants in several countries to mitigate the spread of COVID-19 negatively impacted the space robotics market expansion in 2020. Manufacturers witnessed delays in production and new product launch schedules due to the pandemic in 2020. The resumption of industrial activities following the relaxations in lockdowns will help the economies to regain stability in 2021.
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The availability of established private space agencies, such as Lockheed Martin Corporation, SpaceX Corporation, Boeing, Sierra Nevada Space Systems, and Blue Origin, is fostering the commercial segment in the market. These companies are focusing on partnering with government space agencies for high revenue generation.
The Europe space robotics market is expected to observe a high growth rate during the forecast period. The growing focus of space agencies on launching new space missions will fuel the industry growth. For instance, in November 2021, Europe Space Agency launched two Galileo satellites to strengthen advanced navigational capabilities. The satellites comprise advanced precise satellite navigation systems, serving more than two billion users across the globe.
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Prominent players operating in the market include MAXAR Technologies, Inc., Space Applications Services, Stinger Ghaffarian Technologies, Altius Space Machines, Inc., GITAI, Inc., Motiv Space Systems, Astrobotic Technology, Inc., SpaceX, Oceaneering International, Northrop Grumman, and Honeybee Robotics Ltd. Market leaders are emphasizing on developing robotic rovers for lunar exploration programs.
Some key findings in the space robotics market report include:
- Increasing government investments in space projects such as launch of various spacecraft & satellites in various countries are supporting the global market progression.
- Space transportation & exploration activities are growing due to various missions working on an asteroid survey, which are near to the Earth’s surface.
- The growing demand for maintenance & repair of the existing satellites is compelling the demand near space transport, aiding industry expansion.
- The high adoption of space software in designing the geostationary transfer orbit satellite for enhanced flexibility is providing a positive outlook for space software. Additionally, software integrated with space robots increases the autonomy of dexterous mobile robots and assists astronauts in exploring the deep space.
Table of Contents (ToC) of the report:
Chapter 3 Space Robotics Market Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.3 Industry value chain
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.3.1 Suppliers
3.3.2 Manufacturers
3.3.3 Software & technology providers
3.3.4 Service providers
3.3.5 Distribution channel analysis
3.3.6 End-use landscape
3.3.7 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 AI-based space robotics
3.4.2 Impact of IoT and Industry 4.0
3.4.3 Cloud robotics
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter's analysis
3.9 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
