Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) -- The "AI in Space Exploration Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The AI in space exploration market size has grown exponentially in recent years. It will grow from $3.4 billion in 2023 to $4.44 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%.
The AI in space exploration market size is expected to see exponential growth in the next few years. It will grow to $12.78 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%. Forecasted growth can be attributed to the increasing number of space launches and missions, the rise of autonomous vehicles, heightened anomaly detection capabilities, and the expansion of satellite operations. Major trends in the forecast period include technological advancements, product innovations, integration of AI technologies, AI-powered robots, and the development of new space technologies.
The growth of the AI in space exploration market is expected to be driven by an increasing number of space missions in the future. Space missions involve organized endeavors to explore outer space or celestial bodies using various technologies such as spacecraft, satellites, rovers, telescopes, and more. AI plays a crucial role in space exploration by enhancing capabilities across various aspects including autonomous navigation and control, advanced data analysis, automated planning and scheduling, and advanced robotics. For example, the United Nations Office for Outer Space Affairs reported an increase in the launch of space missions, with 2,664 objects launched into orbit in 2023 compared to 2,478 in 2022, indicating a rise in space exploration activities.
Leading companies in the AI in space exploration market are focusing on developing strategic collaborations to bolster their market position. Strategic collaborations involve purposeful partnerships or alliances between entities to achieve common goals, leveraging complementary strengths and resources for mutual benefit. For instance, IBM and NASA collaborated to apply artificial intelligence to Earth science data, aiming to uncover new insights about our planet. This collaboration entails the development of AI foundation models to analyze vast amounts of text and remote-sensing data, with the models being open and available to the entire science community.
In August 2023, Sidus Space, a US-based satellite manufacturing and space services company, acquired Exo-Space, a US-based company specializing in hardware and software for Edge Artificial Intelligence applications in space, for an undisclosed amount. Through this acquisition, Sidus aims to expand its talent, technology, and total addressable market by integrating Exo-Space's stand-alone AI and machine learning products into its business lines.
North America was the largest region in the AI in space exploration market in 2023. The regions covered in the AI in space exploration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the AI in space exploration market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
AI in Space Exploration Market Competitive Landscape and Company Profiles
- Lockheed Martin
- Airbus
- IBM
- Northrup Grumman
- Hewlett Packard Enterprise (HPE)
AI in Space Exploration Market Other Major and Innovative Companies
- Thales Group
- Booz Allen Hamilton
- Spacex
- Maxar Technologies Inc.
- Astroscale
- Planet Labs Inc.
- Spire Global
- Iceye
- Capella Space
- Blacksky Global
- Hawkeye 360
- D-Orbit
- Orbital Insight Inc.
- LeoLabs
- Slingshot Aerospace
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $4.44 Billion |
| Forecasted Market Value (USD) by 2028 | $12.78 Billion |
| Compound Annual Growth Rate | 30.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. AI in Space Exploration Market Characteristics
3. AI in Space Exploration Market Trends and Strategies
4. AI in Space Exploration Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global AI in Space Exploration Market Size and Growth
5.1. Global AI in Space Exploration Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global AI in Space Exploration Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global AI in Space Exploration Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. AI in Space Exploration Market Segmentation
6.1. Global AI in Space Exploration Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Rovers
- Robotic Arms
- Space Probes
- Other Types
6.2. Global AI in Space Exploration Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Robotics
- Remote Sensing and Monitoring
- Data Analytics
- Asteroid Mining
- Manned Vehicles and Reusable Launch
- Communications
- Remote Missions
6.3. Global AI in Space Exploration Market, Segmentation by End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Government
- Commercial
7. AI in Space Exploration Market Regional and Country Analysis
7.1. Global AI in Space Exploration Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global AI in Space Exploration Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/fzh0yn
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