According to a new report published by Allied Market Research, titled, “Space Robotics Market,” The space robotics market was valued at $4.3 billion in 2021, and is estimated to reach $8 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific and LAMEA. In addition, LAMEA is expected to grow at a highest growth rate over the forecast period, owing to the rising demand for space exploration.
The capability and the suppleness to reconfigure a space robot that is now in orbit are being demanded by the operatives. The ability to tweak the space robots and spaceship to the varying needs of the market is important for the operators of GEO (Geostationary Orbit) satellites that have a lifespan of more than 15 years. This may include switching its functionality from TV broadcasting to internet connectivity or moving a satellite and its robotic arm into a different position, which would be difficult with the traditional hardware-defined space robots.
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For instance, in 2021, Lockheed Martin, an American satellite manufacturer launched a set of CubeSats into the LEO (low Earth orbit). These CubeSats were distinct from regular CubeSats. They were introduced in structures, function as a space-based process data onboard, cloud computing platform, and have their functionality changed through updates in software operated from the ground during the mission.
This shows the entry of the leading companies into software-defined space robotics that rely on flexible software, generic hardware, and a distributed & advanced space on-board computing platform to identify their missions. With its automated on-board computing platform, software-defined technology offers the suppleness they need and could also decrease the costs in the future. Though, the operators and manufacturers have now introduced partially software-defined space robots for MEO and LEO constellations. Thus, software-defined technology is designed to create opportunities for the space robotics market.
The rise in the number of space missions planned by various space agencies is driving the growth of the space robotics in deep space. In addition, the incorporation of technology is fostering the application and development of space exploration systems. These space missions aim at the investigation of several intended celestial bodies such as Saturn’s moons, Jupiter’s moons, Earth’s moon, asteroids, Sun, and Mars. Furthermore, these operations are meant to recognize the properties of the planets along with observing their atmosphere and analyzing the possibility of life at different planets.
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Also, the advancements in technology have proliferated the demand for deep space exploration around the world. Additionally, the demand for space exploration technologies arises with the development and emergence of artificial intelligence. Moreover, the inclusion of solar electric propulsion systems, guidance and navigation technology is increasing the demand for the space robotics in deep space. Furthermore, leading players and space agencies are spending huge amounts in research & development activities for regular improvements in the field of space technology. Such factors are effectively driving the growth of space robotics market.
The rise of threats in military security have been ultimately fostering the need for satellite communication services as a part of ensuring reconnaissance, surveillance, and intelligence application areas. This further adds up to the necessity toward launching missiles, space crafts and many others to increase security standards and services within the defense & military units.
Likewise, the military or defense organizations supports the positioning of different types of satellites including surveillance satellites, communication satellites and many others towards monitoring or tracking of future security threats, thereby impacting the growth of space robotics in commercial markets. Such factors are further set to support the growth of space robotics market in the coming years.
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KEY FINDINGS OF THE STUDY
- By solution, the remotely operated vehicles segment is projected to dominate the global space robotics market in terms of growth rate.
- By application, the ground segment is projected to dominate the global space robotics market in terms of growth rate.
- By end user, the government segment is projected to dominate the global space robotics market in terms of growth rate.
The key players operating in the space robotics market are Altius Space Machines, Astrobotic Technology, Honeybee Robotics, ispace Inc., Maxar Technologies, Motiv Space Systems Inc., Northrop Grumman Corporation, Oceaneering International, Inc., Olis Robotics, and Space Applications Services.
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