A research report on the Space Robotics Market has recently been published by Stratview Research, which addresses the significant changes in the Space Robotics Market. The study's purpose is to recognize recent market sizes for various segments and countries, as well as forecast values for the coming years. This research gives an analytical review of the market’s present trend and future estimates in order to find additional opportunities. The report is meant to provide both qualitative and quantitative aspects of the market in each of the areas and countries studied.
Market Insights
The space robotics market was estimated at USD 4.1 billion in 2021 and is likely to grow at a CAGR of 6.92% during 2022-2028 to reach USD 6.62 billion in 2028.
The growth of the space robotics market is driven by a wide array of factors, such as-
- Increasing demand for servicing prevailing geostationary satellites.
- Debris elimination.
- Technological progressions in self-governing systems.
- Collective demand for on-orbit engineering and assembly in the International Space Station (ISS) from various government agencies and commercial entities.
What is space robotics?
Space robotics are machines that are designed with the capability of surviving in the environment of space. They are used in different activities in space such as construction and maintenance purposes, performing exploration, and many others. Such robots are controlled by humans through local consoles such as the astronauts in the spacecraft who can control the robots that they have sent.
Space robotics are important today as they have the ability to do a task in an inexpensive way and also are known to complete the tasks with greater performance. They can work for long durations and can be sent to areas where it can be risky for humans.
𝗞𝗲𝘆 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗥𝗲𝗽𝗼𝗿𝘁:-
- Assessment of the market
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
- Future Business Scope & Opportunities Forecast
Segment Analysis
Based on the solution type, the market is segmented into services and products. The satellite servicing segment led the market in 2021 and is estimated to remain dominant during the forecast period. The growth of the satellite servicing segment can be attributed to the escalating demand and requirement for space-based services, such as satellite servicing, de-orbiting services, surface mobility, and resupply services.
Based on the application type, the market is segmented as deep space, near space, and ground. The near space segment is estimated to register the highest growth in the coming five years. This growth of the segment can be credited to the claim for resupply missions for the International Space Station (ISS), on-orbit satellite engineering, and increasing requirements to service prevailing geosynchronous satellites.
Based on the end-user type, the market is segmented as commercial and government. The commercial segment is expected to depict a higher growth than the government segment, during the forecast period, driven by the increasing demand for satellite servicing, refueling, and mission extension services which provide prospects for satellite operators/owners by extending the life of satellites and hence, generate profits from prevailing satellite fleets, and deliver enhanced flexibility in handling in-orbit satellite fleets.
In terms of regions, North America was expected to register the largest share of the space robotics market in 2021, and the region is expected to continue its dominance during the forecast period as well. The market is driven by high demand for space robotic activities from prominent establishments, such as NASA and the Department of Defense, owing to the rising dependence on space resources and for empowering safety in space operations. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
𝗔𝗯𝗼𝘂𝘁 𝗨𝘀:-
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