The Global Space Robotic Solution market is estimated to be valued at US$ 5.04 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Space robotic solutions refer to robotic technologies and systems developed for various applications in space such as inspection, maintenance, repair, construction, and space exploration missions. Key applications include orbiting and extra-vehicular activities, servicing of satellites in GEO and LEO orbits, lunar surface exploration, Mars rovers and other deep space exploration missions. These robotic technologies reduce operational costs and risks associated with manned space missions.
Market Dynamics:
The growth of the global space robotic solution market is driven by the increasing adoption of robotic technologies by space agencies and private players for various applications in space. For instance, NASA and ESA recently selected proposals from private companies such as Astrobotic and Maxar Technologies to deliver scientific and commercial payloads to the lunar surface, using robotic landers and rovers. Further, growing number of satellite constellation programs for earth observation, communication, and navigation is expected to drive the demand for robotic satellites and technologies for O&M of satellites. However, high initial investments required for development of space-grade robotic technologies and complexity involved in executing robotic missions in space pose challenges to market growth.
SWOT Analysis
Strength: The global space robotic solution market has strong presence of major players with strong technological expertise and financial resources. They are investing aggressively in R&D of advanced space robotics. The space robotic solutions offer various advantages like reducing cost of space missions, performing tasks in hostile space environment with minimal risk to human lives.
Weakness: High initial investment requirement for development of advanced space robotics is a major challenge for new entrants. Technological complexities and reliability issues associated with space grade components increase the risks.
Opportunity: Growing investments by government space agencies and private space companies in satellite servicing, on-orbit assembly, debris removal offer huge opportunities. Emerging applications in space exploration and mining will further stimulate demand.
Threats: Strict regulations associated with space activities pose challenges. Malfunctions or failures of critical space robotic missions can significantly harm reputation and future business prospects. Delays in projects can increase costs.
Key Takeaways
The Global Space Robotic Solution Market Size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing investments in satellite constellation and space exploration missions. Major players are engaging in collaborations for development of versatile robotic technologies addressing diversified space applications.
North America dominates the global space robotic solution market, owing to strong presence of leading commercial space companies and NASA in the United States. Several robotic technology demonstration projects are currently underway in the country. Europe and Asia Pacific are the fastest growing regional markets, driven by aggressive national space programs of countries like China, India, Japan. Space agencies in these regions are increasingly outsourcing space-related activities to private companies.
Key players operating in the global space robotic solution market are Maxar Technologies, Motiv Space Systems, Altius Space Machines, Astrobotic Technology, Made In Space, Northrop Grumman, Honeybee Robotics, Effective Space Solutions, Bradford Space, Olis Robotics, Metecs, Astroscale, D-Orbit SpA, ClearSpace, Space Applications Services, Kepler Communications, Kubos, SpiderFab, Tethers Unlimited, MDA. These companies are investing heavily in development of robotic arms, servicing satellites, on-orbit assembly systems and other advanced solutions. They are also partnering with each other as well as government space agencies to expand global footprint.
Read more
https://www.rapidwebwire.com/global-space-robotic-solution-market-size-share-growth-outlook-2023/
Comments
0 comment