According to IMARC Group’s latest report, titled “Space Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global space robotics market grew at a CAGR around 6% during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 5.5% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Space robotics is a branch of science and engineering that assists in undertaking space missions and performing exploration activities. It relies on space robots for reducing costs and risks, accelerating schedules, and improving the overall performance. As these robots are made using lightweight materials and can extend human ability to operate in space, they provide greater handling capabilities to astronauts. Consequently, space robotics is widely employed in autonomously operating on a new planetary surface.
Market Trends and Drivers:
The growing utilization of autonomous systems in space, coupled with the increasing number of space programs, represents one of the key factors favorably influencing the space robotics market. For instance, PERASPERA and SpacePlan 2020 are projects funded by the European Commission and coordinated by the European Space Agency (ESA) for planning technology roadmaps in space robotics. The objective of PERASPERA is to develop an integrated plan for space robotics technology during 2023-2024. Besides this, a considerable rise in the demand for efficient repairing, servicing and maintenance of geostationary satellites is also strengthening the market growth. Furthermore, the rising adoption of artificial intelligence (AI) and deep learning (DL) in the robotics industry is driving the market. Moreover, the key players are introducing AI-based robots that provide greater exploration benefits and enhance mobility space.
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Space Robotics Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the space robotics market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Altius Space Machines
Motiv Space Systems, Inc.
Astrobotic Technology Inc.
Honeybee Robotics, Ltd.
Intuitive Machines, LLC
Oceaneering International, Inc.
Made In Space Inc.
Maxar Technologies Inc.
Northrop Grumman Corporation
Key Market Segmentation:
The report has segmented the global space robotics market on the basis of solution, application, end use and region.
Breakup by Solution:
Remotely Operated Vehicles (ROV)
Remote Manipulator System (RMS)
Robotic Arms/Manipulator Systems
Gripping and Docking Systems
Breakup by Application:
Breakup by End Use:
Breakup by Region:
Middle East and Africa
Key Highlights of the Report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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