by The Global Space Robotic Solution Market is estimated to be valued at US$ 5.04 Billion 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 include robots deployed in space for various applications such as satellite servicing, debris removal, science and exploration, assembly & manufacturing etc. These robots are used for assembling space structures, upgrading satellites in orbit, inspecting and repairing spacecraft, cleaning up space debris, exploration of planets and asteroids. They enable satellites refueling and repair in orbit, space assembly & construction and asteroid mining.
Market Dynamics:
The growth of the global space robotic solution market is driven by increasing investment in space exploration projects and growing nano satellites production. As per Space Foundation report, in 2021, the global space economy reached US$ 471 billion from US$ 462 billion in 2020. Of which, the US accounted for 50% of the global space revenues. To repair and upgrade the existing satellites in space, space agencies are focusing on satellite servicing missions using space robotic technologies. For instance, in 2023, Northrop Grumman will launch the first commercially funded satellite servicing mission for Intelsat. Further, growing space debris issue has increased necessity for active debris removal missions using space robots, contributing to the market growth. Some key players are developing space robots to address the growing space junk problem through debris clearing and end-of-life spacecraft removal from high-value orbital regimes in LEO.
Segment Analysis
The global space robotic solution market is dominated by the on-orbit and lunar robotic sub-segment. This sub-segment held more than 60% share of the total market in 2023 as majority of space activities today involve servicing of satellites in orbit through robotic arms and refueling. The robotic solutions help repair and maintain aging satellites with precision, avoiding risks of manned space missions.
PEST Analysis
Political: Space programs are supported through governmental funds and regulations. Changes in funding and priorities of national space agencies impact the market.
Economic: The global GDP growth and private sector investments in space technology drives the market growth. Increasing R&D budgets of space companies fuels innovation.
Social: Growing adoption of satellite applications in education, communication and navigation increases the need for space robotic solutions to sustain ongoing space programs.
Technological: Advanced robotics, 3D printing, AI and other technologies enable development of robots capable of performing complex tasks autonomously in space environments.
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 private sector investments in satellite servicing, assembly and manufacturing in space.
The North American region dominates the market with over 40% share due to large presence of robotic solution providers and major space agencies such as NASA in the region. The Asia Pacific region is expected to witness fastest growth due to increasing government initiatives to develop independent national space programs in China, India, Japan and South Korea.
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 players are focusing on developing innovative robotic technologies through R&D, strategic partnerships and mergers & acquisitions to gain leading position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
