Global $2.4 Billion Space Robotics Markets to 2026 - Escalating Popularity of On-Orbit Assembly, Debris Removal, and Satellite Servicing

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Oct 23, 2020, 06:45 ET

DUBLIN, Oct. 23, 2020 /PRNewswire/ --The "Space Robotics Market - By Solution (Product And Services), By End-User (Commercial And Government), By Application (Ground, Near Space, And Deep Space), And By Region - Global Industry Perspective, Comprehensive Analysis, And Forecast 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.

The global Space Robotics market, which accrued revenue worth nearly 2.4 (USD Billion) in 2019, will record the CAGR of nearly 7.69% over the period from 2020 to 2026.

The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).

The report offers assessment and analysis of the Space Robotics market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data.

Introduction

Space robotics deals with production of general purpose machines that have the ability of sustaining harsh space conditions. They are used for performing exploration, maintenance activities, development, and servicing. In addition to this, space robotics assist in reduction of costs and improves schedules along with minimizing the risks and enhancing performance in comparison to human beings.

Market Growth Dynamics

Escalating necessity for in-orbit satellite servicing along with rise in the space exploration missions will embellish the growth of space robotics market in the years ahead. In addition to this, extensive utilization of satellites for regular & routine communications, monitoring of farming activities, climate monitoring, and defense activities will propel the sales of space robotics. Huge proportion of profits involved in the manufacturing of space robots has resulted in manufacturers trying to bring innovations in the product. This is likely to result in the market expansion over the years ahead.

Moreover, large-scale utility of space robotics in deep space and ground as well as near space will prompt the business growth in the forthcoming years. Apparently, humongous need of space robots in government as well as commercial sectors will impel the market size in the forthcoming years. These products find use in form of free-flyers, rovers, and large manipulators in various developed countries including Japan, Canada, and the U.S. Nonetheless, issues like the mobility as well as space robot handling will put brakes on the growth of the space robotics industry in the near future.

North American Market To Accrue Huge Returns By 2026

The growth of the industry in North American region over 2020-2026 is due to massive funding made by the major firms in space exploration and a prominent surge in the space exploratory programs carried in the countries like the U.S. and Canada. Furthermore, escalating popularity of on-orbit assembly, debris removal, and satellite servicing will create lucrative growth avenues for the market over the ensuing years in the sub-continent. The regional market expansion can be ascribed to massive need of space robots in defense & military, governments, space agencies, and commercial units in the countries like the U.S.

Key players profiled in the report include

Effective Space Solutions Limited
Altius Space Machines
Astrobotic Technology
Made In Space
Honeybee Robotics
Maxar Technologies
Northrop Grumman
Motiv Space Systems

Scope of the Report

By Solution:

Product
Software
Sensors and Autonomous Systems
Subsystems and Robotics
Others
Services
Satellite Servicing
Surface Mobility
Launch Support
Re-supply
De-orbiting Services
On-orbit Assembly & Manufacturing

By End User:

Commercial
Launch Service Providers
Satellite Owners/Operators
Others (NewSpace companies, Satellite Manufacturers, etc.)
Government
Defense Departments
Space Agencies
Others

By Application:

Ground
Near Space
In-space 3D Printing
In-space Maintenance & Inspection
Space Exploration
Scientific Experimentation/Space Operations
Space Deep Space
Deep Space
Space Deep Space
Space Exploration

By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/qxmv3r

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SOURCE Research and Markets