The space robotics market is estimated to be USD 2.88 billion in 2018 and is projected to reach USD 4.36 billion by 2023, at a CAGR of 8.64% from 2018 to 2023
NEW YORK, Oct. 10, 2018 /PRNewswire/ -- Growing importance of on-orbit satellite servicing, on-orbit manufacturing and assembly in space and focus of government agencies and commercial entities on space robotic solutions are driving the space robotics market.
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The space robotics market is estimated to be USD 2.88 billion in 2018 and is projected to reach USD 4.36 billion by 2023, at a CAGR of 8.64% from 2018 to 2023. Increased investments in space exploration missions, growing demand for geostationary satellite servicing, and on-orbit manufacturing and assembly, debris removal and technological advancements in autonomous systems are key factors anticipated to drive the growth of the space robotics market. Growth can also be attributed to the increasing demand for space robotics solutions from commercial, government, organizations, space agencies, defense organizations, and satellite operators as well as NewSpace companies.
Commercial end user segment is estimated to account for the largest share of the space robotics market in 2018
Based on end user, the commercial segment is estimated to account for the largest share of the space robotics market in 2018.Growing demand for extending the lifetimes of existing geostationary satellites are expected to lead to the high demand for space robotics.
Another factor contributing to the growth of the commercial segment is the high demand for on-orbit manufacturing and assembly operations, and robotic solutions for space exploration activities.
The space robotics market in North America is expected to grow at the highest CAGR during the forecast period
The space robotics market in North America is projected to grow at the highest CAGR during the forecast period.This high growth can be attributed to focused efforts of space companies on developing space robotics, rising US commercial/government reliance on space assets, and increasing space exploration activities in the US and Canada.
Advancements in space autonomous technology and demand for space robotics for space operations are factors driving the North America space robotics market.
Break-up of profiles of primary participants in the space robotics market:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C Level Executives– 35%, D-Level– 25%, and Others – 40%
• By Region: North America – 45%, Europe – 20%, Asia Pacific – 30%, Rest of the World – 5%
Maxar Technologies (US), Motiv Space Systems (US), Altius Space Machines (US), Northrop Grumman (US), Honeybee Robotics (US), Astrobotic Technology (US), Made In Space (US), and Effective Space Solutions Limited (Israel) are some of the key players in the space robotics market.
Research Coverage:
The report analyzes the space robotics market on the basis of solution, application, end user, and region.Based on solution, the market has been segmented into product and services.
The product segment has been further divided into robotics and subsystems (rovers, space probes, robotic servicing vehicles (RSV), gripping and docking systems, robotic arms/manipulator system, deorbiting robots/systems and crawler-transporter), sensors and autonomous systems, software, and services segment (on-orbit assembly and manufacturing, satellite servicing, de-orbiting services, surface mobility, launch support services and resupply).Based on application, the space robotics market has been segmented into the deep space segment (space transportation, and space exploration), near space (in-space 3D printing, space operations/scientific experimentation, space transportation, space exploration and in-space maintenance & inspection), and ground.
Based on end user, the market has been segmented into government and commercial.The government segment has been further divided into space agencies, and departments of defense, among others.
The space robotics market has been studied for North America, Europe, Asia Pacific, and Rest of the World.
Reasons to buy this report:
From an insight perspective, this research report has focused on various levels of analyses —industry analysis (industry trends), market share analysis of top players, competitive leadership, and company profiles, which together comprise and discuss basic views on the competitive landscape, emerging and high-growth segments in the space robotics market, high-growth regions, and market drivers, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on space robotics solutions offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the space robotics market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the space robotics market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the space robotics market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the space robotics market
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