The global space robotics market is anticipated to rise at a considerable rate between 2023 and 2030. With the increasing adoption of strategies by key players, the market is expected to experience significant growth over the projected horizon. Space robotics refers to the development of general-purpose machines capable of surviving the rigors of the space environment and performing various tasks such as exploration, assembly, construction, maintenance, and servicing.
According to a report by 360 Research Reports, the global space robotics market size is estimated to be worth USD 2847.2 million in 2022 and is projected to reach USD 3793.6 million by 2028, with a CAGR of 4.9%. The COVID-19 pandemic has also had an impact on the market, causing economic changes. Deep space robotics accounted for the majority of the market share in 2021, while space agencies were the leading segment by application.
The market is segmented by region, players, type, and application. The key regions driving the growth of the space robotics market include North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The report also highlights the major players in the market, including Altius Space Machines, Astrobotic Technology, Olis Robotics, Effective Space Solutions, Honeybee Robotics, and more.
Some of the factors driving the growth of the space robotics market include the growing demand from space agencies, departments of defense, satellite operators/owners, and launch service providers. The market is further categorized into deep space robotics, near space robotics, and ground robotics.
In conclusion, the space robotics market is expected to witness significant growth in the coming years due to the rising adoption of strategies by key players. The market offers immense opportunities for manufacturers and is driven by the demand from various applications in the space industry. As technology continues to advance, the capabilities of space robotics are expected to expand, leading to further market growth.
Sources:
– 360 Research Reports: “Space Robotics Market”