Sarasota, FL -- (SBWIRE) -- 02/17/2019 -- Global Space Robotics Market: Overview

Space robotics is the development of general purpose machines that are capable of surviving (for a time, at least) the rigors of the space environment, and performing exploration, assembly, construction, maintenance, servicing or other tasks that may or may not have been fully understood at the time of the design of robot.

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Global Space Robotics Market: Growth Factors

Massive investments in space exploration missions, demand for satellite servicing, on-orbit manufacturing and assembly, debris removal, and technological advancements in autonomous systems, are propelling the growth of the space robotics market. Lucrative use of space robots in deep space, ground, and near space will steer the market trends in the coming years. Escalating demand for space robots from government and commercial sectors will further propel the earning of space robotics market. Smart robots have found their use in the form of rovers, dexterous manipulators, free-flyers, and large manipulators in countries such as the U.S., Canada, and Japan along with some European nations.

Regulatory implementations by various space regulatory authorities are the major factor expected to deter the growth of the space robotics market in the future.

Space robots are prominently used in space transportation, in-space 3D printing, space exploration, and in–space maintenance & inspection applications, thereby driving the growth of space robotics industry in the next decade. Experts have predicted space robotics are the industrial 4.0 revolution and a prominent next-gen technology that can create ripples of growth in space business and revolutionize it in the coming century. This, in turn, will attract new investors as well as entrepreneurs toward the space robotics market, which will be having huge growth potential. Business tycoons will be looking to explore the untapped potential of the market while expanding their business scope. They will be looking at the market as the best business domain to explore in the near future. These aforementioned factors will steer the growth aspects of space robotics market in the coming years.

Global Space Robotics Market: Segmentation

The global space robotics market can be classified based on the solution, application, and end user. Based on the solution, the market is sectored into product and services. On the basis of application, the space robotics market is segmented into deep space, ground, and near space. Based on the end user, the market is classified into government and commercial sectors.

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Global Space Robotics Market: Regional Analysis

Based on regions, the global space robotics market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 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 increasing investments in space exploration missions and increasing space exploration activities by the US and Canada, demand for satellite servicing, and on-orbit manufacturing and assembly, debris removal, and technological advancements in autonomous systems. Also, growth can be attributed to the increasing demand for space robotics from commercial, government, organizations, space agencies, defense organizations, and satellite operators as well as novel space firms and agencies.

The growth of the space robotics market in Europe and APAC is driven by several factors, including the growing demand for servicing existing geostationary satellites, debris removal, and technological advancements in autonomous systems, and the increasing demand for on-orbit manufacturing and assembly in the International Space Station (ISS) from government agencies and commercial entities.

Global Space Robotics Market: Competitive Players

Some of key players in space robotics market are 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 (UK). New product developments, innovations, partnerships, joint ventures, and strategic alliances are the major growth strategies adopted by these players to strengthen their positions in the space robotics market.

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Global Space Robotics Market: Regional Segment Analysis

North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa