PUBLISHER: Allied Market Research | PRODUCT CODE: 1266372
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266372
The report incorporates the study of the global space robotics market which represents to a field of engineering and science that helps the people and astronauts in space exploration and mission activities. It is widely used in satellite maintenance, assembling, satellite servicing and gathering constraints in exceptionally tough environment in space. It utilizes space robotics to accelerating schedules and minimize the costs which leads to incur minimal risks and improve overall performance. The space robots increase the ability of human to work in space by offering greater handling capabilities to astronauts. As a result, space robotics finds massive application in freely operating on any planetary surface.
The rising demand for on orbit assembly, increasing servicing of satellite across the globe, huge investments in the space exploration activities by several countries, and debris removal are among the major factors driving the demand for the space robotics. The pioneering deployment of space robots in near space, deep space, and ground from government and commercial sectors is expected to boost the growth rate in the forecast period. The increase in government spending on remote manipulator system as automation improves human efficiency along with increasing application of remote manipulator system in space has fueled the overall demand for space robotics. For instance, in the recent past, the state council in China had revealed the "New Generation Artificial Intelligence Development Plan" to develop the local AI industry to $ 150 billion by 2030.
Moreover, the rising consciousness about conservation of fossil fuel is letting to the adoption of space robotic systems as these robots use less fuel and delivers enhanced services. The fourth industrial revolution, which is also called as industry 4.0, is one of the most significant trials taking place all over the world, particularly in high-industrialized and developed regions such as North America and Europe. The digitalization, data exchange, and automation are the three of its main characteristics.
The contracts, partnerships, and joint ventures are usually the strategies used by major companies to stay competitive in the market. For example, SpaceX was given an agreement to launch two Kazakhstan satellites as a part of agreement with various other satellites using the Falcon 9 launch rocket. Moreover, the United Launch Services, LLC was developed by a joint venture between The Boeing Company and Lockheed Martin Corporation.
The top companies' actions improve the global space robotics market share to new peaks. For instance, in 2022, NASA had nominated 12 companies for the VADR (Venture-Class Acquisition of Dedicated and Rideshare) missions. The list of companies includes Northrop Grumman Systems, Astra Space, L2 Solutions, Phantom Space, Blue Origin, ABL Space Systems, Virgin Orbit, United Launch Services, Rocket Lab USA, SpaceX, Spaceflight, and Relativity Space. These companies will be able to get task orders as firm-fixed-price to make launch services for NASA-sponsored missions. All these agreements have a five-year buying period and a maximum growing value of $ 300 million. Such partnership in the space robotics market is expected to increase the sales in the forecast period.
The global space robotics market is segmented on the basis of solution, application, end user, and region. By solution, it is divided into remotely operated vehicles, remote manipulator system, software, and services. By application, it is classified into deep space, near space, and ground. By end user, it is classified into commercial and government. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Growth drivers, restraints, and opportunities are explained in the study to better understand the market dynamics. This study further highlights key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The study features strategies adopted by key market players to maintain their foothold in the market.
Companies have adopted product development and product launch as their key development strategies in the space robotics market. The key players operating in this market are Altius Space Machines, Astrobotic Technology, Honeybee Robotics, ispace Inc., Maxar Technologies, Motiv Space Systems Inc., Northrop Grumman Corporation, Oceaneering International, Inc., Olis Robotics, and Space Applications Services.