PUBLISHER: The Business Research Company | PRODUCT CODE: 1414596
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414596
“Space Robotics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on space robotics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for space robotics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The space robotics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Space robotics has emerged as a cutting-edge field in science and engineering, specifically tailored for space exploration and missions. The unique challenges of space environments, characterized by hostility, microgravity, and extreme temperatures, necessitate the development of specialized robotic systems.
The primary categories of space robotics encompass remotely operated vehicles (ROVs), remote manipulator systems, and associated software and services. Remotely operated vehicles, or ROVs, represent unmanned and highly maneuverable vehicles that are remotely controlled. These vehicles serve a crucial role in investigating locations that are otherwise inaccessible. Their applications extend to diverse environments, including deep space, near space, and planetary surfaces. Both commercial and government entities benefit from the versatility of ROVs in fulfilling various mission objectives, making them integral components of space exploration endeavors.
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The space robotics market size has grown strongly in recent years. It will grow from $4.6 billion in 2023 to $4.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%.The growth observed in the historical period can be credited to a combination of factors, including robust space exploration initiatives, the expansion of government space programs, the flourishing commercial space industry, the ascent of private space enterprises, and notable progress in artificial intelligence (AI) and automation technologies. These elements collectively contributed to the positive trajectory of the industry during that timeframe.
The space robotics market size is expected to see strong growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period is driven by heightened space exploration missions, the expansion of the commercial space industry, burgeoning opportunities in space mining, the deployment of satellite constellations, and initiatives for planetary colonization. Key trends expected in this period encompass the miniaturization and enhanced efficiency of technologies, integration of autonomy and artificial intelligence (AI), the adoption of modular and adaptable systems, a focus on interplanetary exploration, and increasing demands for on-orbit servicing. These trends are poised to shape and influence the trajectory of the space industry in the coming forecasted period.
The anticipated surge in investments in space missions is poised to drive substantial growth in the space robotics market. This financial commitment to space exploration and development is expected to result in significant technological advancements within the space robotics sector. An illustrative example is the European Space Agency's decision in November 2022 to increase its budget by 17%, compared to the previous ministerial meeting in 2019. Additionally, ministers pledged 2.7 billion euros ($2.97 billion) to support the agency's Earth Observation Programme. Consequently, the escalating investments in space missions are acting as a catalyst for the expansion of the space robotics market.
The growing prevalence of space exploration activities is another key factor contributing to the upward trajectory of the space robotics market. Space exploration activities encompass scientific investigations, exploration, and study beyond Earth's atmosphere, utilizing spacecraft, satellites, probes, and occasionally human missions to explore celestial bodies. Space robotics play a crucial role in enhancing the efficiency, safety, and capabilities of space exploration missions, enabling scientists and engineers to perform diverse tasks and experiments in the challenging and remote environment of outer space. Notably, reports from August 2023 indicate that 55% of Americans believe that, within the next 50 years, routine space travel will become a reality. Furthermore, Fortune reported in July 2023 that the global space economy witnessed an 8% increase to reach $546 billion in 2022, with an anticipated 41% growth over the next five years. In light of these trends, the increasing prevalence of space exploration activities emerges as a significant driver for the growth of the space robotics market.
The prevailing trend in the space robotics market is a heightened emphasis on research and development (R&D), with major organizations within the industry actively engaging in innovative initiatives to fortify their market positions. Notably, these organizations are directing their R&D efforts toward product advancements. An example of this trend is evident in the actions of PickNik Inc., a US-based robotics software development company. In June 2021, PickNik secured Phase II Small Business Innovation Research (SBIR) funding from NASA to advance its technology for enhanced planning capabilities in microgravity scenarios. The company's focus revolves around creating a supervised autonomy solution for remote robot control, with the commercially available MoveIt Studio serving as an extension to standard robot teleoperation, addressing problem-solving challenges.
Strategic partnerships have become a prominent strategy among major companies operating in the space robotics industry. This collaborative approach involves leveraging complementary strengths and resources to achieve mutual benefits and foster sustainable growth. A case in point is the partnership between PickNik Robotics and Motiv Space Systems Inc., both US-based companies. This alliance, formed in April 2023, aims to enhance robot arm performance for both internal and external vehicle operations. The specific focus is on advancing in-space servicing, assembly, and manufacturing, contributing significantly to the development of the space robotics market. The collaboration seeks to harness the combined expertise and technologies of the two companies to drive innovation in space robotics and facilitate the evolution of next-generation space exploration capabilities.
In January 2022, Blue Origin, LLC, a US-based aerospace, defense, and space exploration company, executed an acquisition of Honeybee Robotics for an undisclosed amount. This strategic move is aligned with Blue Origin's objective of streamlining space activities and expanding access to space resources for the benefit of Earth. Honeybee Robotics, Ltd., a US-based company specializing in the development and manufacturing of robotics for broader space exploration and resource utilization, is expected to play a pivotal role in supporting Blue Origin's mission. The acquisition underscores the industry trend of strategic collaborations and acquisitions as a means to accelerate growth and achieve overarching objectives in the space robotics market.
Major companies operating in the space robotics market report are Northrop Grumman Corporation, Altius Space Machines Inc., Astrobotic Technology Inc., Honeybee Robotics Ltd., Maxar Technologies Inc., Motiv Space Systems Inc., Oceaneering International Inc., Olis Robotics, Intuitive Machines LLC, Effective Space Solutions Ltd., Stinger Ghaffarian Technologies Inc. (SGT), GITAI Inc., Ispace Inc., Lockheed Martin Corporation, Anduril Industries Inc., Seoul Robotics, Starship Technologies, Voliro Airborne Robotics Company, Attabotics, ABB Ltd., NVIDIA Corporation, Boston Dynamics, Diligent Robotics, Nuro Inc., iRobot Corporation, Vecna Robotics Inc., Blue Origin LLC, Boeing Company, Space Exploration Technologies Corp. (SpaceX), Virgin Galactic, Rocket Lab Inc., Firefly Aerospace, IHI Corporation
North America was the largest region in the space robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global space robotics market during the forecast period. The regions covered in the space robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the space robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The space robotics market consists of sales of manipulators, mobile, humanoid, and flying or floating robots. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.