The "Space Robotics Market by Solution, Services (Satellite Servicing, On-orbit Assembly & Manufacturing, De-orbiting Services, Re-supply, Surface Mobility, & Launch Support), Application, End-User, and region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.