Space Robotics Market to Surpass $3.5bn by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., April 8, 2019 /PRNewswire/ — The space robotics market is predicted to hike from USD 2 billion in 2018 to around USD 3.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The market is experiencing rapid technical development owing to the integration of AI technologies into systems developed for space exploration. Several companies are developing AI-based robots that provide enhanced mobility and manipulation benefits. These machines can perform highly-complex tasks for a longer duration and offer minimal human dependence.
The integration of AI offers 3D perception and proximity GNC to robots, which will support resistance against environmental conditions and offer high flexibility, accuracy and control. In November 2018, an AI-based robot, CIMON, started its first conversation with a spacefaring crew. The robot is designed by DLR Germany in collaboration with IAM and Airbus. Moreover, the increasing number of experiments and projects related to space exploration by government agencies globally is attributing to the demand of the space robotics market..
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Robotic arms in the space robotics market are witnessing a high demand for the deployment in advanced space systems. Robotic arms aid astronauts in lifting and handling heavy and large objects in space. Moreover, rovers are spacecraft that use exploration vehicles and perform the transportation of crew members from one spaceflight to another. The companies working in the market are developing partially or fully autonomous rovers for exploration and transportation applications.
In the space robotics market, near space exploration and transportation segments are gaining popularity due to several missions working on asteroid survey missions, which are near to the Earth’s surface. The need for continuous maintenance and servicing of the existing satellites is creating a huge demand for this segment, adding to the growth of the market. The near space transportation segment utilizes advanced transportation systems that support transporting of heavy cargos to the existing objects for repairing and other purposes. Various companies are gaining huge investments to carry out their near space transportation projects.
Commercial applications in the space robotics market are growing due to technical advancements and various exploration missions adopted by governments along with companies. In March 2019, SpaceX announced the launch of Crew Dragon’s demonstration mission, which was intended for demonstrating the company’s capabilities including safety of astronauts to fly to and from the International Space Station. The spacecraft is America’s first one to autonomously dock along with the orbiting laboratory. The segment includes companies that include satellite operators and private owners, launching service providers, and exploration companies, which aid in the proper functioning of spaceflights, adding up to the market growth.
Browse key industry insights spread across 150 pages with 161 market data tables and 18 figures and charts from the report, “Space Robotics Market Size By Solution (Product [Rovers / Landers, Probes, Arms / Manipulator Systems], Software, Services), By Application (Deep Space [Space Exploration, Space Transportation], Near Space [Space Exploration, Space Transportation]), By End-Use (Commercial, Government), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025″ in detail along with the table of contents:
North America is a leading participant in the market, owing to the presence of national organizations, including NASA and CSA, that are actively working toward the industry’s development. The U.S. and Canada are investing huge amounts in R&D and technology enhancement to achieve space exploration initiatives. The Asia Pacific space robotics market is also growing at a rapid pace in countries including India, Japan and China due to several ongoing and upcoming space projects.
The key companies operating in the space robotics market include Oceaneering International, Maxar Technologies, Northrop Grumman, Astrobotic Technologies, Motiv Space Systems, Altius Space Machines, etc. These players are investing heavily in R&D activities to develop new solutions related to exploration and transportation in both deep and near space. Strategies, such as partnerships and contracts, with other companies and government organizations, such as NASA, ISRO, etc., are strengthening their position in the market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Space Robotics Market Size to hit $3.5bn by 2025
Commercial applications in the space robotics market are growing due to technical advancements and various exploration missions adopted by governments along with companies.
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SOURCE Global Market Insights Inc.