Discussions

The Global Space Robotics Market report contains historical, current, and forecast estimation of the revenue generation and profits for each segment and sub-segment of the Space Robotics Market in each key region of the world. The report additionally sheds light on the emerging growth opportunities in the business sphere that are anticipated to bolster the growth of the market. The report also profiles established and emerging players of the market, covering the business overview, product portfolio, strategic alliances, and business expansion strategies.

The global space robotics market size reached USD 4.32 Billion in 2021 and is expected to register a revenue CAGR of 4.7% during the forecast period, according to latest analysis by Emergen Research. Increasing incorporation of Internet of Things (IoT)-enabled smart robotic systems is a key factor driving market revenue growth. Technologies such as Artificial Intelligence (AI) and IoT have significantly boosted speed of development and acceptance of the Internet of Robotic Things (IoRT), which is a robotic process system that enables space robots to communicate safely with other IoT-enabled devices, learn, and develop characteristics such as self-maintenance and self-awareness. In addition, IoRT applications enable space robots to plan, execute, and complete tasks under varying environmental conditions and situations by leveraging the information collected from their own infrastructure and the collective intelligence of robotic things.

Key participants include Oceaneering International, Inc., Northrop Grumman, Motiv Space System, Inc., Metecs, LLC, Maxar Technologies, Intuitive Machines, LLC, Astrobotic Technology, Inc., Altius Space Machines, Motiv Space Systems, Inc., Ispace, Inc., Olis Robotics, and Stinger Ghaffarian Technologies, Inc.

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Drivers:

Several factors drive the growth of the Space Robotics market. One primary driver is the growing emphasis on space exploration and scientific research, which necessitates the development of versatile and capable robotic platforms for conducting experiments, collecting samples, and exploring challenging terrain on celestial bodies such as the Moon, Mars, and asteroids. Additionally, the increasing demand for satellite servicing and maintenance drives investment in robotic technologies capable of extending the operational lifespan of satellites, repairing malfunctions, and mitigating space debris.

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