Space Robotics Market size to hit $7 Bn by 2032

Space Robotics Market size is predicted to exceed USD 7 billion by 2032, according to a new research report by Global Market Insights Inc.
 

According to the report, growing focus on R&D initiatives in space robotics across the globe will boost the market growth. Global space agencies such as NASA, ISRO, CNA, ESA, and JAXA, are increasingly emphasizing on driving innovations in the space sector to step up the deployment of advanced technologies for various space missions.
 

This is creating the impetus for investing large sums of capital towards the development of advanced aeronautics and space research programs. For instance, according to its FY2022 report, NASA spent $12.3 billion in research, engineering, and development, out of its total budget of $24.2 billion. The space agency has also been conducting Space Robotics Challenge to encourage innovation in robotic software for space exploration since June 2017.
 

Innovation in robots for deep space exploration to drive software segment growth

Based on components, the space robotics market from the software segment is anticipated to surpass USD 693 million by 2032, owing to an increasing product adoption in geostationary transfer orbit satellite designing. Software has been playing an integral role in space operations since the space race of 1970s. Today, they are commonly used in satellite operations, shuttle flight control, rover operation, and overall system management.
 

Increase in space transportation activities will drive deep space application segment

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On the basis of application, the deep space application segment held over 28.5% of space robotics market revenue share in 2022, due to the need for robotics systems to reach areas with extreme terrain or weather conditions where humans cannot reach, among other assistive operations. Several space agencies have been working on developing humanoid robots. For instance, ISRO in India, developed a half-humanoid robot Vyommitra in 2020 to send it on an unmanned mission to gather data under the Gaganyaan project, which is preparing to send Indian astronauts to space.
 

Browse key industry insights spread across 252 pages with 313 market data tables and 28 figures & 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/space-robotics-market
 

Rise in private space agencies to augment commercial segment

Based on end-use, the overall space robotics market size from commercial segment is expected to grow at 9.5% CAGR through 2032, especially given the growing prominence of established private space agencies, such as SpaceX Corporation, Blue Origin, Lockheed Martin Corporation, Sierra Nevada Space Systems, and Boeing.
 

The rising privatization of the space sector is fueling continuous development of advanced technologies as these firms work to cement a footing in the highly competitive market. They typically team-up with government agencies finance various initiatives toward space exploration. For instance, in June 2022, British billionaire Richard Branson’s Virgin Orbit launched a mission to ferry seven experimental satellites to Earth’s orbit for the US Space Force.
 

Presence of established space agencies to stimulate the market growth in North America

From a regional perspective, the North America space robotics market is poised to witness 8.5% CAGR from 2023 to 2032, given the high number of government and private space agencies present in the region. Government agencies in particular have been making significant efforts in advancing their space research programs. For instance, the U.S. government space agency NASA, finalized its contract with American airplane maker Boeing in Alabama, for around $3.2 billion to continue manufacture of core and upper stages for Space Launch System (SLS) rockets that will be used for future Artemis missions.
 

Development of enhanced robotics to define the competitive outlook for the market

Some of the leading companies involved in the space robotics market are Astrobotic Technology, Inc., Altius Space Machines, Inc., Stinger Ghaffarian Technologies, MAXAR Technologies, Inc., Motiv Space Systems, Space Applications Services, GITAI Inc., Oceaneering International, SpaceX, Northrop Grumman, and Honeybee Robotics Ltd. Many of these firms, along with research institutions, are focusing on the development of robotic arms and components for material handling and payload development at space stations.
 

For instance, in July 2022, the Smart Materials, Structures, and Systems (SMSS) group at the Indian institution IIT Kanpur built an artificial muscle that can be utilized in space robots as well as in medical prostheses. This will lead to the creation of a new class of space robots, which will strengthen the country’s space technology sector.