Global Space Robotics market, which accrued revenue worth nearly 2.4 (USD Billion) in 2019, will record the CAGR of nearly 7.69% over the period from 2020 to 2026.
Space Robotics Market
The global Space Robotics market, which accrued revenue worth nearly 2.4 (USD Billion) in 2019, will record the CAGR of nearly 7.69% over the period from 2020 to 2026. The report offers assessment and analysis of the Space Robotics market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Space robotics deals with production of general purpose machines that have the ability of sustaining harsh space conditions. They are used for performing exploration, maintenance activities, development, and servicing. In addition to this, space robotics assist in reduction of costs and improves schedules along with minimizing the risks and enhancing performance in comparison to human beings.
Market Growth Dynamics
Escalating necessity for in-orbit satellite servicing along with rise in the space exploration missions will embellish the growth of space robotics market in the years ahead. In addition to this, extensive utilization of satellites for regular & routine communications, monitoring of farming activities, climate monitoring, and defense activities will propel the sales of space robotics. Huge proportion of profits involved in the manufacturing of space robots has resulted in manufacturers trying to bring innovations in the product. This is likely to result in the market expansion over the years ahead.
Moreover, large-scale utility of space robotics in deep space and ground as well as near space will prompt the business growth in the forthcoming years. Apparently, humongous need of space robots in government as well as commercial sectors will impel the market size in the forthcoming years. These products find use in form of free-flyers, rovers, and large manipulators in various developed countries including Japan, Canada, and the U.S. Nonetheless, issues like the mobility as well as space robot handling will put brakes on the growth of the space robotics industry in the near future.
North American Market To Accrue Huge Returns By 2026
The growth of the industry in North American region over 2020-2026 is due to massive funding made by the major firms in space exploration and a prominent surge in the space exploratory programs carried in the countries like the U.S. and Canada. Furthermore, escalating popularity of on-orbit assembly, debris removal, and satellite servicing will create lucrative growth avenues for the market over the ensuing years in the sub-continent. The regional market expansion can be ascribed to massive need of space robots in defense & military, governments, space agencies, and commercial units in the countries like the U.S.
Key players profiled in the report include Effective Space Solutions Limited, Altius Space Machines, Astrobotic Technology, Made In Space, Honeybee Robotics, Maxar Technologies, Northrop Grumman, and Motiv Space Systems.
This research report categorizes the market into the following segments and sub segments:
By End User:
Escalating necessity for in-orbit satellite servicing along with rise in the space exploration missions will embellish the growth of space robotics market in the years ahead.
The CAGR of the industry is expected to be nearly over 7.69% during the forecast time.
North American region will contribute remarkably towards the global market share over the estimated timeframe.
The key market players include Made In Space, Honeybee Robotics, Altius Space Machines, Maxar Technologies, Northrop Grumman, Effective Space Solutions Limited, Astrobotic Technology, and Motiv Space Systems.