Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Space Robotics Market by Solution, Application, End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global space robotics market is expected to experience a significant growth rate of 6.9% from 2022-2031, owing to growing demand for space exploration.
In the recent past, the German Aerospace Center (DLR) had launched CIMON, an AI assistance robot whose function is to work with astronaut in their daily tasks at ISS. Developing technologies, such as Deep Learning (DL) and Artificial Intelligence (AI) are extensively being used in the robotics industry. May of the companies are developing AI-based space robots that offer better discovery benefits and greater mobility in space. These robots can work with least human aid and execute highly complex tasks for a longer period of time.
The courses in space exploration have got a lot of interest, and various regions have dominated the space robotics around the globe by revealing their capabilities for space. Moreover, the rising initiatives for space and its R&D have energized the demand for space robots in ground application. The growth in missions of space exploration could also improve the space budget and government spending. Moreover, the rising partnerships among leading companies and international space institutions to combine investment and technology are increasing the sales for space robotics for space missions.
While commercial type of projects has taken most of the headings in recent past, as the activity in the public sector have also grown drastically. For instance, in 2019, the U.S. government had formed a U.S. Space Command as a part of expanding capacities of U.S. military in space. Moreover, in 2020, NASA had declared about introducing a manned flight to the International Space Station on a commercially built rocket, creating it the first time after UK's shuttle program revoked in the year 2011. This remarks a major milestone in the partnership between the private enterprise and government in the area of space, thus aiding the market growth of space robotics for government or commercial as end user.
Key Market Insights
By solution, the services segment was the highest revenue contributor to the market, and is estimated to reach $2,942.8 million by 2031, with a CAGR of 5.5%. However, remotely operated vehicles segment is estimated to hold a CAGR of 8.5% during the forecast period.
By application, the near space segment dominated the global market, and is estimated to reach $4,036.1 million by 2031, with a CAGR of 5.5%. However, the ground segment is expected to be the fastest growing segment with the CAGR of 9.6% during the forecast period.
By end user, commercial segment was the highest revenue contributor to the market, with $3,002.8 million in 2021, and is estimated to reach $5,100.9 million by 2031, with a CAGR of 5.9%.
By region, North America was the highest revenue contributor, accounting for $2,439.9 million in 2021, and is estimated to reach $4,173.0 million by 2031, with a CAGR of 5.9%.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the space robotics market analysis from 2021 to 2031 to identify the prevailing space robotics market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the space robotics market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global space robotics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
Remotely Operated Vehicles
Remote Manipulator System
By End User
Rest of Europe
Rest of Asia-Pacific
Key Market Players
Altius Space Machines
Motiv Space Systems
Space Applications Services
Northrop Grumman Corporation
Oceaneering International, Inc.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SPACE ROBOTICS MARKET, BY SOLUTION
CHAPTER 5: SPACE ROBOTICS MARKET, BY APPLICATION
CHAPTER 6: SPACE ROBOTICS MARKET, BY END USER
CHAPTER 7: SPACE ROBOTICS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/rjxyzu
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