Stratview Research has recently published a report on Space Robotics Market segmented by Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025. The objective of the market experts at Stratview Research is to conduct a thorough analysis of ‘Space Robotics’ and put a detailed knowledge about the industry and business attractiveness, revenue, market size, segmentation, growth and restraining factors so that the user gets in-depth information about the industry and the business from a past, current and a future perspective and can potentially invest capital for further growth.
Market Insights
Space robotics market is likely to witness an impressive CAGR of 10.2% during the forecast period. The growth of the space robotics market is driven by a wide array of factors, such as increasing demand for servicing prevailing geostationary satellites, debris elimination, and technological progressions in self-governing systems, and collective demand for on-orbit engineering and assembly in the International Space Station (ISS) from various government agencies and commercial entities.
Additionally, the report covers a variety of established and emerging start-ups and organisations operating in the industry. As organization’s report provides a comparative analysis by presenting the user with various aspects of the markets discussed in the report.
What is space robotics?
Space Robotics are machines that are designed with the capability of surviving in the environment of space. They are used in different activities in the space such as construction and maintenance purposes, performing exploration, and many others. Such robots are controlled by humans through local console such as the astronauts in the spacecraft can control the robots that they have sent.
Space robotics are important today as they have the ability to do a task in an inexpensive way and also are known to complete the tasks with greater performance. They can work for long durations and can be sent in areas where it can be risky for humans.
Covid-19 Analysis –
Nationwide lockdowns have impacted, and halted production, supply of raw materials sourcing production has affected the balance in the supply of finished products. This report aims to cover all the aspects of how the pandemic has affected the business in the Space Robotics Market and how has the subsequent lockdowns inflamed the industry scenario and what are the areas that needs urgent action and re-planning.
Segment-wise analysis
The report encompasses in-depth segmentations like regional segmentation, segmentation by product types, application-wise segmentation, geographical segmentation and thereby gives the user an overview of the effectiveness of the segmentation by various classes.
Based on the solution type, the market is segmented as services and products. The satellite servicing segment led the market in 2018, and is estimated to remain dominant during the forecast period. The growth of the satellite servicing segment can be attributed to the escalating demand and requirement for space-based services, such as satellite servicing, de-orbiting services, surface mobility, and resupply services.
Based on the application type, the market is segmented as deep space, near space, and ground. The near space segment is estimated to register the highest growth in the coming five years. This growth of the segment can be credited to the claim for resupply missions for the International Space Station (ISS), on-orbit satellite engineering, and increasing requirement to service prevailing geosynchronous satellites.
Based on the end-user type, the market is segmented as commercial and government. The commercial segment is expected to depict a higher growth against the government segment, during the forecast period, driven by the increasing demand for satellite servicing, refueling and mission extension services which provide prospects for satellite operators/owners by extending the life of satellites and hence, generate profits from prevailing satellite fleets, and deliver enhanced flexibility in handling in-orbit satellite fleets.
In terms of regions, North America was expected to register the largest share of the space robotics market in 2018, and the region is expected to continue its dominance during the forecast period as well. The market is driven by high demand for space robotic activities from prominent establishments, such as NASA and the Department of Defense, owing to the rising dependence on space resources and for empowering safety in space operations. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Key Players in the Space Robotics Market
- Altius Space Machines
- Astrobotic Technology
- Effective Space Solutions
- Honeybee Robotics
- ITT Corporation
- Maxar Technologies
- Motiv Space Systems
- Northrop Grumman
- Olis Robotics
- Stinger Ghaffarian Technologies (SGT).
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