The space robotics market is experiencing rapid technical development by integrating AI technologies into space exploration systems. According to a 2019 Global Market Insights, Inc. report, the market is forecast to rise from USD 2 billion in 2018 to about USD 3.5 billion by 2025.
Globally, the increasing number of space exploration experiments and projects by government agencies is attributing to the space robotics market demand.
Robotic arms that help astronauts lift and handle heavy and large objects in space are in high demand in advanced space systems. Exploration vehicles such as rovers are also highly sought-after, as they can transport crew members from one spaceflight to another. In this market, companies are developing partially or fully autonomous rovers.
Space exploration and transport segments are gaining popularity due to several missions working on asteroid survey missions near Earth’s surface. The need for continuous maintenance and servicing of existing satellites creates huge demand for this segment, adding to market growth. Space vehicles use advanced transport systems to support heavy cargo transport to existing objects for repair and other purposes. Various companies are making huge investments in their near-space transport projects.
North America is a leading market participant due to the presence of national organizations, including NASA and CSA, active in the development of the industry. The U.S. and Canada invest enormous amounts in R&D and technology enhancement to achieve space exploration initiatives. The Asia Pacific space robotics market is also rapidly growing in countries including India, Japan, and China due to several ongoing and upcoming space projects.
Key space robotics companies are Oceaneering International, Maxar Technologies, Northrop Grumman, Astrobotic Technologies, Motiv Space Systems, Altius Space Machines, etc. These players are investing heavily to develop new, in-depth and near-space exploration and transport solutions. Strategies like partnerships and contracts with other companies and government organizations like NASA, ISRO, etc. are strengthening their market position.