The Space Robotics Market is projected to reach USD 5.24 Billion by 2025 at a CAGR of 8.6% from 2019 to 2025. Space robotics is the development of general-purpose machines that are capable of surviving the harsh environment in space and performing exploration, assembly, maintenance, and servicing, among other tasks. Moreover, the use of space robots helps reduce costs and accelerate schedules, with minimal risk and improved performance as compared to humans.
Space Robotics Market Forecast
Space Robotics Market is projected to be valued at USD 5.24 Billion by 2025, registering a CAGR of 8.6% from 2019 to 2025. The increasing number of space exploration missions by private firms is driving the growth of the market. Furthermore, the rising number of GEO satellites across the globe is projected to aid market growth.
Growth Opportunities in the Market
Services segment accounted for the larger Space Robotics Market share in 2018: The services segment is also expected to register the higher CAGR during the forecast period. The high growth can be attributed to the increasing demand for on-orbit assembly and manufacturing, satellite repair, space debris removal, and launch support services.
Near space segment to be the fastest-growing: The near-space segment is expected to exhibit the highest CAGR during the review period. The increasing number of high-altitude satellites for communication and surveillance is driving the growth of this segment.
Government segment to register the highest CAGR: The government segment is expected to be the fastest-growing during the review period. The increasing space exploration activities using robots by the governments of the US, China, Russia, and India are driving the Space Robotics Market growth of the segment.
Space Robotics Market Key Players
Altius Space Machines (US)
Astrobotic Technology (US)
Effective Space Solutions Ltd (UK)
Honeybee Robotics (UK)
Maxar Technologies (US)
Motiv Space Systems, Inc. (US)
Northrop Grumman Corporation (US)
Olis Robotics (US)
Space Robotics Market Research Report – Global Forecast till 2025 @ https://www.marketresearchfuture.com/reports/space-robotics-market-8555