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Space Robotics Market worth $4.36 billion by 2023

 



(Publishing-NewsWire.com, October 19, 2021 ) According to the new research report "Space Robotics Market by Solution, Services (Satellite Servicing, On-orbit Assembly & Manufacturing, De-orbiting Services, Re-supply, Surface Mobility, & Launch Support), Application, End-User, and Region - Global Forecast to 2023", The space robotics market is estimated to be USD 2.88 billion in 2018 and is projected to reach USD 4.36 billion by 2023, at a CAGR of 8.64% from 2018 to 2023.



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Increasing investments in space exploration missions, demand for satellite servicing, on-orbit manufacturing and assembly, debris removal, and technological advancements in autonomous systems, are fueling the growth of the space robotics market.



Based on solution, the satellite servicing segment is estimated to lead the space robotics market in 2018



Based on solution, the satellite servicing segment is estimated to lead the space robotics market in 2018. Growth of this segment can be attributed to an increase in the number of satellites required to be retired every year, advancements in the autonomous systems technology, and increase in space exploration activities are expected to lead to the expansion of capabilities of satellite operators, space agencies, and satellite manufacturers, among others.



Based on application, the near space segment is projected to grow at the highest CAGR during the forecast period



Based on application, the in-space maintenance & inspection subsegment of the near space segment is expected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to several scheduled space exploration missions in the near future, which are expected to require satellite servicing and on-orbit manufacturing and assembly, contributing to the growth of the near space segment of the space robotics market. For instance, Made In Space (US), a US-based company, worked with NASA to create a 3D printer for the manufacture and development of space systems in the International Space Station (ISS). Made in Space is working on a new 3D printer, Archinaut, which is expected to be able to 3D print the entire exterior of the satellite station.



Based on end user, the commercial segment of the space robotics market is projected to grow at a higher CAGR from 2018 to 2023



Based on end user, the commercial segment is expected to grow at a higher CAGR, as compared to the government segment during the forecast period. The growth of the commercial segment can be attributed to the focus of various commercial space entities on space robotics for satellite operations, space exploration activities, on-orbit manufacturing & assembly operations in the solar system and beyond planet Earth.



North America is expected to grow at the highest CAGR in the space robotics market during the forecast period



The space robotics market in North America is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to increasing investments in space exploration missions, and increasing space exploration activities by the US and Canada, demand for satellite servicing, and on-orbit manufacturing and assembly, debris removal, and technological advancements in autonomous systems. Also, growth can be attributed to the increasing demand for space robotics from commercial, government, organizations, space agencies, defense organizations, and satellite operators as well as NewSpace companies.



Some of the major companies providing space robotics solutions include Altius Space Machines (US), Maxar Technologies (US), Motiv Space Systems (US), Space Systems/Loral (US), Honeybee Robotics (US), Astrobotic Technology (US), Made In Space (US), Effective Space Solutions Limited (UK) and Northrop Grumman (US). These key market players offer various space robotics solutions and robotics & subsystems, sensors & autonomous systems, software and robotic services, such as satellite servicing, on-orbit assembly and manufacturing, surface mobility, and de-orbiting services, among others. New product developments, partnerships, and contracts are the major growth strategies adopted by these players to enhance their positions in the space robotics market.



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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.



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