Artificial Intelligence is fastest growing segment fueling the growth of global Space Robotic Solution Market

 

Global Space Robotics Solution Market

The global Space Robotic Solution Market is estimated to be valued at US$ 5.04 Bn in 2023 and is expected to exhibit a CAGR of 17% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Space robotic solutions consist of robots that can perform tasks in outer space with less human intervention. These robots are used for servicing spacecraft, assembling habitats, and conducting repairs in space stations. They have applications across repair and maintenance, transportation, manufacturing, and exploration segments.

 

Market key trends:

The increasing adoption of AI technology by space robotic solution providers is a key trend driving the market growth. AI enables space robots to perform complex tasks autonomously with minimal human supervision. It helps in processing vast amounts of data, detecting anomalies, improving decision making, and responding to contingencies. AI-powered robots are being developed to assist astronauts, carry out planet exploration and sample retrieval missions, help maintain and repair orbital infrastructures like space stations and satellites. This reduces operational costs and dependency on human workforce for tasks in space.

Segment Analysis

The global space robotic solution market is segmented into construction and assembly, maintenance, and manufacturing. The construction and assembly segment is expected to dominate the market during the forecast period. This is because space robotic solutions find major applications in constructing and assembling orbital infrastructures such as space stations, space telescopes, communication satellites, etc. Manual assembly of large space structures is both time-consuming and expensive. Hence, robots are increasingly being used for construction and assembly activities in space.

 

Key Takeaways

The Global Space Robotic Solution Market Size is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing investment by government and private space agencies in developing advanced robotic technologies for future space missions and exploration activities.

 

From a regional perspective, North America is expected to dominate the global market over the forecast period. This is attributed to strong presence of key players and space agencies like NASA in the region. The US has been a pioneer in developing and employing robotic technologies for space applications.

 

Key players operating in the global space robotic solution market are Maxar Technologies, Motiv Space Systems, Altius Space Machines, Astrobotic Technology, Made In Space, Northrop Grumman, Honeybee Robotics, Effective Space Solutions, Bradford Space, Olis Robotics, Metecs, Astroscale, D-Orbit SpA, ClearSpace, Space Applications Services, Kepler Communications, Kubos, SpiderFab, Tethers Unlimited, and MDA. These companies are focusing on innovations and developing niche technologies to strengthen their position in the market. For instance, Astrobotic is working on developing robotic arm-equipped landers and rovers for cargo delivery to the Moon.

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https://www.dailyprbulletin.com/global-space-robotic-solution-market-size-share-growth-outlook-2023/

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