The space robotics market will be worth over US$3.5 billion by 2025, a new report predicts.
This is about an 80 percent increase in the estimated US$2 billion market value last year.
The 2019 Global Market Insights report says the market is experiencing rapid technical development owing to the integration of AI technologies into systems developed for space exploration.
The integration of AI offers 3D perception and proximity GNC to robots, which will support resistance against environmental conditions and offer high flexibility, accuracy, and control.
In the space robotics market, robotic arms are witnessing a high demand for the deployment in advanced space systems, the report notes. Robotic arms aid astronauts in lifting and handling heavy and large objects in space.
The need for continuous maintenance and servicing of the existing satellites is creating a huge demand for this segment, adding to the growth of the market, the report says.
And near space exploration and transportation segments are gaining popularity due to several missions working on asteroid survey missions, which are near to the Earth’s surface.
Also, commercial applications in the space robotics market are growing due to technical advancements and various exploration missions adopted by governments along with companies.
Asia Pacific market growing at a rapid pace
The US and Canada are investing huge amounts in R&D and technology enhancement to achieve space exploration initiatives. The Asia Pacific space robotics market is also growing at a rapid pace in countries including India, Japan and China due to several on-going and upcoming space projects.
North America is a leading participant in the market owing to the presence of national organisations, including NASA and CSA, that are actively working toward the industry development.
The key companies operating in the space robotics market include Oceaneering International, Maxar Technologies, Northrop Grumman, Astrobotic Technologies, Motiv Space Systems, and Altius Space Machines.
These players are investing heavily in R&D activities to develop new solutions related to exploration and transportation in both deep and near space.
For more details, visit Global Market Insights.