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The global space robotic solution market consists of robotic technologies used for various applications in space exploration missions. Space robots play a crucial role in assembling, maintaining, and repairing space stations, satellites, and other spacecrafts. They are used to perform routine inspection and maintenance tasks without need of human presence. Some key applications of space robots include in-orbit assembly, satellite servicing, debris removal, extra-vehicular activity support, and space exploration. Advancements in miniaturization of robotic components have enabled development of smaller and smarter robots capable of performing complex tasks autonomously in space environment. Growing investments by governments and private space agencies in missions for space exploration, astronomy research, and satellite servicing are fueling demand for space robots.
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 key trends:
One of the key trends in the global space robotic solution market is the increasing focus on development of robotic technologies for on-orbit satellite servicing. On-orbit satellite servicing involves a space robot performing tasks such as repairing, refueling, lifting, relocating and debris removal of non-functional satellites. This helps extend the lifespan of valuable satellites and minimize space debris. Companies are developing new satellite servicing robots with advanced manipulation capabilities. For instance, Maxar Technologies recently launched the 60kg robotic servicing spacecraft called SRMS (Satellite Servicing Robotics Manipulator System) to conduct inspection, repairs and component replacements for commercial satellites. Advancements in robotics and AI are also allowing development of space robots capable of assembly and construction of large structures such as space stations and satellites in orbit autonomously. This is expected to transform satellite construction processes.
Porter’s Analysis
Threat of new entrants: The space robotic solution market requires high capital investment for R&D and manufacturing facilities, providing some barriers for new entrants.
Bargaining power of buyers: Buyers in the space robotic solution market have moderate bargaining power due to the presence of numerous vendors offering similar product portfolios.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative component suppliers in the market.
Threat of new substitutes: There exists a moderate threat from new substitutes and technologies such as 3D printing in manufacturing space robots.
Competitive rivalry: The global space robotic solution market is moderately competitive due to presence of numerous global as well as regional players.
Key Takeaways
The global Space Robotic Solution market is expected to witness high growth. The North America region will continue dominating the market during the forecast period due to presence of major players and increasing investments in space programs by US and Canada.
Regional analysis: North America is expected to hold the largest share of the global space robotic solution market during the forecast period. The region has a strong foothold of vendors such as Maxar Technologies, Honeybee Robotics, and Effective Space Solutions. Additionally, growing investments in space programs by NASA and private space organizations will also contribute to market growth.
Key players: Key players operating in the 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, MDA. Maxar Technologies provides robotic solutions for assembly, servicing and manufacturing in space.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
