Space Robotics Market by Growth Strategies and Regional Drivers to 2027
Category: #technology  By Ronak Bora  Published: 16 hours ago
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Space Robotics Market by Growth Strategies and Regional Drivers to 2027

The software sub-segment in space robotics market is speculated to amass notable gains by 2027, registering a CAGR of more than 4% over the study timeline. This growth is attributed to increasing software usage in space shuttle flight control, satellite operations, rover commands, and overall system management.

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Space robots are devices or equipment that can aid astronauts in building or servicing tasks in orbit, or that can extend the regions and capabilities of exploration on remote planets as surrogates for human explorers. Space robotics is an indispensable part of any space exploration or transportation activity. Increasing space exploration and transportation activities, along with recent technological advancements in space robotics, have escalated space robotics market demand in recent years.

With respect to application, the space robotics market has been divided into near space (space exploration and space transportation) and deep space (space exploration and space transportation). The near space sub-segment is projected to witness significant growth over the forecast period. Near space exploration and transportation services are gaining popularity due to several missions working on asteroid survey missions near the Earth's surface, which is likely to drive segmental expansion in the coming years.

The space robotics market is projected to showcase exponential growth by 2027 owing to increasing government investments in space robotics projects across key regions.

The space robotics market has been segregated on the basis of end-use, solution, application, and region. In terms of solution, the market has further been bifurcated into service, software, and product (arms/manipulator systems, rovers/landers, and probes).

Space robotics market players have been employing profitable strategies to gain a competitive edge in evolving marketplaces, which has positively impacted the overall business landscape. For instance, in October 2020, Motiv Space Systems, Inc., a leading aerospace company, launched its novel made-for-space robotic arm, dubbed xLinkTM, which is a customizable, scalable, and modular robotic arm designed to perform extraterrestrial and on-orbit tasks. With respect to the price point, the novel robotic arm has been developed to reach a wider customer base to expand the horizons for on-orbit space projects.

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Based on end-use, the market has been categorized into government and commercial. The space robotics market from the government sub-segment is set to attain a notable valuation by 2027 on account of mounting government investments in space exploration activities over the forthcoming years.

The Middle East & Africa space robotics market is poised to gain considerable traction through the review timeframe. Rising popularity of the moon exploration program has encouraged Israel to plan for lunar missions, which is estimated to foster product outlook in MEA over the analysis period.

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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