Space Robotics Market Size Worth $5.7 Billion By 2027 | CAGR: 5.2%: Grand View Research, Inc.

Space Robotics Market Size Worth $5.7 Billion By 2027 | CAGR: 5.2%: Grand View Research, Inc.

PR Newswire

SAN FRANCISCO, Jan. 14, 2021

SAN FRANCISCO, Jan. 14, 2021 /PRNewswire/ -- The global space robotics market size is expected to reach USD 5.71 billion by 2027, registering a CAGR of 5.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. Space robotics is gaining traction in recent years owing to the growing exploration of outer space; the need for operations & maintenance of satellites, space stations, and other platforms; and the need for saving cost and mitigating safety issues. Furthermore, the rising trend of using autonomous systems and Artificial Intelligence (AI) technology in robotics is widening the horizon of space exploration.

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Key suggestions from the report:

Read 115 page research report with ToC on "Space Robotics Market Size, Share & Trends Analysis Report By Solution (Services, ROVs), By Application (Near Space, Deep Space), By Organization Type (Commercial, Government), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/space-robotics-market

Several countries are launching multiple spaceship and satellite programs for near and deep space exploration, which requires timely maintenance and repairs, creating the need for advanced robotics systems. Renowned space organizations, such as the National Aeronautics and Space Administration (NASA), the European Space Agency (ESA), the Canadian Space Agency (CSA), and the Japan Aerospace Exploration Agency (JAXA), are developing humanoid robots for their space programs to perform transportation, maintenance, and servicing operations, relieving crew from dangerous tasks. Moreover, the rising number of unmanned space missions are fueling the demand for space robots.

Space robotics provides greater access and operational handing capabilities in space. Moreover, the robots can help astronauts perform several cognitive tasks in the space station. Due to their larger application scope, robots are deemed relevant across all the mission phases, such as launch, operation, development, and flight system production. The rising number of scientific space research programs also boosts the demand for advanced robots with Machine Learning (ML) capabilities. Machine learning improves the autonomous functions of robots, such as sensing, planning, and navigation. The technology also helps in diversifying locomotion and increasing the autonomy level of space robotic arms. The scope of space robots is expected to shift toward robotic explorers and robotic assistance in the coming years.

Europe has been very active in the development of space robotics technology. The ESA is developing the European Robotic Arm (ERA), which is to be installed on the Russian segment of ISS. Moreover, the Luxembourg Space Agency (LSA) is developing a low-cost and scalable robotic arm for low-orbit satellite programs. The LSA is keen on building a space resource industry in the country. In 2019, the Luxembourg Government signed a memorandum of understanding with NASA to work on space programs jointly. These initiatives are expected to propel the market growth over the forecast period.

Grand View Research has segmented the global space robotics market on the basis of solution, application, organization type, and region:

List of Key Players of Space Robotics Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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