Space Robotics Market to Reach $8 billion Globally by 2031
In a report recently published by Allied Market Research, the space robotics industry generated $4.3 billion in 2021 and is estimated to reach $8 billion by 2031, witnessing a CAGR of 6.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Increasing investments in space robotics, rising demand for satellite launches, and the surge in the number of joint ventures by major players to broaden their business and geographic reach across the world are driving the growth of the global space robotics market.
The services segment held the highest share in 2021, holding more than two-fifths of the global space robotics market revenue, and is projected to maintain its dominance by 2031. The rising number of space test missions introduced in outer space and earth orbits along with a growing number of space programs by developed and developing regions drive the growth of the segment. The remotely operated vehicles segment, on the other hand, would showcase the fastest CAGR of 8.5% during the forecast period. This is due to their ability to operate without real-time assistance from ground control throughout their operation.
Near Space Applications Influence the Space Robotics Market
By application, the near space segment accounted for nearly three-fifths of the space robotics market revenue in 2021 and is projected to rule the roost by 2031. The growing need for continuous servicing & maintenance of active satellites, inflowing government investments, and increasing number of space research & exploration projects across the world are the factors driving the growth of the segment. The ground segment, on the other hand, display the fastest CAGR of 9.6% throughout the forecast period. The rising R&D activities have boosted the demand for space robots in ground applications, thus driving the segment growth.
By end-user, the commercial segment has garnered the major share in 2021, generating more than two-thirds of the global space robotics market revenue, and is anticipated to grow by 2031. This is because the growing number of threats in military security have been ultimately fostering the need for satellite communication services as a part of ensuring reconnaissance, surveillance, and intelligence application areas. The government segment, on the other hand, would display the fastest CAGR of 9.0 % throughout the forecast period. This is attributed to the fact that government projects have recently covered most of the headlines and public sector activity has also increased significantly. For example, NASA announced the launch of the first-ever manned mission to the International Space Station in 2020 using a commercial rocket after the UK's shuttle program was terminated in 2011. This marks a significant turning point in the government's cooperation with businesses in the field of space, helping the market for space robotics to expand with the government as its primary beneficiary.
By region, North America accounted for the highest share in 2021, holding nearly three-fifths of the global space robotics market revenue. To cater to the rising demand for commercial purposes, hundreds of new satellites are expected to be launched in near future. Also, the governing relaxation on the sale of high-end satellite images for commercial uses is one of such measures that has offered lucrative opportunities for the market growth across North America. LAMEA, simultaneously, would portray the fastest CAGR of 12.1% from 2022 to 2031.
(Source: Research and Markets news release. Infographic provided, image from file)