The global space robotics market is experiencing rapid growth, with a size of USD 4.32 billion in 2021 and a projected revenue CAGR during the forecast period. The increasing demand for space robots and navigation services from the space mining industry is a primary factor contributing to this growth. Low Earth Orbit (LEO) communication satellites are also driving market revenue due to their emerging lucrative options in various fields. LEO satellites offer improved signal strength and scalability, making them critical for wireless broadband, remote sensing, earth observation, and communications. To maintain and install critical components in these satellites, space robotic systems are used.
Considering the robotic industry’s dependence on steel and aluminum, the high volatility in prices of these raw materials poses a challenge to market growth. The imposition of export duties on steel products, such as in India, where steel demand continues to rise, affects companies operating globally. However, the global space robotics market is expected to register a CAGR of 4.7% over the forecast period, driven by increasing usage of space robots in satellite maintenance activities. Incorporating technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) enables better communication and data collection, leading to informed decision-making during satellite failures.
The outbreak of the COVID-19 pandemic disrupted the growth of the global space robotics market. The supply chain of sensors used in space robots was disrupted due to the outbreak’s origin in countries like China. Lockdowns and trade restrictions further hampered the availability of raw materials and reduced demand for space exploration and satellite maintenance activities. However, as governments lift restrictions and launch initiatives, the market has shown signs of recovery.
One of the robust trends driving market growth is the increasing application of robots in advancing in-space manufacturing. Companies like Nanoracks LLC are investing in the development of robotic arms for complex tasks in orbit or on planets’ surfaces. For example, Nanoracks launched the outpost mars demo-1 experiment, demonstrating metal cutting in orbit. This achievement paves the way for converting used rocket parts into space habitats and highlights the potential for future space infrastructure development.
The Asia Pacific region holds the second-largest revenue share in the market, attributed to the presence of space research agencies and organizations like CNSA, ISRO, and JAXA. These organizations drive market growth through their initiatives and programs.
Overall, the global space robotics market is poised for significant growth, fueled by the increasing demand for space robots, advancements in technology, and the application of robotics in various sectors.
Sources:
– New research
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2023-09-21 16:07:19
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