Space Robotics Global Market Report 2023

Major players in the space robotics market are Northrop Grumman Corporation, Altius Space Machines Inc., Astrobotic Technology Inc., Honeybee Robotics Ltd., Maxar Technologies Inc., Motiv Space Systems Inc.

New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Space Robotics Global Market Report 2023" - https://www.reportlinker.com/p06479920/?utm_source=GNW , Oceaneering International Inc., Olis Robotics, Intuitive Machines LLC, Effective Space Solutions Ltd., Stinger Ghaffarian Technologies Inc., GITAI USA Inc., Ispace Inc., Lockheed Martin Corporation and Maxar Technologies Inc.The global space robotics market is expected to grow from $4.30 billion in 2022 to $4.60 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The space robotics market is expected to reach $6.12 billion in 2027 at a CAGR of 7.4%.The space robotics market consists of sales of manipulators, mobile, humanoid, and flying or floating robots.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Space robotics is a new field of science and engineering that was developed for space exploration and space missions. Space robotics is required to work in environments that are extremely hostile, gravity-less, and with high-temperature.North America was the largest region in the space robotics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of space robotics include remotely operated vehicles, remote manipulator systems, software and services.Remotely operated vehicles (ROVs) are remotely operated, unmanned, highly maneuverable vehicles that can be utilized to investigate inaccessible locations.They are used in applications such as deep space, near space and ground for various end-users such as commercial and government.Growth in investments in space missions is expected to propel the growth of the space robotics market going forward.The growth in investment in space missions is the increase in the amount of money that is being spent on space exploration and development.Growth in investments in space missions will lead to more investments in space robotics that will boost significant advances in technology.For instance, in November 2022, according to an article published by the European Space Agency, a France-based intergovernmental organization, it decided to increase its budget by 17% compared to its last ministerial meeting held in 2019.Furthermore, the participating ministers agreed to extend their support to the agency’s Earth Observation Programme by devoting 2.7 billion euros ($2.97 billion). Therefore, the growth in investments in space missions is driving the growth of the space robotics market.A high focus on research and development associated with space robotics is the key trend that is gaining popularity in the space robotics market.Major organizations operating in the market are focused on research and development for product innovations to strengthen their position in the market.For instance, in June 2021, PickNik Inc., a US-based Robotics software development company, announced it has been awarded Phase II Small Business Innovation Research (SBIR) funding from the National Aeronautics and Space Administration (NASA) to develop its technology for advanced planning capabilities for robots in microgravity situations. The company is working on a simple supervised autonomy solution for controlling remote, sophisticated robots. MoveIt Studio is the commercially available version, with an initial release date of Summer 2021. MoveIt Studio extends standard robot teleoperation’s problem-solving capabilities.In January 2022, Blue Origin, LLC, a US-based aerospace, defense, and space exploration company, acquired Honeybee Robotics for an undisclosed amount.Through this acquisition, Blue Origin aims to expedite its goal of making space routine and to ensure wider availability of space resources to benefit Earth.Honeybee Robotics, Ltd is a US-based that develops and manufactures robotics for wider exploration and utilization of space resources.The countries covered in the space robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The space robotics market research report is one of a series of new reports that provides space robotics optical components market statistics, including space robotics optical components industry global market size, regional shares, competitors with a space robotics optical components market share, detailed space robotics optical components market segments, market trends and opportunities, and any further data you may need to thrive in the space robotics optical components industry. This space robotics optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06479920/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________