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Increasing collaborations between space agencies and companies and software developing companies is a key factor driving space robotics market revenue growth
— Emergen Research
VANCOUER, BC, CANADA, April 25, 2023 /EINPresswire.com/ — The global space robotics market size reached USD 4.32 Billion in 2021 and is expected to register a revenue CAGR of 4.7% during the forecast period, according to latest analysis by Emergen Research. Increasing incorporation of Internet of Things (IoT)-enabled smart robotic systems is a key factor driving market revenue growth. Technologies such as Artificial Intelligence (AI) and IoT have significantly boosted speed of development and acceptance of the Internet of Robotic Things (IoRT), which is a robotic process system that enables space robots to communicate safely with other IoT-enabled devices, learn, and develop characteristics such as self-maintenance and self-awareness. In addition, IoRT applications enable space robots to plan, execute, and complete tasks under varying environmental conditions and situations by leveraging the information collected from their own infrastructure and the collective intelligence of robotic things.
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Key Benefits for Stakeholders:
The space robotics market provides several key benefits for stakeholders, including improved safety and efficiency in space exploration and operations, reduced costs and risks, and increased capabilities for performing complex tasks. Additionally, the use of space robotics enables remote and autonomous operations, which can enhance human-robot collaboration and enable greater flexibility in mission planning and execution. The market also offers opportunities for innovation and growth in the development of advanced robotics technologies for space applications.
Some major companies in the global market report include Space Exploration Technologies Oceaneering International, Inc., Northrop Grumman, Motiv Space System, Inc., Metecs, LLC, Maxar Technologies, Intuitive Machines, LLC, Astrobotic Technology, Inc., Altius Space Machines, Motiv Space Systems, Inc., Ispace, Inc., Olis Robotics, and Stinger Ghaffarian Technologies, Inc.
Strategic Development :
On 17 May 2022, Redwire Corporation, which is a leading manufacturer of high-performance components for the next generation of space economy headquartered in Jacksonville, Florida, U.S., announced the opening of a manufacturing facility in Luxembourg City. This new facility will be utilized for developing and designing robotic arms that are critical during orbital, and lunar missions, among others. In addition, the robotic arms will be supporting activities s
uch as satellite maintenance, in-space assembly of critical structures, and aid space scientists in their manufacturing. Moreover, they will be utilized for removing debris, payload management, and lunar surface operations.
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Regional Segmentation:
North America
Latin America
Europe
Middle East & Africa
Asia Pacific
Market Segmentations of the Space Robotics Market
This market is segmented based on Types, Applications, and Regions. The growth of each segment provides accurate forecasts related to production and sales by Types and Applications, in terms of volume and value for the forecast period. This analysis can help readers looking to expand their business by targeting emerging and niche markets. Market share data is given on both global and regional levels. Regions covered in the report are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Research analysts assess the market positions of the leading competitors and provide competitive analysis for each company. For this study, this report segments the global Space Robotics Market on the basis of product, application, and region:
Segments Covered in this report are:
Emergen Research has segmented global space robotics market on the basis of offerings, application, end-use, and region:
Offerings Outlook (Revenue, USD Billion; 2019-2030)
Solution
Autonomous Sensors and Systems
Robotics and Subsystems
Software
Others
Services
Satellite Servicing
On-orbit Assembly
Surface Mobility
De-orbiting Services
Others
Application Outlook (Revenue, USD Billion; 2019-2030)
Near Space
Space Operations
Space Exploration
Space Transportation
In Space 3D Printing
Others
Deep Space
Space Transportation
Space Exploration
Ground
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Government
Defense Department
Space Agencies
Others
Commercial
Private Satellite Operators
Launch Service Providers
Others
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An Emergen Research report of 250 pages contains 194 tables, 189 charts and graphics, and anyone who needs a comprehensive analysis of the global Space Robotics Market , as well as commercial, in-depth analyses of the individual segments, will find the study useful. Our recent study allows you to assess the entire regional and global market for In Silico Drug Discovery. In order to increase market share, obtain financial analysis of each segment and the whole market. Look at how you can utilize the current and potential revenue-generating opportunities available in this sector. We believe that there are significant prospects for energy storage technology in this industry due to the rapid expansion of the technology. In addition to helping you build growth strategies, improve competitor analysis, and increase business productivity, the research will also assist you in making better strategic decisions.
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In conclusion, the Space Robotics market presents significant growth opportunities for market players, driven by the increasing demand for satellite launches and the growth of commercial space activities. The market is expected to witness intense competition among players, as they focus on improving launch efficiency and expanding their market reach.
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