The global market for space robotics is forecast to exceed revenues of $7 billion by 2032 with a projected compound annual growth rate of 9 percent over 2023-2032, according to a report by Global Market Insights.
The market growth is due to the rapid expansion of the electronic chip manufacturing industry globally. Besides, the increasing number of space projects in the MEA region will also foster the market growth.
For instance, in May 2022, Benya Group inked an MoU with OneWeb to explore the distribution of connection services in the MEA region.
Furthermore, favorable initiatives by State-backed organizations is also expected to drive the market growth. To cite an instance, in November 2022, DARPA (Defense Advanced Research Projects Agency) developed a robotic arm.
The latest development would ease the integration of the robotic arms into the Northrop Grumman spacecraft in 2023, supporting its launch into the Earth’s orbit in 2024.
In addition, the key providers in space robotics market are engaging in meaningful acquisitions, mergers, and joint ventures, in addition to expanding their portfolios.
Citing an instance, in February 2022, the Northrop Grumman-owned, SpaceLogistics announced that it is planning to send a new servicing vehicle to orbit on a SpaceX rocket in 2024.
Based on the component, the hardware segment is anticipated to grow at more than 10 percent CAGR between 2023 and 2032. The segmental growth can be attributed to the increasing initiatives by space companies to enhance their hardware offerings.
Citing an instance, in May 2021, Lockheed Martin and General Motors announced collaboration to develop lunar rovers that are equipped with advanced technologies and features such as autonomous driving, and electric vehicle systems.
In terms of application, the deep space segment will grow substantially between 2023 and 2032, owing to the increasing deep space exploration applications in the space robotics market. Besides, the rising demand for the repair and maintenance of existing satellites is further fueling the industry growth.
Based on end use, the commercial segment is anticipated to grow robustly over the next ten years, owing to the increasing efforts by private entities such SpaceX Corporation, Lockheed Martin Corporation, and Blue Origin to develop advanced technologies.
To cite an instance, in January 2023, it was reported that SpaceX has stacked its huge Starship, ahead of its first orbital test flight as a part of its Starship program.
In the regional context, the Asia Pacific space robotics market is anticipated to register more than 10.5% CAGR through 2032.
The regional market growth can be accredited to the ongoing space exploration and research projects in countries such as India, Japan, and China. As per credible reports, China has publicized its plans of initiating more than 60 space launches in 2023.
