Space Robotics Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Space Robotics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Space Robotics Global Market Report 2024, The space robotics market size has grown strongly in recent years. It will grow from $4.6 billion in 2023 to $4.94 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to space exploration initiatives, government space programs, commercial space industry growth, rise of private space companies, advancements in ai and automation..

The space robotics market size is expected to see strong growth in the next few years. It will grow to $6.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increased space exploration missions, growth of commercial space industry, space mining opportunities, satellite constellations deployment, planetary colonization initiatives.. Major trends in the forecast period include miniaturization and efficiency, autonomy and ai integration, modular and adaptable systems, interplanetary exploration focus, on-orbit servicing demands..

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.

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The space robotics market covered in this report is segmented –

1) By Solution: Remotely Operated Vehicles, Remote Manipulator System, Software, Services

2) By Application: Deep Space, Near Space, Ground

3) By End-User: Commercial, Government

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.

The space robotics market report table of contents includes: