Northrook, IL -- (SBWIRE) -- 12/02/2019 -- The space robotics market is estimated to be USD 2.88 billion in 2018 and is projected to reach USD 4.36 billion by 2023, at a CAGR of 8.64% from 2018 to 2023.

Increasing investments in space exploration missions, demand for satellite servicing, on-orbit manufacturing and assembly, debris removal, and technological advancements in autonomous systems, are fueling the growth of the space robotics market.

Browse 65 market data tables with 45 figures spread through 175 pages and an in-depth TOC on the report, "Space Robotics Market – Global Forecast to 2023".

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Based on solution, the satellite servicing segment is estimated to lead the space robotics market in 2018

Based on solution, the satellite servicing segment is estimated to lead the space robotics market in 2018. Growth of this segment can be attributed to an increase in the number of satellites required to be retired every year, advancements in the autonomous systems technology, and increase in space exploration activities are expected to lead to the expansion of capabilities of satellite operators, space agencies, and satellite manufacturers, among others.

Based on application, the near space segment is projected to grow at the highest CAGR during the forecast period

Based on application, the in-space maintenance & inspection subsegment of the near space segment is expected to grow at the highest CAGR during the forecast period. Growth of this segment can be attributed to several scheduled space exploration missions in the near future, which are expected to require satellite servicing and on-orbit manufacturing and assembly, contributing to the growth of the near space segment of the space robotics market. For instance, Made In Space (US), a US-based company, worked with NASA to create a 3D printer for the manufacture and development of space systems in the International Space Station (ISS). Made in Space is working on a new 3D printer, Archinaut, which is expected to be able to 3D print the entire exterior of the satellite station.

Based on deep space application, the space exploration subsegment is projected to grow at the highest CAGR during the forecast period

Based on deep space application, the space exploration subsegment is expected to grow at the highest CAGR during the forecast period. Space robotics play an essential role in deep space applications such as space exploration and space transportation. Advancements in robotic technology are making it possible for missions such as Mars flyby and Venus Radar Mapper to reach outer space faster and gather more information than human astronauts. In 2017, MacDonald, Dettwiler and Associates (now Maxar Technologies) secured a contract worth USD 2.75 million from the Canadian Space Agency (CSA) to identify the requirements to build a deep-space exploration robotics system potentially capable of operating and maintaining a future space station near the moon.

Based on end user, the commercial segment of the space robotics market is projected to grow at a higher CAGR during the forecast period
Based on end user, the commercial segment is expected to grow at a higher CAGR, as compared to the government segment during the forecast period. The growth of the commercial segment can be attributed to the focus of various commercial space entities on space robotics for satellite operations, space exploration activities, on-orbit manufacturing & assembly operations in the solar system and beyond planet Earth.

Based on commercial end user, the satellite operators/owners subsegment of the space robotics market is projected to grow at a higher CAGR during the forecast period

Based on commercial end user, the satellite operators/owners subsegment is expected to grow at a higher CAGR during the forecast period due to the NewSpace industry provides satellite servicing and refueling and mission extension services to satellite operators/owners. These services offer opportunities for satellite operators/owners to extend the life of satellite and generate more revenue from existing satellite fleets, and provide greater flexibility in managing in-orbit satellite fleets.

Based on government end user, the space agencies subsegment of the space robotics market is projected to grow at a higher CAGR during the forecast period

Based on government end user, the space agencies subsegment is expected to grow at a higher CAGR during the forecast period due to increasing number of near and deep space experiments and programmes related to space exploration by space agencies is attributing to the demand of the space robotics market.

North America is expected to grow at the highest CAGR in the space robotics market during the forecast period

The space robotics market in North America is projected to grow at the highest CAGR during the forecast period. This high growth can be attributed to increasing investments in space exploration missions, and increasing space exploration activities by the US and Canada, demand for satellite servicing, and on-orbit manufacturing and assembly, debris removal, and technological advancements in autonomous systems. Also, growth can be attributed to the increasing demand for space robotics from commercial, government, organizations, space agencies, defense organizations, and satellite operators as well as NewSpace companies.

Some of the major companies providing space robotics solutions include Maxar Technologies (US), Motiv Space Systems (US), Altius Space Machines (US), Northrop Grumman (US), Honeybee Robotics (US), Astrobotic Technology (US), Made In Space (US), and Effective Space Solutions Limited (UK). These key market players offer various space robotics solutions and robotics & subsystems, sensors & autonomous systems, software and robotic services, such as satellite servicing, on-orbit assembly and manufacturing, surface mobility, and de-orbiting services, among others. New product developments, partnerships, and contracts are the major growth strategies adopted by these players to enhance their positions in the space robotics market.

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