Space Robotics Market to offer a healthy CAGR of 10.2% during 2020-25
February 13, 2020
Space Robotics Market Overview:
Space robotics market is likely to witness an impressive CAGR of 10.2% during the forecast period. The growth of the space robotics market is driven by a wide array of factors, such as increasing demand for servicing prevailing geostationary satellites, debris elimination, and technological progressions in self-governing systems, and collective demand for on-orbit engineering and assembly in the International Space Station (ISS) from various government agencies and commercial entities.
Report Overview:
This new report from Stratview Research analyses the Space Robotics Market over the trend period from 2014 to 2019 and forecast period from 2020 to 2025. The insights of the report shall enable informed decision making and strategy formulation for the near future to capitalize on the opportunities.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Space Robotics Market Segment Insights:
Dominance Of: Satellite servicing segment led
Based on the solution type, the market is segmented as services and products. The satellite servicing segment led the market in 2018, and is estimated to remain dominant during the forecast period. The growth of the satellite servicing segment can be attributed to the escalating demand and requirement for space-based services, such as satellite servicing, de-orbiting services, surface mobility, and resupply services.
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https://www.stratviewresearch.com/toc/598/space-robotics-market.html
Dominance of: Near Space Segment and Commercial Segment
Based on the application type, the market is segmented as deep space, near space, and ground. The near space segment is estimated to register the highest growth in the coming five years. This growth of the segment can be credited to the claim for resupply missions for the International Space Station (ISS), on-orbit satellite engineering, and increasing requirement to service prevailing geosynchronous satellites.
Based on the end-user type, the market is segmented as commercial and government. The commercial segment is expected to depict a higher growth against the government segment, during the forecast period, driven by the increasing demand for satellite servicing, refueling and mission extension services which provide prospects for satellite operators/owners by extending the life of satellites and hence, generate profits from prevailing satellite fleets, and deliver enhanced flexibility in handling in-orbit satellite fleets.
A highly/moderately/fragment consolidated Market
Some of the major players in the space robotics market are Altius Space Machines, Astrobotic Technology, Effective Space Solutions, Honeybee Robotics, ITT Corporation, Maxar Technologies, Motiv Space Systems, Northrop Grumman, Olis Robotics, and Stinger Ghaffarian Technologies (SGT).
Regional Hegemony of North America
In terms of regions, North America was expected to register the largest share of the space robotics market in 2018, and the region is expected to continue its dominance during the forecast period as well. The market is driven by high demand for space robotic activities from prominent establishments, such as NASA and the Department of Defense, owing to the rising dependence on space resources and for empowering safety in space operations. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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