US Space Robotics Market Expected to Reach $4 Billion by 2023
The value of the U.S. space robotics market is expected to grow to $4.36 billion by 2023. Growing importance of on-orbit satellite servicing, on-orbit manufacturing, assembly in space, and focus of government agencies and commercial entities on space robotic solutions are driving the space robotics market.
The space robotics market is estimated to grow from $2.88 billion in 2018 to $4.36 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.64 percent from 2018 to 2023. Increased investments in space exploration missions, growing demand for Geostationary Orbit (GEO) satellite servicing, on-orbit manufacturing and assembly, debris removal, and technological advancements in autonomous systems are key factors anticipated to drive the growth of the space robotics market. Growth can also be attributed to the increasing demand for space robotics solutions from commercial, government, organizations, space agencies, defense organizations, and satellite operators as well as NewSpace companies.
The commercial end user segment is estimated to account for the largest share of the space robotics market in 2018. Growing demand for extending the lifetimes of existing GEO satellites are expected to lead to the high demand for space robotics. Another factor contributing to the growth of the commercial segment is the high demand for on-orbit manufacturing and assembly operations, and robotic solutions for space exploration activities.
Maxar Technologies, Motiv Space Systems, Altius Space Machines, Northrop Grumman, Honeybee Robotics, Astrobotic Technology, Made In Space, and Effective Space Solutions are some of the key players in the space robotics market.