Global Space Robotics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Space Robotics Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Space robotics technologies provides greater access and handling capabilities in space. It can survive in the harsh space environment, and can be explored, assembled, built and maintained. It is a technology used to carry out outer space exploration and many tasks (such as orbit exploration and cleaning, planet exploration and inspection).

Space robot is a kind of intelligent universal mechanical system working on spacecraft or space station. Space robot has a mechanical arm and a computer, which can realize the functions of perception, reasoning and decision-making, and can accomplish various tasks in an unknown space environment like human beings.

Market Overview:

The latest research study on the global Space Robotics market finds that the global Space Robotics market reached a value of USD 3300.36 million in 2022. It’s expected that the market will achieve USD 5235.28 million by 2028, exhibiting a CAGR of 7.99% during the forecast period.

Impact of COVID-19 on Global Economy

COVID-19 has not only affected the healthcare sector but also has had a major impact on the global economy as well. It has significantly affected the economy of various financial as well as industrial sectors, such as the travel and tourism, manufacturing, and aviation industries. It is predicted that the world economy will go into recession, with the loss of trillions of dollars. With an increasing number of countries imposing and extending lockdowns, economic activities are expected to further drop, which would, in turn, impact the global economy.
The International Monetary Fund (IMF) published its World Economic Outlook for 2020 and 2021 last Tuesday (April 14). Amid the Covid-19 pandemic and the world currently looking like some kind of a dystopian movie with empty streets, hundreds of millions of people in lockdown, production facilities shut down, shops shuttered, planes grounded in abandoned airports, grim prospects for the global economy have grown even darker as outlined in the IMF forecast. The IMF predicts that the global economy will be in worse shape than it was in during the Great Depression (1929-33) and the loss of output will dwarf'' that suffered in the Global Financial Crisis (GFC) of 2007-08.
The new forecast assumes that the pandemic peaking in the second quarter of this year in the most countries in the world and to be followed by a partial recovery next year from the Great Lockdown'' of 2020. But the economists at the IMF did not sound entirely convinced. IMF Chief Economist Gita Gopinath said, Much worse growth outcomes are possible, may be even likely''. In the worst-case scenario, the global economy would shrink by around 11 per cent rather than 3.0 per cent. Also, for the first time since the Great Depression both advanced and emerging market and developing economies are in recession.
The new forecast sees the global economy contracting at a 3.0 per cent annual rate this year, a 6.3 per cent fall from the forecast issued in January this year. However, the global economy will rebound by a 5.8 per cent in 2021. But even if that takes place, the recovery will only be partial'' with the level of activity that was projected for 2021 before the virus struck.
It further said all together the cumulative loss to global economy over 2020 and 2021 could be US$9.0 trillion in terms of output (GDP). This amount is equivalent to the combined economies of Japan and Germany, the world's third and fourth largest economies respectively. There are even more pessimistic scenarios. If the pandemic is more protracted and continues into 2021, it could reduce the level of global GDP (gross domestic product) by 8.0 per cent compared with the baseline scenario.
The IMF further predicted the contraction of growth by 6.1 per cent in advanced economies with the US economy contracting by 5.9 per cent, Japan 5.2 per cent and Germany 7.0 per cent. Developing economies, except China, are expected to experience negative growth rates between 1.0 and 2.0 per cent. Income per capita will fall in more than 170 countries.
The IMF also issued a warning about the state of global financial system and said further intensification of the crisis would affect global financial stability''. However, the massive injection of trillions of dollars by central banks and their willingness to do more if necessary, has stabilized markets in the major financial centers around the world. US markets are surging and continuing the mostly upward trend over the last week despite record unemployment claims and poor bank performance.

Growing demand for on-orbit satellite servicing

After decades of development, the scale of global satellite and application industry continues to expand, and the number of satellites in normal operation in orbit around the world continues to increase. Developing satellites requires a lot of budget, human resources and time. In addition, when the satellite orbits the planet, any fault occurs, which causes huge losses and generates a large amount of space debris, which needs cleaning and maintenance. Therefore, due to the failure of satellites in orbit and the related loss of contact with the control center, the satellite becomes space debris, which needs maintenance.
On-orbit satellite service refers to providing services for manned or unmanned satellites in space, including repair and replacement of satellite components, relocation of spacecraft or liquid transmission, which has attracted more and more attention.
Space robot technology is the development of general machines, which can survive in the harsh environment of space and carry out exploration, assembly, maintenance, service and other tasks. In addition, compared with humans, the use of space robots can help reduce costs and speed up progress, while minimizing risks and improving performance.
Space Robotics' demand for efficient repair, service and maintenance of satellites in orbit is increasing the demand for space robots. Cost-effectiveness, higher productivity and performance ability in extreme space environment are the main factors driving the demand for Space Robotics. In addition, in-orbit satellite services can help alleviate the thorny problem of increasing space junk. Of the 23,000 space objects counted by the US military, only 1,900 are satellites in normal operation, and the rest are moving at a speed of about 20,000-30,000 kilometers per hour, including nearly 3,000 out-of-service satellites, 2,000 rocket wrecks (such as the second stage of rockets), and thousands of fragments. If they collide with man-made satellites, they will break down the satellites and even cause fatal blow.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Lockheed Martin is one of the major players operating in the Space Robotics market, holding a share of 24.91% in 2020.

Olis Robotics cooperated with Maxar Technologies, one of the most famous companies in space, to carry out a new robot mission, which will land on the moon.

Olis Robotics will provide planning software for Maxar robot arm, which will land on the moon in the next few years. This is part of NASA's greater efforts to study the moon and learn as much as possible, because the agency is committed to landing astronauts on the water before 2024.

Northrop Grumman concluded its purchase of Orbital ATK, with the absorption of launch vehicle developer, satellite manufacturer, and munitions supplier as a new business unit named Northrop Grumman Innovation Systems.

The $9.2 billion acquisition, executed with a $7.8 billion cash purchase and a $1.4 billion debt transfer, closed a day after the Federal Trade Commission cleared the transaction to proceed with a provision requiring Northrop Grumman to make Orbital ATK-developed solid rocket motors available to other defense and aerospace contractors.

Segmentation Overview:

Among different product types, Products segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Near Space segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Space Robotics market covered in Chapter 3:

Motiv Space Systems, Inc.
Lockheed Martin
Olis Robotics
Astrobotic Technology
Northrop Grumman Corporation
China Aerospace Science and Technology Corporation
MDA
Honeybee Robotics
Oceaneering International, Inc.
Metecs
Altius Space Machines
Maxar Technologies

In Chapter 4 and Chapter 14.2, on the basis of types, the Space Robotics market from 2018 to 2029 is primarily split into:

Services
Products

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Space Robotics market from 2018 to 2029 covers:

Deep Space
Near Space
Ground

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)