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Increasing collaborations between space agencies and companies and major software developing companies is a key factor driving space robotics revenue growth

VANCOUER, BC, CANADA, November 14, 2022 /EINPresswire.com/ -- The global space robotics market size reached USD 4.32 Billion in 2021 and is expected to register a revenue CAGR of 4.7% during the forecast period, according to latest analysis by Emergen Research. Increasing incorporation of Internet of Things (IoT)-enabled smart robotic systems is a key factor driving market revenue growth. Technologies such as Artificial Intelligence (AI) and IoT have significantly boosted speed of development and acceptance of the Internet of Robotic Things (IoRT), which is a robotic process system that enables space robots to communicate safely with other IoT-enabled devices, learn, and develop characteristics such as self-maintenance and self-awareness. In addition, IoRT applications enable space robots to plan, execute, and complete tasks under varying environmental conditions and situations by leveraging the information collected from their own infrastructure and the collective intelligence of robotic things. In addition, technologies such as AI aid robotic devices to operate using learning algorithms and provide cognitive decision-making capabilities. Moreover, converging IoT, AI, and robotics boosts development of IoRT applications that improve awareness and decision-making, thereby resolving complex operations more effectively.

Some of the key factors driving the growth of the global Space Robotics market include expanding R&D efforts to develop novel Space Robotics products for a variety of applications and rising demand for mercury control technology for industrial air purification. The most recent data on the COVID-19 pandemic market condition is provided in the research. The investigation indicates that COVID-19 plays a vital role in the market's dynamically altered environment. The study carefully investigates how the pandemic has altered market dynamics and trends while also precisely analysing how the crisis has impacted the market as a whole.

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Effect of COVID-19 on the global market for Space Robotics

The COVID-19 pandemic had a significant negative influence on the market for Space Robotics in 2020, significantly decreasing its CAGR. In 2020, manufacturers and suppliers of Space Robotics were significantly impacted by federal and national safety and legal orders. The majority of businesses have been impacted by the COVID-19 pandemic. Mandates for business closures, restricted municipal and state government office activities, and social conventions of distance had an impact on the production of Space Robotics in 2020. Additionally, demand for Space Robotics decreased across a range of end-use sectors. The pandemic epidemic also resulted in a decline in global investments in the water sector.

Space Robotics market : Competitive Landscape

The prominent players operating in the Space Robotics market are profiled in-depth in the report and their strategies, collaborations, and product innovations. The analysis of the key players and their strategies to fortify their presence in the market impart a better understanding of the competitive landscape of the Space Robotics market .

Some of the prominent players operating in the market are:

Oceaneering International, Inc., Northrop Grumman, Motiv Space System, Inc., Metecs, LLC, Maxar Technologies, Intuitive Machines, LLC, Astrobotic Technology, Inc., Altius Space Machines, Motiv Space Systems, Inc., Ispace, Inc., Olis Robotics, and Stinger Ghaffarian Technologies, Inc

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The research study examines historic data from 2018 and 2020 to draw forecasts until 2028. The timeline makes the report an invaluable resource for readers, investors, and stakeholders looking for key insights in readily accessible documents with the information presented in the form of tables, charts, and graphs.

Some Key Highlights From the Report

Solution segment accounted for significant revenue share in 2021. Increasing adoption of robotic subsystems and rising demand for software that enables multiple robot collaborative planning are key factors driving revenue growth of this segment. In addition, significant investments by major companies such as PIAP Space, Olis Robotics, and others in related initiatives and projects is contributing to the revenue growth of this segment. For instance, the TITAN project by PIAP Space aims at advancing and developing a multi-articulated robotic arm for satellite servicing. It will be utilized for the maintenance of deorbiting satellites, thereby removing space debris that might hamper proper functioning of on-orbital satellites.

Deep Space segment accounted for a significantly large revenue share in 2021. Major investments by domestic and international space research institutes and rapid advancements in robotic technologies such as incorporation of AI and ML, IoT devices, and others play a major role in driving revenue growth of this segment. In addition, increasing participation of private companies such as SpaceX and others has contributed significantly to revenue growth of this segment. Investments being made are primarily for development of products and partnering with international space authorities to provide more cost-effective and advanced solutions.

Government segment accounted for significantly robust revenue share in 2021. Increasing emphasis on space and satellite technologies for military & defense purposes and applications is a major factor driving market revenue growth in this segment. In addition, government bodies in various countries are supporting as well as funding research & development activities associated with space and robotics, which is further boosting market revenue growth.

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Segments Covered in this report are:

Offerings Outlook (Revenue, USD Billion; 2019-2030)
Solution
Autonomous Sensors and Systems
Robotics and Subsystems
Software
Others
Services
Satellite Servicing
On-orbit Assembly
Surface Mobility
De-orbiting Services
Others

Application Outlook (Revenue, USD Billion; 2019-2030)
Near Space
Space Operations
Space Exploration
Space Transportation
In Space 3D Printing
Others
Deep Space
Space Transportation
Space Exploration
Ground

End-Use Outlook (Revenue, USD Billion; 2019-2030)
Government
Defense Department
Space Agencies
Others
Commercial
Private Satellite Operators
Launch Service Providers
Others

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Regional Bifurcation of the Space Robotics market Includes:

North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key questions answered in the report:

What will be the development pace of Space Robotics market ?

What are the key factors driving the Global Space Robotics market ?

Who are the key manufacturers in the market space?

What are the openings, hazards, and outline of the market?

What is sales, revenue, and price analysis of top manufacturers of Space Robotics market ?

Who are the distributors, traders, and dealers of Space Robotics market ?

What are the Space Robotics market opportunities and threats faced by the vendors in the Global Infrared detector industries?

What are deals, incomes, and value examinations by types and utilizations of the market?

What are deals, income, and value examinations by areas of enterprises?

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About Emergen Research

Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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