Global space-robotics market could reach $4.6 billion by 2023
NORTHBROOK, Ill. The space-robotics market, estimated to be $2.88 billion in 2018, is projected to reach $4.36 billion by 2023, at a CAGR of 8.64% from 2018 to 2023, according to a new study from MarketsandMarkets, "Space Robotics Market by Solution, Services (Satellite Servicing, On-orbit Assembly & Manufacturing, De-orbiting Services, Re-supply, Surface Mobility, & Launch Support), Application, End-User, and region - Global Forecast to 2023."
Driving the space-robotics market, say the study authors, are such factors as increased investment in space-exploration missions, growing demand for geostationary satellite servicing, on-orbit manufacturing/assembly/ debris removal, and technological advancements in autonomous systems. The study finds that growth can also be attributed to the increasing demand for space robotics solutions from commercial, government, organizations, space agencies, defense organizations, satellite operators, and NewSpace companies.
Based on end user, the commercial segment is estimated to account for the largest share of the space robotics market in 2018; demand will be driven in that segment by the quest to extend the lifetimes of existing geostationary satellites, increased demand for on-orbit manufacturing and assembly, and robotic solutions for space-exploration activities.
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