Space robotics market will surpass $3.5 billion by 2025, study says
SELBYVILLE, Del. The market for space robotics will grow from $2 billion in 2018 to approximately $3.5 billion by 2025, according to a 2019 Global Market Insights, Inc. report, "Space Robotics Market Size By Solution (Product [Rovers / Landers, Probes, Arms / Manipulator Systems], Software, Services), By Application (Deep Space [Space Exploration, Space Transportation], Near Space [Space Exploration, Space Transportation]), By End-Use (Commercial, Government), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Israel, South Africa), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025."
The study authors found that the space robotics market will grow in the next several years due to the launch of several near-Earth asteroid survey missions and the need for continuous maintenance and servicing of existing satellites.
Governmental investment and projects in various countries are supporting the global market expansion, as initiatives to develop and launch various spacecraft and satellites by governments including the U.S., Canada, and India are driving industry growth.
Regionally, the North American space robotics market will increase during the forecast period, owing to the presence of national organizations, including NASA and CSA, that are actively working toward the industry's development. The Asia-Pacific space robotics market is also growing at a rapid pace over the period studied, as countries including India, Japan, and China continue and mount new space projects.
For additional information, please visit the Global Market Insights website.