Growth Trends in the Space Robotics Market during the forecast period of 2020-2025 as predicted by Stratview Research
December 17, 2019
The report on Space Robotics to be published by Stratview Research focusses on current trend insights and also predicts about the market condition and its future in the forecast period of 2020 – 2025
The Market is Segmented by Solution Type (Services, Products), by Application Type (Deep Space, Near Space, and Ground), by End-User Type (Commercial, Government), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Solution Type Segment
Based on the solution type, the market is segmented as services and products. The satellite servicing segment led the market in 2018, and is estimated to remain dominant during the forecast period. The growth of the satellite servicing segment can be attributed to the escalating demand and requirement for space-based services, such as satellite servicing, de-orbiting services, surface mobility, and resupply services.
Application Type Segment
Based on the application type, the market is segmented as deep space, near space, and ground. The near space segment is estimated to register the highest growth in the coming five years. This growth of the segment can be credited to the claim for resupply missions for the International Space Station (ISS), on-orbit satellite engineering, and increasing requirement to service prevailing geosynchronous satellites.
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End-User Type Segment
Based on the end-user type, the market is segmented as commercial and government. The commercial segment is expected to depict a higher growth against the government segment, during the forecast period, driven by the increasing demand for satellite servicing, refueling and mission extension services which provide prospects for satellite operators/owners by extending the life of satellites and hence, generate profits from prevailing satellite fleets, and deliver enhanced flexibility in handling in-orbit satellite fleets.
Region Wise Segment
In terms of regions, North America was expected to register the largest share of the space robotics market in 2018, and the region is expected to continue its dominance during the forecast period as well. The market is driven by high demand for space robotic activities from prominent establishments, such as NASA and the Department of Defense, owing to the rising dependence on space resources and for empowering safety in space operations. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
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Highlights of the Report:
Space robotics market is likely to witness an impressive CAGR of 10.2% during the forecast period. The growth of the space robotics market is driven by a wide array of factors, such as increasing demand for servicing prevailing geostationary satellites, debris elimination, and technological progressions in self-governing systems, and collective demand for on-orbit engineering and assembly in the International Space Station (ISS) from various government agencies and commercial entities.
Some of the major players in the space robotics market are Altius Space Machines, Astrobotic Technology, Effective Space Solutions, Honeybee Robotics, ITT Corporation, Maxar Technologies, Motiv Space Systems, Northrop Grumman, Olis Robotics, and Stinger Ghaffarian Technologies (SGT).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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