Market Trends of Space Robots Industry
This section covers the major market trends shaping the Space Robots Market according to our research experts:
Deep Space Segment is Projected to Register with the Highest CAGR During the Forecast Period
In segmentation by application, currently, the deep space segment has the largest market share in the space robots market. There is an increase in the use of robots in deep space applications, as it is difficult for humans to sustain the harsh environmental condition in space, especially in deep space where living beings cannot survive. Space agencies and private firms are developing deep space robots that could function in hostile environments. For instance, NASA is currently working on its latest space-exploring robot, which is dubbed the Shapeshifter. It is a flying amphibious robot that has capabilities like rolling, flying, floating, and swimming. The robots are being developed by the NASA Innovative Advanced Concepts research program, Ali Agha of the Jet Propulsion Lab. Once fully developed, the robots can explore Saturn's moon, Titan, which is known to have liquid (in the form of methane seas) on its surface. Such developments are expected to drive the market for the deep space robots in the years to come.
North America has the Largest Share in the Space Robots Market
Currently, North America has the largest share in the space robots market. Several private companies are developing space robots along with NASA for various applications. In February 2020, NASA awarded a USD 5 million contract to Maxar Technologies to deliver a robotic arm called Sample Acquisition, Morphology Filtering and Probing of Lunar Regolith (SAMPLR). The arm will be used to explore the moon by acquiring samples for determining the geotechnical properties of the moon. With the growing utilization of robots in space, NASA is currently working on developing modules for the storage of robots in space. In December 2019, NASA attached Robotic Tool Stowage (RiTS), a protective storage unit for critical robotic tools, to the outside of the International Space Station. NASA also plans to increase the human and robotic collaborations for its other projects like the exploration of the Moon, Mars, and the deep space. However, during the forecast period, Asia-Pacific is expected to register the highest CAGR. Increasing investments in space robotics and the emphasis on the development of new space robots are the main growth drivers for the market in the region. For instance, the Indian Space Research Organisation (ISRO) unveiled its own half-humanoid robot, the Vyommitra in January 2020. The robot will be onboard the ISRO's 'Gaganyaan' crewed orbital spacecraft that will be launched in late 2020. Such developments are projected to boost the growth of the market in the region during the forecast period.
