Sep 21, 2023

Pune, INDIA Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global space robotics market size reached USD 4.32 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for space robots and associated services and navigation from the space mining industry is a major factor driving market revenue growth. Increasing awareness regarding the benefits of deploying Low Earth Orbit (LEO) communication satellites is a key factor driving market revenue growth. LEO communication satellites are emerging as a lucrative option in many fields. In addition, international space authorities such as the National Aeronautics and Space Administration (NASA) believe the technology can significantly transform how we collect information and data. The versatility in terms of the size, lower cost of installation, the scope for mass production, and shorter lifecycles are some of the essential factors driving rising investments. LEO satellites are critical in wireless broadband due to significant improvements in speed and latency. Since these satellites move closer to the earth, they offer superior signal strength and require less power for transmission. In addition, compact LEO satellites are used in remote sensing, earth observation, and communications. Moreover, these offer the best options for scalability, thereby addressing the limitations of terrestrial networks. Space robotic systems are used in maintaining and installing critical components in these satellites. Moreover, major companies are investing in developing robotic arms that aid in reducing the time required for maintenance of satellites in LEO. High volatility in prices of raw materials such as steel is a key factor restraining market revenue growth. The robotics industry is significantly dependent on steel and aluminum components and materials for the manufacture of external as well as internal structures of space robots. However, imposition of export duties on steel products presents a significant challenges to companies seeking to expand their capacity and operations in the robotics and space industries. In countries such as India, which is a major contributor to the global steel economy, the government has waived custom duties on the import of raw materials used in the steel industry, such as coal and ferronickel, and increased export taxes to keep local prices in check. In addition, to increase domestic availability, the duty on iron ore exports was raised to 50%, and on a few steel intermediaries to 15%. This has majorly affected companies operating globally as steel is a critical material that is used in the manufacturing of space robots, and with the increasing number of initiatives being undertaken for development of space exploration programs, steel demand continues to rapidly increase. Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @   https://www.emergenresearch.com/request-sample/1023 The global space robotics market is expected to register a CAGR of 4.7% over the forecast period and revenue is projected to increase from USD 4.32 Billion in 2021 to USD 6.55 Billion in 2030. Increasing usage of space robots in satellite maintenance activities is a major factor driving market revenue growth. Satellites placed in orbit are programmed for tasks such as refueling, inspecting, repairing, and constructing large orbital satellites and infrastructures. Hence, extravehicular activities are carried out by humans to avoid damage and interruption of signals. However, this requires careful planning and preparation. In addition, this drastically increases mission costs and turn-around time. Moreover, rapid advancements in technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and others is resulting in major companies investing significantly in the incorporation of AI-enabled software and IoT-enabled devices for better communication and collection of critical data and information. This enables industry specialists to make more informed decisions during satellite failure and downtime. Global space robotics market growth had been significantly disrupted by the outbreak of COVID-19 pandemic. Space robots incorporated with sensors aid in gathering of critical data and information related to satellites, and objects in outer space. These sensors are primarily manufactured and imported from countries such as China, where the outbreak first occurred. This majorly dented the supply chain of these components and significantly hampered end production. In addition, due to the rapid increase in the mortality rate, governments in various countries imposed stringent regulations on all international trade thereby hampering the availability of raw materials. Moreover, lockdowns were imposed to contain the spread of the virus thereby hampering domestic trade opportunities. Major companies operating globally had to halt production and operations in order to comply with rules and regulations thereby reducing demand as well as application of robots for space exploration and satellite maintenance activities. However, the situation has improved following lockdowns and trade restrictions having been lifted and governments in various countries are in process or various phases of launching initiatives and programs to boost application of robots in various fields. Increasing application of robots in advancing in-spacing manufacturing is a robust trend expected to drive market revenue growth during the forecast period. In addition, major companies are investing in the development of robotic arms perform complex tasks in orbit or on surfaces of planets or the moon. On 24 May 2022 for instance, Nanoracks LLC, which is a leading manufacturer and provider of space technologies headquartered in Houston, Texas, U.S., announced launching the outpost mars demo-1 experiment which includes a small articulating robot arm that is housed on SpaceX’s Transporter 5 rideshare. It will be used to demonstrate metal cutting in orbit. This is significant achievement because it aids in converting used parts of rocket ejected after various stages of launch into space habitats. In addition, the experiment is a part of the outpost program by Nanoracks and will demonstrate future possibilities in building space infrastructure. Market in Asia Pacific accounted for second-largest revenue share in 2021. Presence of space research agencies and organizations such as the China National Space Administration (CNSA), Indian Space Research Organization (ISRO), Japan Aerospace Exploration Agency (JAXA), and others is a key factor driving market revenue growth in this region. These agencies and organizations are investing significantly in space exploration activities and supporting private companies in the development of innovative and high-performance space technologies. The wide availability of cost-effective Three-Dimensional (3D) printing equipment and raw materials such as steel, and others are contributing to rapid advancements in various initiatives and programs. This is also expected to continue to support market revenue growth in this region. Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/1023 Scope of Research