According to a report by Global Market Insights (GMI), the space robotics market is predicted to expand from $2bn in 2018 to $3.5bn by 2025.
The report revealed the main factor responsible for this rapid expansion was the integration of AI technologies into space exploration systems.
The key companies operating in the space robotics market as per the report were Oceaneering International, Maxar Technologies, Northrop Grumman, Astrobotic Technologies, Motiv Space Systems, Altius Space Machines, etc.
Demand for the space robotics market was attributed to the increasing number of government-sponsored space exploration experiments and projects.
Within this market, near space exploration and transportation segments have gained popularity due to several missions working on asteroid survey projects close to the Earth’s surface.
While the U.S. and Canada continue to invest huge amounts in R&D and technology to complete space exploration initiatives, the report revealed that the space robotics market has continued to grow at a rapid pace in the Asia-Pacific regions such as India, Japan and China.