The increasing R&D investment in space operations is expected to enable healthy growth of the market, states Fortune Business Insights, in a report, titled “Space Rover Market Size, Share & Industry Analysis, By Application (Lunar Surface Exploration, Mars Surface Exploration, Asteroids Surface Exploration) and Regional Forecast, 2022-2029.” The demand for fully autonomous robotic space vehicles can have an excellent impact on the market.
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The Report on the space rover market features:
- Comprehensive study of the market
- Essential facts about prominent players
- Main regions in the market
- Key drivers and trends
- Significant development
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Market Driver:
Development of AI-enabled Space Robots to Aid Expansion
The increasing trend towards the development of artificial intelligence technology-based space robots is expected to foster healthy growth of the market. The growing exploration missions by space research organizations, including Mars, asteroids as part of a lunar surface exploration mission, Mars surface exploration mission, and asteroid surface exploration mission, can create opportunities for the market. Furthermore, the increasing number of private space robot manufacturing companies is further favoring the market’s development. Besides, the growing investment in space research and development activities and growing demand for a fully autonomous robotic space vehicle are factors expected to aid the market’s growth. However, high chances of system failure associated with spacecraft landing are expected to hamper the market growth in the forthcoming years.
NASA to Initiate Its Latest Plan for Moon
The increasing investments in space missions and exploration projects are likely to promote the market’s healthy growth in the forthcoming years. For instance, in October 2019, NASA announced its plan to send VIPER, a lunar rover, on the moon’s surface in December 2022. This rover is manufactured by the NASA’ Houston-based Johnson Space Center.
Regional Analysis:
Leading Manufacturers to Augment Growth in North America
North America is expected to experience a rapid growth owing to the presence of top investor in the field of space research. The presence of key spacecraft component manufacturers such as L3Harris Technologies, Inc. and Lockheed Martin Corporation and others are expected to favor growth in the region. Asia Pacific is expected to grow at the highest growth rate during the forecast period owing to the rising investments in the space research and development activities by emerging economies such as China, India, and Japan. For instance, in 2018, the China National Space Administration (CNSA) invested USD 11 billion in space programs. Europe is expected to witness a rapid growth rate due to the increasing focus on the space launch program by the European Space Agency and other space research organizations.
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Key Development:
July 2019: Indian space research organization (ISRO) announced the launch of a spacecraft in the middle of the month. This is India’s first moon rover and lander mission, namely ‘Chandrayaan-2’. ISRO invested USD 141 million to accomplish the ‘Chandrayaan-2’ mission.
January 2020: Maxar Technologies Inc. won the award from NASA to design lightweight robotic arm, namely Space Infrastructure Dexterous Robot (SPIDER).
The Report Lists the Key Companies in the Space Rover Market:
- Jet Propulsion Laboratory (The U.S.)
- Lockheed Martin Corporation (The U.S.)
- The Boeing Company (The U.S.)
- Indian Space Research Organisation (India)
- Johnson Space Center (The U.S.)
- Airbus Defence and Space (Germany)
- Astrobotic Technology, Inc. (The U.S.)
- Maxar Technologies Inc. (The U.S.)
- Motiv Space Systems, Inc. (The U.S.)
- Honeybee Robotics, Ltd (The U.S.).
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