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Space Rover is a robotic vehicle that particularly designed for planetary surface exploration application. The primary function of this robotic vehicle is to move across the planet surface or other astronomical object surface and collect the necessary information about the terrain. Moreover, the planetary surface exploration device is used to collect the surface samples to do further research in the field of astronomy. Furthermore, the space research organizations have been sent several rovers on the moon, Mars, and asteroids as part of lunar surface exploration mission, Mars surface exploration mission, and asteroid surface exploration mission, respectively. Currently, NASA’s Curiosity rover is actively exploring the Mars surface.
Rising investment in the space research and development activities and growing demand for a fully autonomous robotic space vehicle are the key drivers of the space rover market. The growing trend towards the development of artificial intelligence technology-based space robot is further driving the market growth. However, high chances of system failure based associated with spacecraft landing is expected to hamper the market growth. In spite of this, the increase in number of private space robot manufacturing companies will be expected to create plenty of opportunities in the near future.
Key Market Driver -
• Rising investment in the space R&D will aid market growth • Growing demand for fully autonomous robotic space vehicle to boost market growth
Key Market Restraint -
• High chances of system failure to hamper market growth
The space rover market can be segmented on the basis of application and geography. Based on application, the market has been divided into lunar surface exploration, Mars surface exploration, and asteroid surface exploration. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the world.
The major companies in the global space rover market report includes 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.), and Honeybee Robotics, Ltd (The U.S.).
The space rover market has been segmented into North America, Europe, Asia Pacific, and the Rest of the world. North America would showcase highest market share in space rover market during the forecast period. North America is the top investor in the field of space research. Moreover, this region has the presence of key spacecraft component manufacturer such as L3Harris Technologies, Inc. and Lockheed Martin Corporation among others are further fueling the market growth.
Asia-Pacific will expect to grow at a highest growth rate during the estimated timeframe. This growth is attributed to the rising investments in the space research and development activity by the emerging economies such as China, India and Japan. For instance, in 2018, China National Space Administration (CNSA) invested USD 11 billion in the space program.
Europe witnessed significant share in the space rover market owing to the increased focus on space launch program by the European Space Agency and other space research organizations. The Rest of the World registers a sluggish growth during the review period.
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