Dublin, November 28, 2024 (GLOBE NEWSWIRE) — The “Global AI in Space Exploration Market Report 2024” the report has been added to ResearchAndMarkets.com offer.
The market size of AI in space exploration has grown exponentially in recent years. It will grow from $3.4 billion in 2023 to $4.44 billion in 2024, at a compound annual growth rate (CAGR) of 30.8%.
The market size of AI in space exploration is expected to grow exponentially over the next few years. It will reach $12.78 billion in 2028, at a compound annual growth rate (CAGR) of 30.2%. The projected growth can be attributed to the increasing number of space launches and missions, the rise of autonomous vehicles, increased anomaly detection capabilities, and the expansion of satellite operations. Key trends in the forecast period include technological advancements, product innovations, integration of AI technologies, AI-powered robots, and development of new space technologies.
The growth of the AI market on space exploration is expected to be driven by an increasing number of space missions in the future. Space missions involve organized efforts to explore space or celestial bodies using various technologies such as spacecraft, satellites, rovers, telescopes, etc. AI plays a crucial role in space exploration by enhancing capabilities in various aspects, including autonomous navigation and control, advanced data analysis, automated planning and scheduling, and advanced robotics. For example, the United Nations Office for Outer Space Affairs reported an increase in space mission launches, with 2,664 objects put into orbit in 2023 compared to 2,478 in 2022, indicating an increase in space exploration activities.
Leading companies in the AI in space exploration market are focusing on developing strategic collaborations to strengthen their market position. Strategic collaborations involve targeted partnerships or alliances between entities to achieve common goals, leveraging complementary strengths and resources for mutual benefit. For example, IBM and NASA have collaborated to apply artificial intelligence to Earth science data, with the goal of discovering new information about our planet. This collaboration involves the development of fundamental AI models to analyze large quantities of text and remote sensing data, with the models open and available to the wider scientific community.
In August 2023, Sidus Space, an American satellite manufacturing and space services company, acquired Exo-Space, a US-based company specializing in hardware and software for artificial intelligence edge applications in the space, for an undisclosed amount. Through this acquisition, Sidus aims to expand its talent, technology and total addressable market by integrating Exo-Space’s autonomous AI and machine learning products into its business segments.
North America was the largest region in the AI in Space Exploration market in 2023. The regions covered in the AI in Space Exploration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the AI in Space Exploration market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom, United States, Canada, Italy and Spain.
AI in Space Exploration Market Competitive Landscape and Company Profiles
- Lockheed-Martin
- Airbus
- IBM
- Northrup Grumman
- Hewlett Packard Enterprise (HPE)
AI in the space exploration market Other major and innovative companies
- Thales Group
- Booz Allen Hamilton
- Spacex
- Maxar Technologies Inc.
- Astroscale
- Planète Labs Inc.
- Spire Global
- Eye of Ice
- Capella space
- Global Dark Sky
- Hawkeye 360
- Orbit D
- Orbital Insight Inc.
- LéoLabs
- Aerospace Slingshot
Key attributes:
| Report attribute | Details |
| Number of pages | 175 |
| Forecast period | 2024 – 2028 |
| Estimated market value (USD) in 2024 | $4.44 billion |
| Projected Market Value (USD) by 2028 | $12.78 billion |
| Compound annual growth rate | 30.2% |
| Regions covered | Global |
Key topics covered:
1. Summary
2. Market Characteristics of AI in Space Exploration
3. AI in Space Exploration Market Trends and Strategies
4. AI in Space Exploration Market – Macroeconomic Scenario
4.1. Impact of high inflation on the market
4.2. Impact of the Ukraine-Russia war on the market
4.3. Impact of COVID-19 on the market
5. Global AI in Space Exploration Market Size and Growth
5.1. Global AI in Space Exploration Market Drivers and Restraints
5.1.1. Market drivers
5.1.2. Market constraints
5.2. Global AI in Space Exploration Market Historical Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global AI in Space Exploration Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. AI in Space Exploration Market Segmentation
6.1. Global AI in Space Exploration Market, Segmentation by Type, History and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD
- Rovers
- Robotic arms
- Space probes
- Other types
6.2. Global AI in Space Exploration Market, Segmentation by Application, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD
- Robotics
- Remote sensing and monitoring
- Data analysis
- Asteroid mining
- Manned vehicles and reusable launch
- Communications
- Remote missions
6.3. Global AI in Space Exploration Market, Segmentation by End User, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD
7. Regional and Country Analysis of AI in Space Exploration Market
7.1. Global AI in Space Exploration Market Split By Region, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD
7.2. Global AI in Space Exploration Market Split By Country, Historical and Forecast, 2018-2023, 2023-2028F, 2033F, Billion USD
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