What is AI in Space Exploration Market Scope?
Although astronauts are trained physically and psychologically to deal with extreme space situations, living in a confined space with no gravity could sometimes be stressful and could hamper their decision-making processes. This is where artificial intelligence is coming into the picture. Several years after the first moon landing, experts are now looking at emerging technologies to understand the space exploration a little better. With recent breakthroughs and discoveries, AI has been showing immense potential in space exploration, such as global navigation, earth observation, and communications to and fro. Historically, machine learning algorithms have been used in monitoring the spacecraft, autonomous navigation of the spacecraft, controlling systems, and intelligently detecting objects in the route. And now, in a bid to help astronauts, AI-based assistants are being created to aid astronauts in their missions to Mars and beyond. These assistants are designed to understand and predict the requirements of the crew and comprehend astronauts’ emotions and their mental health.
Influencing Trend:
The Increasing the Level of the Autonomy and Automation in the Space Exploration
Market Growth Drivers:
The Growing Numbers of Space Missions across the Globe Boosting the Demand for the AI Technology, Space Exploration Gives Rise to Humongous Amounts of Data That Cannot Be Analyzed Through Human Intelligence and The Capability of AI Technology to Make Decisions without Specific Commands from the Mission Control
Challenges:
Risk to astronauts
Restraints:
Increased Space Race Intensifying Competition among the Players
Opportunities:
The Technology of Artificial Intelligence Is Showing Clear Potential in Exploring the Interstellar Space with Innovative Machines and Projects
The AI in Space Exploration market study is being classified by Type (Robotic arms, Rovers, Space probes and Others), by Application and major geographies with country level break-up.
AI in Space Exploration market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Analysts at AMA predicts that Manufacturers from United States will contribute to the maximum growth of Global AI in Space Exploration market throughout the predicted period.
Orbital ATK (A Northrop Grumman Company) (United States), DARPA (United States), Neurala (United States), Descartes Labs (United States), KittyHawk (United States), Iris Automation, Inc. (United States), Flyby Nav (United States), PrecisionHawk (United States), Pilot.ai (United States) and MRX Global Holding Corp. (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Oceaneering International (United States), Maxar Technologies (United States), Astrobotic Technologies (United States) and Motiv Space Systems (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global AI in Space Exploration market by Type, Application and Region.
On the basis of geography, the market of AI in Space Exploration has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their Development Strategies
On 24 Sept 2019, Spacebit announced at The UK Space Conference 2019 their signing of a joint agreement with Astrobotic to begin commercial and scientific lunar exploration with the first mission in 2021 on the Peregrine lunar lander. Astrobotic’s Peregrine lunar lander will be launched on a Vulcan Centaur rocket from Space Launch Complex-41 at Cape Canaveral Air Force Station in Florida. The launch will carry the first lunar lander from American soil since Apollo.
In 2018, NASA awarded USD 330,000 as a research grant to a team to develop an AI to guide the ships in the space amid the debris. This autonomous navigation used Ethereum blockchain technology to create a “decentralised, secure, and cognitive networking, and computing infrastructure for deep space exploration.” Alongside, NASA has developed an AI upgrade — AEGIS (Autonomous Exploration for Gathering Increased Science), which helped in automating the laser-firing capabilities of the rover. With an increased pace in data collection, a trained AI system is a perfect match to monitor the spacecraft as well as reduce the downtime and possible risks.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analyst and Strategic Business Planners, AI in Space Exploration Service Providers, Government Regulatory, Research Organizations, End-Use Industries and Others
AI in Space Exploration Market Study: Important Years
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Major Highlights of Market Study
Demand Determinants: Identifying top-notch application and business segments that seek high growth potentials in AI in Space Exploration Market.
Key Strategic Developments: To target untapped regions more aggressively by focusing on product/service developments, innovation and R & D, new launches, Merger & acquisitions, JVs & partnerships.
Forces & Market Dynamics: Growth drivers, restraints & opportunities available in AI in Space Exploration industry is examined with reference relevant market sectors and sub-sectors.
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also includes significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets, To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.