Space Mining Market Size, Share & Industry Analysis, By Phase (Spacecraft Design, Launch, Operation), By Asteroid type (Type C, Type S, Type M, Others), By Application (Construction, Resource Harvesting, 3D Printing, Others) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The space mining market is an emerging industry focused on extracting valuable resources from asteroids and other celestial bodies. Space mining is termed as the exploitation of raw materials from asteroids as well as a minor planet. The main aspect of space mining is to fulfill the requirement of mineral. These resources are included platinum, gold, silver, nickel, and aluminum, and among others. C-type asteroids contain ice water, which can be mined and used as a rocket propellant. The increasing C-type asteroids space mining mission, growing traces of water resources, metal in the space are refueling the growth of the space mining market.
The increasing investments of private stakeholders in space mining companies drive the space mining industry. Furthermore, several space mining missions, as well as the rising number of government initiatives to frame regulations for asteroid mining propelling the market. Adoption of In-Situ resource utilization practice in space exploration and advancement in 3D printing technology are the upcoming opportunities for the market. However, landing a spacecraft on asteroids is the major challenge for the space mining industry.
Key Market Driver -
Increasing Investments and Government Initiatives to Frame Regulations with Respect to Asteroid
Key Market Restraint -
High Costs Associated with Asteroid Mining and Prospecting Missions
Space Mining Market Segmentation Analysis
By phase, the market is classified into space-craft design, launch, and operation. Based on asteroid type, the market is segmented into type C, type S, type M, and others. Based on the application, the market is segmented into construction, resource harvesting, 3D printing, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players Covered:
The major companies in the global space mining market report include Asteroid Mining Corporation (The U.K), China National Space Administration (China), Deep Space Industries (The U.S.), European Space Agency (France), Japan Aerospace Exploration Agency (Japan), Moon Express (The U.S.), National Aeronautics and Space Administration (The U.S.), Planetary Resources (The U.S.), Russian Federal Space Agency (Russia), Shackleton Energy Company (The U.S.), SpaceFab.US (The U.S.), Trans Astronautica Corporation (The U.S.), and among others.
Key Insights
- Increasing Investments From Private Stakeholders in Space Mining
- Increasing C-Type Asteroids Space Mining Mission
Space Mining Market Regional Analysis:
The global space mining market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America registers significant growth during the forecast period. This growth is attributed to the presence of key players such as Deep Space Industries, Moon Express, National Aeronautics and Space Administration, Planetary Resources, Shackleton Energy Company. Furthermore, the increasing space mining mission from NASA propels the market growth across the region.
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Asia-Pacific will witness siginificant growth in the space mining industry during the forecast period. In China, growing investments in the space mining sector, and the cost reduction in space launching is anticipated to boost the market. Europe registers a remarkable market growth during the forecast period owing to the ongoing and future space missions of the European Space Agency (ESA). In the Middle East & Africa, Increasing Investments from the private firm to build a space station infrastructure in Latin America is driving the market.
Segmentation
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By Asteroid type |
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By Application |
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By Geography |
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Key Space Mining Industry Developments
- In Feb 2020, SPACE EXPLORATION TECHNOLOGIES CORP. (SpaceX) and NASA signed a contract with a valuation of USD 117 million to explore the mineral-rich asteroid known as Psyche. The Psyche mission will use a Falcon Heavy rocket, which will launch from Launch Complex 39A at Cape Canaveral Air Force Station.
- In April 2016, A Northern Ontario Company made an agreement with Canadian Space Agency to work on a multi-purpose device. This device is designed for future mining on the moon and Mars.
- Ongoing
- 2023
- 2019-2022
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