The global Space Mining market size is expected to reach close to USD 33.05 Billion by 2029 with an annualized growth rate of 12.68% through the projected period.
The substantial growth expansion can be attributed to the increasing number of scheduled space mining missions coupled with extension of the ongoing missions. Favourable funding is further encouraging space exploration re-affirming the growth of the global space mining ship market.
Growing R&D investments and increasing government spending are further accelerating the growth of the global space mining market in recent times. Private stakeholders increasingly indulging in collaborations and investments in the space industry is triggering novel opportunities for the market the market expansion.
Some of the popular concerns such as impeding danger to astronauts, astounding budget for mission executions and high possibilities of pollution across outer space are persistent barriers restricting growth of global space mining market in the coming years. However, emerging technologies such as AI to rectify the gaps of drone-based mining expeditions that lead to delays and mismanagement is furthering progressing space mining ships inclusion to fortify growth in space mining industry.
Modernization and advances in industrialization have taken mining out into the space in search of the much necessary minerals and compounds. With constant developments in science and technology fields, the mining sector has advanced significantly adopting high-tech next-generation equipment and devices to enhance the capabilities of space mining. Space mining or asteroid mining has gained immense attention in the recent decades with growing space activities by the leading countries across the world. It refers to extraction of minerals or raw materials from near-earth objects which includes asteroids, comets, or minor planets with the help of advanced space mining ships.
Global space mining market broadly consists of a spectrum of well-established players alongside new competitors with a relatively new market identity aiming to eliminate the pitfalls of traditional technologies and mining strategies. Introducing highly innovative strategies in place to scale up overall capabilities of space mining and enhance the efficiency of next generation mining environment is paving new avenues for space mining industry at large, coupled with advancements in space mining ships and tools. Constant innovations and upgradation in the technologies along with increasing competition has resulted in market consolidation.
The major players of the global space mining market are Moon Express, iSpace, Asteroid Mining Corporation, Bradford, Deep Space Industries, NASA, Japan Aerospace Exploration Agency, CNSA, SpaceFab, Planetary Resources, Trans Aeronautica Corporation and Russian Federal Space Agency. The space mining market encompasses of firmly established local competitors along with the international players. In addition, the experienced market players are proposing novel strategies providing advanced technological capabilities thus enhancing the appeal with the primary goal of staying competitive in the global market.
Space Mining Market Scope
|Revenue forecast in 2029
|USD 33.05 Billion
|CAGR of 12.68% during 2019-2029
|Product Type, End- User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|North Star Ice Equipment Corporation (U.S.), Recom Ice Systems (Netherlands), and Focusun Refrigeration Corporation (China).
Key Segments of the Global Space Mining Market
Type Overview, (USD Billion)
- Type C
- Type S
- Type M
Phase Overview, (USD Billion)
- Spacecraft Design
Application Overview, (USD Billion)
- Resource Harvesting
- 3D Printing
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
Reasons for the study
- The primary goal of the study is to offer a comprehensive view of the global space mining market with exhaustive research enabling you to leverage the information against the rest of the competitors.
- Allow you to remain competitive amidst the rapidly modernizing market with surging innovations by key players to expand the market.
What does the report include?
- The study on the global space mining market consists of qualitative nuances including the marker drivers, restraining factors, opportunities, and challenges.
- The study report consists of granular assessment of the competitive landscape identifying the current and prospective players in the space mining market followed by their strategic efforts in product development.
- The study deliverables include an in-depth market segmentation based on the type of asteroid, phase, application, and regional analysis identifying key geographies. The segmentation analysis is driven by qualitative and quantitative data supporting the research outcome.
- Accurate market estimations and metrics representing market sizes and forecasts have been incorporated in each market segment.
Who should buy this report?
- The report on the global space mining market offers an array of actional and industry relevant data for all the market participants across the space exploration industry including designers, technicians, astronauts, and flight surgeons among others.
- Private and public investors seeking in-depth information associated with the future outlook of the global space mining market.
- Researchers, space scientists, space lawyers and avionic experts looking for valuable insights reshaping the landscape of the global space mining market.
Frequently Asked Questions (FAQ) :
Rapidly escalating government participation in encouraging space exploration activities through increasing investment initiatives for deploying an efficient suit of regulations regarding asteroid mining missions and the infrastructure of the space mining sector are currently driving the growth of the global space mining industry exponentially. Multiple governments particularly the economic power rivals are increasingly focusing on overall growth and development of the R&D capabilities of the space industry adopting highly advanced systems for introducing next-generation space tech. With rapid modernization and adoption of 3D printing along with rapidly surging adoption of in-situ resource utilization (ISRU) infrastructures to support the ongoing human expeditions requiring resources providing water and raw materials is considered to significantly propel the growth of the global space mining market. Space exploration activities are expected to grow in the coming decade owing to the increasing number of private participants within the space industry driving innovative research and experimental activities to ensure success of mining missions.
Based on the asteroid type, the market is fragmented into type C asteroid, type S, type M and others. The type C asteroid market segment is expected to witness exponential growth with a dominant market share over the forecast period as its the most prominent type of near-earth object that is used to excavate minerals and other raw materials. The asteroid type also has historic prevalence and is a common occurrence for the space explorers. The type M and type S segment are likely to witness a sustainable growth over the forecast.
In terms of phase, the market is bifurcated into spacecraft design, launch and operation. The spacecraft design segment is considered to grow at a sustainable rate with surging initiatives driving advanced design and construction of spacecrafts by large space equipment companies. the launch and operations segment are also estimated to grow significantly over the forecast period with increasing expenditures in ongoing mining activities.
Based on the applications, the market is segmented into 3D printing, fuel, resource harvesting, construction and others. The resource harvesting segment is likely to grow at a considerable speed over the forecast period with growing inclination of space explorers to deriving essential resources such as water or an array of minerals and raw materials from minor planets and other objects in the solar system either to support life in the space or bringing it back to earth for application. Construction, and 3D printing segments are also anticipated to experience ideal rise in growth owing to increasing advancements.
North America is anticipated to largely dominate the global space mining market over the forecast years considering the extensively expanding space exploration initiatives in strengthening the infrastructure and the associated operations. North America is highly powered by the developed economies of the U.S. and Canada. U.S. is globally popular for its technological expertise and advanced portfolio of space technologies with some of largest space tech companies established in the region. U.S. regulations also encourage substantial investments and funding thus offering lucrative growth opportunities for the growth of space mining market. Asia Pacific is also estimated to experience a rise in growth rate over the forecast period owing to massive growth in the spec sector in China driving substantial escalation in opportunities.