Emergence of start-ups focused on space mining and excavation activities and investments in technology developments such as AI integration are offering lucrative growth for the global space mining market.
The space mining market is particularly driven by public and private fundings supporting the integration of advanced technologies. Besides technological expeditions, advances in space mining ships to facilitate seamless excavation in the outer space are primary growth determinants. The space mining market is thus anticipated to gain momentum reaching a market size worth USD 5 billion witnessing favourable CAGR of 22%.
Space mining also popularly known as asteroid mining falls under the umbrella term of space exploration. It primarily refers to exploitation of raw materials that are sourced from asteroids or other minor planets. Primary goal of space mining is to satisfy the needs for mineral excavation such as gold, silver, aluminium, platinum, and nickel among the broad list of minerals. Excavation and exploration of minerals takes place on near Earth objects such as comets wherein the minerals are derived from a spent asteroid or a comet and it is either used for space construction activities.
Crucial influential variables focus on the space mining market opportunities as a part of the future forecast. Factors triggering the rapidly evolving space industry introducing modern and advanced technologies are encouraging the space exploration activities and are scaling up the number of mining missions thus expected to fuel the growth of the space mining ship market over the forecast period.
Multiple governments investing in space capability enhancement drives has driven massive investments from public and private entities thereby improving skills, capital or tech to the global space mining market. Technology-focused advancement particularly rapidly modernizing 3D printing technology is expected to bode well with emerging opportunities for the space mining market.
Adroit Market Research report on the global space mining market broadly covers an all-inclusive analysis with a holistic approach towards market trends from 2018 to 2028 which emphasizes on the key aspects including current drivers, restrains, trends, market strengths and opportunities and challenges. The past market scenario has been provided considering the historical time span from 2018 to 2020. The study has considered the base year for market analysis as 2020 with the forecast years from 2021 to 2028. The report comprises of a differential analysis of the present market scenario and the future outlook and its peculiar market traits. The study report provides in-depth analysis of crucial insights derived from Porter’s five forces analysis and further delivers key player positioning.
The space mining market displays a fiercely competitive landscape consisting of large establishments with a robust foothold in the marketspace and strong brand identity along with the young market entrants with a relatively new market image. The space mining industry players are scaling up industry capabilities embarking on potential marketspaces with a view of staying ahead of the competition by initiating highly promising business collaborations, mergers with other large industry players, partnerships to expand technology expertise and acquisitions to further acquire roots across diverse geographies.
Based on the type segment, the market is bifurcated into different asteroid types including type C, type S, type M and others. The type C segment is the most prominent type of asteroid and is therefore expected to experience substantial growth over the forecast. Type C is also considered to be the most historically significant objects in the solar systems. These solar objects are typically assumed to be composed on clay and silicate rocks appearing darker in shade.
North America is estimated to account for the largest market share over the forecast years owing to the fact that the region is home to economies like the U.S. and Canada with particularly the U.S. advancing its research ad development over space activities driving large number of mining missions annually.
NASA is an epicentre for space research and the country is now witnessing emergence of new market players backed by sufficient fundings and a strong infrastructure. Asia Pacific is also expected to experience an optimum growth over the forecast with increasing investments across economies such as China.
Major players of the global space mining market include 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 well recognized and new players of the space mining market are bringing in innovative concepts and strategies for enhancing the expertise and staying competitive in the global market.
Key Segments of the Global Space Mining Market
Type Overview, 2018-2028 (USD Billion)
- Type C
- Type S
- Type M
Phase Overview, 2018-2028 (USD Billion)
- Spacecraft Design
Application Overview, 2018-2028 (USD Billion)
- Resource Harvesting
- 3D Printing
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa