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The asteroid mining market share is expected to increase to USD 2.08 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 23.8%.
This asteroid mining market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers asteroid mining market segmentation by event type (spacecraft design, launch, and operation) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The asteroid mining market report also offers information on several market vendors, including Asteroid Mining Corp. Ltd., Kleos Space SA, OffWorld Inc., Shackleton Energy Co., SpaceFab.US, The Boeing Co., and Trans Astronautica Corp. among others.
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The increase in space missions is notably driving the asteroid mining market growth, although factors such as high costs associated with asteroid mining may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the asteroid mining industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Asteroid Mining Market Driver
The increase in space missions is one of the key drivers propelling the asteroid mining market growth. The human population has increased dramatically over the past century, from around 1.5 billion to more than 7 billion, fueling an ever-increasing demand for resources. If financial and technological barriers can be overcome, asteroids can be used as a source of scarce elements. It is anticipated that innovations and technological advancements will lower the cost of mining asteroids during the forecast period. Additionally, highly regarded space mining and economics programs exist in China and Japan. Such ongoing and future projects and missions on space technologies will drive the growth of the global asteroid mining market during the forecast period.
Key Asteroid Mining Market Trend
The rise in the number of government regulations is one of the key asteroid mining market trends fueling market growth. For instance, NASA sponsors competitions and offers technical support for the creation of cutting-edge technologies, such as 3D printing, space solar power, and electric propulsion, that promote the expansion of asteroid mining, which benefits different space entrepreneurs and their commercial ventures. The expansion of the global asteroid mining market has a profitable potential due to the increase in governmental laws and backing. According to NASA, minerals found in the belt of asteroids between Mars and Jupiter have enough wealth for every person on earth to be worth an astounding $100 million. With an increase in the global population, there is a rise in the demand for the planet's finite resources. Moreover, due to this, a number of governments and commercial companies have turned their attention to space in search of various resources, which is expected to fuel the market growth during the forecast period.
Key Asteroid Mining Market Challenge
The high cost associated with asteroid mining is one of the factors impeding the asteroid mining market growth. Metals that are currently extracted from the earth are present on celestial bodies, such as the moon and asteroids. In September 2020, to start moon mining, NASA announced that it will pay up to $25,000 for around a pound of the lunar surface. However, compared with their size and expense, complicated projects and asteroid research missions only produce a modest amount of material. Governmental funding or private investments may be used to support these kinds of ventures. As long as the money obtained exceeds total costs, a commercial enterprise can be lucrative. Thus, the high expense of the space mining technique will limit the growth of the global asteroid mining market during the forecast period.
This asteroid mining market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global asteroid mining market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the asteroid mining market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the asteroid mining market encompasses successful business strategies deployed by the key vendors. The asteroid mining market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The asteroid mining market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the asteroid mining market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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41% of the market's growth will originate from North America during the forecast period. The US is the key market for the asteroid mining market in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
The expansion of the domestic and commercial space mining business and the adoption of cutting-edge technology will facilitate the asteroid mining market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on the regional market. However, by 2021, the asteroid mining projects restarted as regional end-user activities picked up due to the large-scale COVID-19 vaccination drives. Thus, these factors will drive the growth of the regional asteroid mining market during the forecast period.
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The asteroid mining market share growth in the spacecraft design segment will be significant during the forecast period. A spacecraft is designed with different components, including instruments, altitude control systems, and electric power systems, depending on the type of the mission. The spacecraft design is crucial because it must withstand challenging or harsh conditions in space, such as microgravity. Thus, such factors in spacecraft design will drive the market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the asteroid mining market size and actionable market insights on post COVID-19 impact on each segment.
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Asteroid Mining Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.8% |
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Market growth 2022-2026 |
$ 2.08 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
15.1 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 41% |
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Key consumer countries |
US, Japan, China, UK, and Russia |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Asteroid Mining Corp. Ltd., Kleos Space SA, OffWorld Inc., Shackleton Energy Co., SpaceFab.US, The Boeing Co., and Trans Astronautica Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Event Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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