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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%. The market report also offers information on several market companies, 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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Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's 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 Market Driver
The increase in space missions is one of the key drivers propelling 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 market during the forecast period.
Key Market Trend
The rise in the number of government regulations is one of the key 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. Align with market trends and analysis, the expansion of the 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 USD100 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 Market Challenge
The high cost associated is one of the factors impeding market growth. Metals that are currently extracted from the earth are present on celestial bodies, such as the moon and. In September 2020, to start moon mining, NASA announced that it will pay up to USD 25,000 for around a pound of the lunar surface. However, compared with their size and expense, complicated projects and 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 market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
The report analyzes the market's competitive landscape and offers information on several market companies, including:
This statistical study of the market growth and trends encompasses successful business strategies deployed by the key companies. The market is concentrated and the companies are deploying organic and inorganic growth strategies to compete in the market.
The market forecast report offers in-depth insights into key vendor profiles. Align with market growth and forecasting, profiles include information on the production, sustainability, and prospects of the leading companies.
Our market research and growth report provides extensive information on the value chain analysis for the market, which companies 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 companies 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 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 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 companies, which will assist in creating efficient business plans.
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The 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 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 market growth during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the market and actionable market insights on post COVID-19 impact on each segment.
The market is propelled by advancements in science and technology, particularly advancement in 3D printing technology, revolutionizing the construction and resource harvesting phases. Valuable metals like gold, iridium, silver, osmium, palladium, platinum, and nickel are targeted for extraction, stimulating private enterprises to invest. However, challenges arise due to the high cost associated with space mining techniques and the rise in the number of government regulations.
The rise in the number of government initiatives, coupled with In-Situ Resource Utilization (ISRU) practices, is transforming the landscape. Investors should navigate through proprietary rights, risks, and investment pockets, considering the dynamics influenced by Porter's five forces analysis and organizations like the Satellite Industry Association (SIA). The market's trajectory is also influenced by different asteroid types, such as Type C and Type M, finding diverse applications, notably in water extraction.
Asteroid Mining Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.8% |
Market Growth 2022-2026 |
USD 2.08 billion |
Market structure |
Concentrated |
YoY growth (%) |
15.1 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 41% |
Key consumer countries |
US, Japan, China, UK, and Russia |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Asteroid Mining Corp. Ltd., Kleos Space SA, OffWorld Inc., Shackleton Energy Co., SpaceFab.US, The Boeing Co., and Trans Astronautica Corp. |
Market dynamics |
Parent market analysis, market growth analysis, Market analysis and report, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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
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