Asteroid Mining Market by Event Type and Geography - Forecast and Analysis 2022-2026
| Published: Jul 2022 | Pages: 118 | SKU: IRTNTR73878 |
Asteroid Mining Market Forecast 2022-2026
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.
What will the Asteroid Mining Market Size be During the Forecast Period?
Download the Free Report Sample to Unlock the Market Size for the Forecast Period and Other Important Statistics
Key Drivers, Trends, and Challenges
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.
Who are the Major Asteroid Mining Market Players?
The report analyzes the market's competitive landscape and offers information on several market companies, including:
- Asteroid Mining Corp. Ltd.
- Kleos Space SA
- OffWorld Inc.
- Shackleton Energy Co.
- SpaceFab.US
- The Boeing Co.
- Trans Astronautica Corp.
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.
Product Insights and News
- Asteroid Mining Corp. Ltd. - The company performs activities by following a 3 stage process which is a prospect, explore, and extract where the satellite performs a preliminary scan of the near-Earth and main-belt asteroids.
- Kleos Space SA - The company performs asteroid mining activities by developing and operating the geolocation intelligence space-based infrastructure for taking core samples and testing extraction technologies.
- OffWorld Inc.- The company performs activities by deploying robots that are powered by solar electricity as these robots would be able to learn on the fly with little human intervention and sense where the minerals and ore exist.
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.
Market Value Chain Analysis
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.
Which are the Key Regions for the Market?
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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.
What are the Revenue-generating Event Type Segments in the Market?
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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.
Market Analyst Overview
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.
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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 |
USD 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 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. |
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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. |
What are the Key Data Covered in this Market Report?
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will drive market growth during the next five years
- Precise estimation of the market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the market across North America, APAC, Europe, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information on companies
- Comprehensive details of factors that will challenge the growth of market companies
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Event Type
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Event Type
- 5.1 Market segments
- Exhibit 24: Chart on Event Type - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Event Type - Market share 2021-2026 (%)
- 5.2 Comparison by Event Type
- Exhibit 26: Chart on Comparison by Event Type
- Exhibit 27: Data Table on Comparison by Event Type
- 5.3 Spacecraft design - Market size and forecast 2021-2026
- Exhibit 28: Chart on Spacecraft design - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Spacecraft design - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Spacecraft design - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Spacecraft design - Year-over-year growth 2021-2026 (%)
- 5.4 Launch - Market size and forecast 2021-2026
- Exhibit 32: Chart on Launch - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on Launch - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on Launch - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on Launch - Year-over-year growth 2021-2026 (%)
- 5.5 Operation - Market size and forecast 2021-2026
- Exhibit 36: Chart on Operation - Market size and forecast 2021-2026 ($ million)
- Exhibit 37: Data Table on Operation - Market size and forecast 2021-2026 ($ million)
- Exhibit 38: Chart on Operation - Year-over-year growth 2021-2026 (%)
- Exhibit 39: Data Table on Operation - Year-over-year growth 2021-2026 (%)
- 5.6 Market opportunity by Event Type
- Exhibit 40: Market opportunity by Event Type ($ million)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 42: Chart on Market share by geography 2021-2026 (%)
- Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 44: Chart on Geographic comparison
- Exhibit 45: Data Table on Geographic comparison
- 7.3 North America - Market size and forecast 2021-2026
- Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.4 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.5 Europe - Market size and forecast 2021-2026
- Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.7 South America - Market size and forecast 2021-2026
- Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 Japan - Market size and forecast 2021-2026
- Exhibit 70: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.10 China - Market size and forecast 2021-2026
- Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.11 UK - Market size and forecast 2021-2026
- Exhibit 78: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on UK - Year-over-year growth 2021-2026 (%)
- 7.12 Russia - Market size and forecast 2021-2026
- Exhibit 82: Chart on Russia - Market size and forecast 2021-2026 ($ million)
- Exhibit 83: Data Table on Russia - Market size and forecast 2021-2026 ($ million)
- Exhibit 84: Chart on Russia - Year-over-year growth 2021-2026 (%)
- Exhibit 85: Data Table on Russia - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 86: Market opportunity by geography ($ million)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 87: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 89: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 90: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 91: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 92: Matrix on vendor position and classification
- 10.3 Asteroid Mining Corp. Ltd.
- Exhibit 93: Asteroid Mining Corp. Ltd. - Overview
- Exhibit 94: Asteroid Mining Corp. Ltd. - Product / Service
- Exhibit 95: Asteroid Mining Corp. Ltd. - Key offerings
- 10.4 Kleos Space SA
- Exhibit 96: Kleos Space SA - Overview
- Exhibit 97: Kleos Space SA - Product / Service
- Exhibit 98: Kleos Space SA - Key offerings
- 10.5 OffWorld Inc.
- Exhibit 99: OffWorld Inc. - Overview
- Exhibit 100: OffWorld Inc. - Product / Service
- Exhibit 101: OffWorld Inc. - Key offerings
- 10.6 Shackleton Energy Co.
- Exhibit 102: Shackleton Energy Co. - Overview
- Exhibit 103: Shackleton Energy Co. - Product / Service
- Exhibit 104: Shackleton Energy Co. - Key offerings
- 10.7 SpaceFab.US
- Exhibit 105: SpaceFab.US - Overview
- Exhibit 106: SpaceFab.US - Product / Service
- Exhibit 107: SpaceFab.US - Key offerings
- 10.8 The Boeing Co.
- Exhibit 108: The Boeing Co. - Overview
- Exhibit 109: The Boeing Co. - Business segments
- Exhibit 110: The Boeing Co. - Key news
- Exhibit 111: The Boeing Co. - Key offerings
- Exhibit 112: The Boeing Co. - Segment focus
- 10.9 Trans Astronautica Corp.
- Exhibit 113: Trans Astronautica Corp. - Overview
- Exhibit 114: Trans Astronautica Corp. - Product / Service
- Exhibit 115: Trans Astronautica Corp. - Key offerings
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 116: Inclusions checklist
- Exhibit 117: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 118: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 119: Research methodology
- Exhibit 120: Validation techniques employed for market sizing
- Exhibit 121: Information sources
- 11.5 List of abbreviations
- Exhibit 122: List of abbreviations
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
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
PURCHASE FULL REPORT OF
asteroid mining market market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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