Space Mining Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, Japan, Russia, UK - Size and Forecast 2024-2028

Space Mining Market Forecast 2024-2028

The space mining market size is projected to increase by USD 2.36 billion, at a CAGR of 16.15% between 2023 and 2028. 

Market growth hinges on factors like the rise in space missions, government backing for space mining, and the significant costs linked with space mining endeavors. As space exploration expands and governments invest in space mining initiatives, the market anticipates growth. However, the substantial expenses involved in space mining activities pose challenges despite the opportunities presented by increased space missions and governmental support.

What will be the Size of the Market During the Forecast Period?

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Market Segment 

Type Insights

The type C segment is estimated to witness significant growth during the forecast period. A type C (Chondrite) is a form of uncommon stony meteorite that is rich in organic molecules, particularly amino acids and includes significant amounts of the minerals serpentine and olivine, which are rich in magnesium. Less than 100 carbonaceous chondrites are known, but despite this, they tell a significant deal about the beginnings of the Sun, planets, and even life itself.

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The type C segment was the largest segment and was valued at USD 707.00 million in 2018. Chondrites also contain significant amounts of carbon, silicates, oxides, and sulfides. Different groups of chondrites that came from parent bodies in different parts of the solar nebula have been identified. These asteroids contain metals, water, and carbon compounds all in one. They would be very advantageous to mine. Thus, increasing mining for type C segment will drive the growth of the market during the forecast period.

Technology Insights 

The spacecraft design segment will account for the largest share of this segment.? A spacecraft, designed for space travel, serves multiple purposes such as transportation, communication, earth observation, and space exploration. Equipped with instruments like radiometers, spectrometers, and cameras, it also features altitude control and power systems tailored to its mission. Robust design is essential to withstand space's challenging conditions like microgravity. For instance, NASA's Psyche mission aims to explore a metal-rock asteroid, showcasing advancements in spacecraft technology. Such projects, including hardware manufacturing and mission planning, drive growth in the market.

Market Regional Insights

North America Region

North America is estimated to contribute 59% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

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North America holds a major share of the market due to the expansion of the domestic and commercial space mining business and the adoption of cutting-edge technology in the region. North America's largest market share belongs to the US. This is primarily because of the upcoming space exploration and mining missions by NASA and leading players in this region, including Moon Express, ispace, Asteroid Mining, and others). The US government engages in a variety of space-related initiatives. With the passing of the Spurring Private Aerospace Competitiveness and Entrepreneurship (SPACE) Act (also known as the Commercial Space Launch Competitiveness Act) in November 2015, the US government revised its commercial space legislation. Thus, such government initiatives will drive the growth of the mining market during the forecast period.

Market Dynamics

The space mining market is poised to revolutionize access to valuable raw materials by tapping into asteroids and minor planets rich in precious minerals like platinum, gold, silver, nickel, and aluminum. Particularly abundant in C-type asteroids, these celestial bodies also hold crucial water resources essential for rocket propellant and sustaining life in space. Driven by private stakeholders and government initiatives, advancements in 3D printing technology and spacecraft enable efficient resource harvesting through in-situ resource utilization. As regulations evolve, missions to asteroids promise novel applications in construction and beyond, marking a significant milestone in space exploration.

Key Driver

An increase in space missions is the key factor driving the market. 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, space can be used as a source of scarce elements like minerals, platinum, gold, silver, nickel, and aluminum. 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 due to government initiatives. Furthermore, key players have been making plans for space mining. Thus, such ongoing and future projects and missions on space technologies will drive the growth of the market during the forecast period. Additionally, advancements in 3D printing technology and spacecraft design are expected to revolutionize the resource harvesting process from asteroids, enabling efficient resource extraction and utilization.

Key Trends

Increasing government support for space mining is the primary trend shaping the market. The space economy is being developed at a rapid rate across various nations such as the US, India, Russia, China, and others. The US Departments of State and Commerce have implemented reforms to loosen the satellite export restriction system. Additionally, 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 space mining, which benefits different space entrepreneurs and their commercial ventures.

Furthermore, with an increase in the global population, there is a rise in the demand for the planet's finite resources. 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 drive the market during the forecast period.

Key Restraints

High costs associated with space mining is the major challenge impeding the market expansion. 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 would pay up to USD 25,000 for around a pound of the lunar surface. Additionally, it may cost USD 492 million to capture pieces of near-earth asteroids, which are the focus of companies that are now developing programs to start mining in space.

Furthermore, 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. Thus, these factors will limit the growth of the market during the forecast period.

Who are the Major Market Companies?

Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market growth analysis.

• Asteroid Mining Corp. Ltd. The company offers space mining systems such as Space Capable Asteroid Robotic Explorer a novel climbing robotic platform that allows targeted sampling and operations in microgravity environments.

The  market  growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Astro Forge, Blue Origin Enterprises LP, Dereum Labs, European Space Agency, Helios Project Ltd., Ispace inc., Karman, Kleos Space S.A., Lunar Outpost Inc, Meraki Space Systems, Moon Express, OffWorld Inc., SpaceFab.US, Trans Astronautica Corp., and Turion Space

The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Global Market Customer Landscape

Market Analyst Overview:

The market is a burgeoning industry attracting attention from space mining companies like Asteroid Mining Corporation, Deep Space Industries, and Planetary Resources. With market segmentation based on asteroid type such as Type S and Type M, companies are exploring opportunities from a geographical standpoint, collaborating with agencies like NASA, China National Space Administration, and Japan Aerospace Exploration Agency. Key insights derived from research methodology involving commodity resources assessments and mission cost evaluations sourced from government sources and JPL (NASA) contribute to strategic decision-making.

Moreover, associations like the B612 Foundation and Asterank foster collaboration and innovation within the industry. Furthermore, The market is rapidly evolving with the involvement of key players such as the National Aeronautics and Space Administration (NASA), the Russian Federal Space Agency, and private entities like Shackleton Energy Company and Trans Astronautica Corporation. Leveraging ice water as a valuable resource, companies are exploring opportunities with insights from secondary sources to drive innovation and sustainable growth in space exploration and resource extraction.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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