What Is The Market Size Analysis For The Asteroid Mining Market?
The asteroid mining market has witnessed significant growth over recent years. From $1.68 billion in 2024, the market size is projected to escalate up to $2.07 billion in 2025, growing at a compound annual growth rate (CAGR) of 23.4%. This substantial growth in the historical period can be attributed to the evolving space industry landscape, space race and cold war era, conceptualization, and feasibility studies, scientific research and exploration missions, and advocacy for space mining.
The asteroid mining market is anticipated to see an even more substantial growth in the forecasted years. It is expected to reach $4.56 billion in 2029, with a compound annual growth rate (CAGR) of 21.8%. The growth can be attributed to infrastructure development, reduction in launch costs, scientific exploration, environmental concerns, space colonization and sustainability, space-based manufacturing. The market will also be influenced by resource scarcity on Earth, growing space exploration initiatives, advancements in space infrastructure, demand for rare metals, and technological innovation for extraction.
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What Are The Drivers For The Asteroid Mining Market?
An increase in space missions by government bodies and space companies is expected to significantly spur the growth of the asteroid mining market. Space missions, both manned and unmanned, are launched into space to gather scientific data. These missions aid the exploration of potential asteroid mining candidates rich in platinum group metals and glean crucial data such as location, environment, and travel time, needed for effective asteroid mining selection. The demand for asteroid mining consequently increases with the proliferation of space missions. For instance, according to the Indian Space Research Organization (ISRO), the global community launched a staggering 3,143 objects into space in 2023, marking a 24% increase from the previous year. Furthermore, in March 2024, according to Our World in Data (OWID), a UK-based scientific online publication, the record was exceeded with 2,664 objects launched in 2023, of which U.S. agencies and companies contributed 2,166, accounting for 81% of the global total. This surge in space missions propels the growth of the asteroid mining market.
What Are The Major Segments In The Asteroid Mining Market?
– By Phase: Space-Craft Design, Launch, Operations
– By Asteroid: Type C, Type S, Type M
– By Application: Construction, Resource Harvesting, 3D Printing
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Which Are The Major Players In The Asteroid Mining Market?
Major players operating in the asteroid mining market are Asteroid Mining Corporation Limited, Bradford Space Inc., iSpace Inc., Kleos Space SA, Moon Express Inc., Planetary Resources Inc., SpaceFab US Inc., OffWorld Inc., Sierra Nevada Corporation, Trans Astronautica Corporation, Deltion Innovations Ltd., The Boeing Company, The Indian Space Research Organisation, Northrop Grumman Corporation, Deep Space Industries Inc., TransAstra Corporation, Origin Space Inc., Karman+ Inc., AstroForge Inc., Honeybee Robotics Ltd., Masten Space Systems Inc., Astrobotic Technology Inc., Blue Origin LLC, Lockheed Martin Corporation, Space Exploration Technologies Corp., Orbital ATK Inc., Thales Alenia Space, Airbus Defence and Space, Mitsubishi Electric Corporation, OHB SE, Ball Aerospace & Technologies Corp., Maxar Technologies Inc.
What Are The Emerging Trends In The Asteroid Mining Market?
Technological advancements and innovations underline the key trends in the asteroid mining market. Major companies have begun to introduce innovative products to address the industry demand and reinforce their market presence. For example, in October 2023, Asteroid Mining Corporation (AMC), a UK-based privately-funded company that aims to mine asteroids for resources, introduced SCAR-E (Space Capable Asteroid Robotic Explorer) robot at the Space Economy Summit in Los Angeles. SCAR-E robot, designed to handle both terrestrial and extraterrestrial applications, is equipped with advanced technology for material detection and processing and is meant to reduce the environmental impact of conventional mining.
What Is The Regional Analysis Of The Asteroid Mining Market?
In 2024, North America was seen as the largest region in the asteroid mining market. The other regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Asteroid Mining Market Report 2025 Offer?
Asteroid mining involves the extraction of minerals and other raw materials from small planets and asteroids in space, which circle around the sun. These bodies are remnants from the collapse of collapsing planetary bodies, or protoplanets. The Asteroid Mining Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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