Overview and Scope
Asteroid mining is the extraction of minerals and other raw materials from small planets and asteroids in space. Asteroids are stone and metallic bodies that circle the sun. These bodies are the leftovers of collapsing planetary bodies, or protoplanets.
Sizing and Forecast
The asteroid mining market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to evolving space industry landscape, space race and cold war era, conceptualization and feasibility studies, scientific research and exploration missions, space mining advocates.
The asteroid mining market size is expected to see exponential growth in the next few years. It will grow to $3.79 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%. The growth in the forecast period can be attributed to development of infrastructure, reduction in launch costs, scientific exploration, environmental concerns, space colonization and sustainability, space-based manufacturing. Major trends in the forecast period include resource scarcity on earth, growing space exploration initiatives, advancements in space infrastructure, demand for rare metals, technological innovation for extraction.
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Segmentation & Regional Insights
The asteroid mining market covered in this report is segmented –
1) By Phase: Space-Craft Design, Launch, Operations
2) By Asteroid: Type C, Type S, Type M
3) By Application: Construction, Resource harvesting, 3D Printing
North America was the largest region in the asteroid mining market in 2023. The regions covered in the asteroid mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increasing space missions by government bodies and space companies is expected to propel the growth of the asteroid mining market going forward. A space mission refers to launching manned or unmanned vehicles into space to gather scientific data. Space missions would enable the exploration of suitable asteroid mining candidates containing platinum group metals and would get the data they need, such as location, environment, and travel time, to select the correct asteroid for mining. As a result, an increase in space missions increases the demand for asteroid mining. For instance, in January 2022, according to the United Nations Office for Outer Space Affairs, a United Nations secretariat, 1,674 objects were launched into orbit in 2021, compared to 1,273 in 2020, indicating an increase in the launch of space missions. Therefore, an increase in space missions by government bodies drives the growth of the asteroid mining market.
Key Industry Players
Major companies operating in the asteroid mining market report are Asteroid Mining Corporation Limited, Bradford Space Inc., iSpace Inc., Kleos Space SA, Moon Express Inc., Planetary Resources Inc., SpaceFab US Inc., OffWorld Inc., Virgin Galactic Holdings 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.
The asteroid mining market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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