- In October 2023, Space Exploration Technologies Corporation, in collaboration with NASA, launched a mission to the asteroid belt between Jupiter and Mars, aiming to explore previously uncharted iron cores and expand knowledge of planetary formation
- In October 2023, NASA initiated the Psyche mission, designed to investigate the metal-rich asteroid 16 Psyche, which is estimated to hold precious metals worth USD 100,000 quadrillion, offering critical insights into the evolution of planetary bodies
- In April 2023, TransAstra secured a USD 0.85 million Phase 2 business innovation research contract from NASA to develop an inflatable capture bag for orbital debris removal, demonstrating advanced space-cleaning technology
- In March 2023, OffWorld expanded its global footprint by establishing its European headquarters in Luxembourg, enhancing its capabilities in developing AI-powered robotic systems for extreme environment operations, including space mining applications
- In January 2023, Astroforge Inc. announced its plan to launch a spacecraft dedicated to exploring platinum group metals, with the goal of significantly reducing space mining costs and advancing extraterrestrial resource extraction
Frequently Asked Questions
The key trends in the asteroid mining market is the technological innovations driving automation in space mining.
The major factors driving the growth of the asteroid mining market is the rising demand for rare metals and space-based resources.
The primary challenges in the asteroid mining market include is the high costs and technological barriers in space mining operations.
The spacecraft design segment is expected to dominate the global asteroid mining market, holding a major market share in 2025, due to rising investments in spacecraft development, increasing technological advancements in autonomous mining systems, and growing government and private sector collaborations for deep-space exploration.
Asia-Pacific is projected to witness the highest CAGR in the asteroid mining market, driven by increasing investments in space exploration, advancements in robotic mining technologies, and rising interest in off-Earth resource extraction.
