Global Space Mining Market Segmentation, By Type of Asteroid (Type C, Type S, Type M), Phase (Spacecraft Design, Launch, Operation), Type of Commodity Resource (Water, Platinum Group Materials, Structural Elements), Distance from Earth (Near-Earth Asteroids, Asteroid Belt Distance Ranges from Earth), Application (Extra-Terrestrial Commodity, Construction, Human Life Sustainability, Fuel, 3D Printing), Utilization (Earth, Space) – Industry Trends and Forecast to 2031.
Space Mining Market Analysis
Mining activities have become a significant part of science and human civilization development. These activities have been performed since civilization started to fulfill humans' requirements. Space mining activities are increasing due to rapid scientific and technological development. The space mining sector has a lot of potential in the coming years. Thus scientist thinks that space mining is very viable. Therefore, government space agencies and several private companies are evolving plans to recover natural resources from space.
Space Mining Market Size
Global space mining market size was valued at USD 1.65 billion in 2023 and is projected to reach USD 7.35 billion by 2031, with a CAGR of 20.48% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Space Mining Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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Asteroid Mining Corporation Limited (U.K.), Bradford Space (U.S.), iSpace (Japan), Kleos Space (Luxembourg), Planetary Resources (U.S.), Moon Express (U.S.), Boeing. (U.S.), ISRO (India), Airbus S.A.S. (Netherlands), Trans Astronautica Corporation. (U.S.), NASA (U.S.), OffWorld. (U.S.), Virgin Galactic (U.S.), Shackleton Energy Company (U.S.), SpaceFab.US, Inc. (U.S.), Northrop Grumman Corporation. (U.S.), Deep Space Industries (U.S.), Shackleton Energy Company (U.S.), SPACE EXPLORATION TECHNOLOGIES CORP. (U.S.), Japan Aerospace Exploration Agency (Japan)
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Market Opportunities
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Space Mining Market Definition
Space mining is the procedure of excavating minerals and materials from near-earth and asteroid objects. The purpose of space mining is similar to exploitation, earth mining, and excavation of precious minerals and materials. The major difference for both is the cost involved which is very costly for space mining, but owing to the rapid drop in resources becoming progressively scarce on Earth. Space mining could be the only feasible option for excavating materials and minerals.
Space Mining Market Dynamics
Drivers
- Increasing demand for spacecraft
The phase segment mainly includes spacecraft design, operation, and launch. The spacecraft segment dominated the space mining market globally. The spacecraft is an automobile that is manufactured to fly with craw or without crew in outer space. These spacecraft are used for several purposes, such as observation, navigation, communication, and transportation. This design plays a dynamic role in space mining missions. Therefore, major companies are highly investing in spacecraft design for improvement and for space mining missions which are projected to drive the growth rate of the space mining market.
- Increasing demand for space mining through magnetic rake
The demand for space mining through the magnetic rake process is expected to grow significantly due to the many benefits associated with this process during the forecast period. The magnetic rakes process removes the need for digging mines for space mining to extract valuable metals. This process is carried out by proficiently placing a magnet on each prong to attract precious metals in low gravity. The rising demand for magnetic rake processes in space mining is expected to boost the market growth rate.
Furthermore, intensive research and development activities and increasing advancement in space technology, increasing mining in 3D printing, and extensive application of space resources are some major factors among others that are projected to boost the growth of the space mining market
Opportunity
- Government initiatives will emerge as an opportunity
Nowadays, government initiatives are helping the growth of the space mining market. Governments are issuing licenses to conduct space activities, and some economies are enforcing new rules for space mining. The Commercial Space Launch Competitiveness Act, enacted by the U.S. in 2015, encourages the private sector to undertake mining work beyond Earth. In 2020, the United States administration formed new rules through an executive order which is succeeding the 2015 law change for how the industries may profit from operations on the asteroids, moon, and other planets. The administration also plans to encourage other economies to adopt new U.S. perceptions of space mining.
Moreover, increasing mergers, collaborations, and partnerships between major market players in space technology and the global space mining market will further generate new opportunities for the space mining market during the forecast period.
Restraints
- Issues associated with the space mining market
High prices associated with space mining and prospecting missions are anticipated to hamper the growth of the space mining market. Moreover, landing a spacecraft in space mining activities creating environmental problems which affect Earth and space are projected to further challenge the space mining market during the forecast period of 2022-2029.
This space mining market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the space mining market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
COVID-19 Impact on Space Mining Market
The outbreak of COVID-19 has slightly affected the space mining market. Despite minor setbacks in the manufacturing industry, most space mining-related programs are on track because the market is gradually progressing toward commercializing space mining activities. Space mining demand was hampered due to economic instability, poor consumer confidence, and a partial corporate shutdown. As a result of this pandemic, logistics activities were delayed, and the supply chain was hindered. However, due to the uplifting of regulations, the space mining sector is expected to pick up its speed in the post-pandemic scenario.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Space Mining Market Scope
The space mining market is segmented based on the type of asteroid, phase, type of commodity resource, distance from Earth, application, and utilization. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type of Asteroid
- Type C
- Type S
- Type M
Phase
- Spacecraft Design
- Launch
- Operation
Type of Commodity Resource
- Water
- Platinum Group Materials
- Structural Elements
Distance from Earth
- Near-Earth Asteroids
- Asteroid Belt Distance Ranges from Earth
Application
- Extra-Terrestrial Commodity
- Construction
- Human Life Sustainability
- Fuel,
- 3D Printing
Utilization
- Earth
- Space
Space Mining Market Regional Analysis
The space mining market is analyzed and market size insights and trends are provided by country, type of asteroid, phase, type of commodity resource, distance from Earth, application, and utilization as referenced above.
The countries covered in the space mining market report are report U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America
North America dominates the space mining market in revenue growth due to increasing space exploration demand from several established organizations such as NASA and the department of defense. The growing reliance on space resources and the requirement to maintain safe space operations will likely boost the market growth in this region.
Asia-Pacific is projected to be the fastest developing region during the forecast period of 2022-2029 due to the rise in mining missions and space exploration by NASA in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Space Mining Market Share
The space mining market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to space mining market.
Space Mining Market Leaders Operating in the Market Are:
- Asteroid Mining Corporation Limited (U.K.)
- Bradford Space (U.S.)
- iSpace (Japan)
- Kleos Space (Luxembourg)
- Planetary Resources (U.S.)
- Moon Express (U.S.)
- Boeing. (U.S.)
- ISRO (India)
- Airbus S.A.S. (Netherlands)
- Trans Astronautica Corporation. (U.S.)
- NASA (U.S.)
- OffWorld. (U.S.)
- Virgin Galactic (U.S.)
- Shackleton Energy Company (U.S.)
- SpaceFab.US, Inc. (U.S.)
- Northrop Grumman Corporation. (U.S.)
- Deep Space Industries (U.S.)
- Shackleton Energy Company (U.S.)
- SPACE EXPLORATION TECHNOLOGIES CORP. (U.S.)
- Japan Aerospace Exploration Agency (Japan)
Latest Developments in Space Mining Market
- In October 2021, Airbus Ventures announced that the company extended its portfolio with an investment in space Inc. This is also a part of an extension of the lunar exploration company's Series C investment round
- In August 2021, NASA announced that it had given a 10-cent check to mine the moon to space startup Lunar Outpost in the first-ever payment to a company. This check, which was just 10% of Lunar Outpost's USD 1 bid, will go to the company's efforts to collect regolith or lunar dust for the agency
- In April 2021, TransAstra declared that it received two contracts for Sun FlowerSolar Power Tower operations and Radiant Gas Dynamic (R.G.D.) Ice Mining from the NASA Small Business Innovation Research (SBIR) program at the Lunar base of operations
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