Space Mining Market

Space Mining Market Size (2024-2029)

The Space Mining Market size is estimated at USD 1.99 billion in 2024, poised to reach USD 16.30 billion by 2029, demonstrating a growth rate (CAGR) of 19.13% during the forecast period from 2024 to 2029.

Space Mining Market Overview

Space Mining is the technology of mining asteroids and other small-sized planets in space to obtain valuable raw materials. The purpose of the development of space technology is similar to terrestrial mining, that is, the excavation of precious minerals. The valuable raw materials and minerals generally include iridium, gold silver, palladium, osmium, platinum, rhodium, rhenium, tungsten, gold, and others. The difference in both mining technologies is associated with the cost. Spacing mining is extremely costly as compared to Earth mining.\Leading to the tremendous scope for business in the years to come, a variety of companies are developing space technology in order to exploit rich resources from the asteroids in our solar system. The primary reason for space mining is to make up for the depletion of limited resources available on Earth. The concept of space mining is exciting as it has an additional benefit of space exploration. The raw material for the development of space infrastructure is also made available through space mining.

Space Mining Market Growth

Currently, the market is growing with the government’s support. 2015 Act of Commercial Space Launch Competitiveness by the U.S. encourages the work of mining beyond Earth by private companies. Luxembourg space mining law, passed in 2017 was aimed at relaxing government restrictions faced by companies planning to operate beyond Earth in the mining field. Government initiatives like these and growing awareness of the technology is a key trend in the implementation of space technology.The development of technology has significantly reduced space launching costs. The space mining sector is attracting huge investments. These factors are likely to fuel market growth.

Impact of Covid-19 on Space Mining Market

Covid-19 has had its effect on Earth which brought the whole world into lockdown. Most of the markets were affected badly and overall economies have been damaged. The space mining market is mostly under the research and development phase. Therefore, Covid-19 could not affect its operations. Even if the market was operating, the operations are executed beyond the Earth and therefore, Covid-19 will neither have a negative nor a positive effect on the space mining market at present or in the future.

Space Mining Market Drivers:

The space mining market is being driven by current and future mining missions, larger investments in space mining companies by private stakeholders, and government initiatives & laws supporting the growth of the space mining industry.The government is emphasizing the exploitation of asteroids and minors planets. Traces of water, fuels, metals, and others beyond Earth, positively influence the market growth. The government has been proactively promoting space mining by introducing various initiatives and laws.Metals and water is in an abundant quantity in space. This factor opens the possibility of large-scale excavation, thereby leading to the creation of new opportunities in the space mining market.The market will also be driven by the increasing Research & Development investments in the industry. Key players are eagerly investing to develop and install space mining technology. For instance, a reduction in the overall space launching cost has benefited the industry.Companies are considering mergers, acquisitions, partnerships, and collaborations which are expected to drive market growth in the coming years.Trends of the space mining market are anticipated to be driven by space mining applications in 3D Printing, fuels, human life sustainability, construction activities, and extraterrestrial commodities.Space mining not online fulfills the mineral needs of humans but also provides an opportunity to explore the vastness of space.

Space Mining Market Restraints

Even though the idea of space mining is not fiction anymore, the process of excavation and transportation of materials from space is extremely difficult with limited technological developments and high cost associated with it. The expected return is not immediate. These factors hamper the space mining market growth.Lack of technological progress is a restraining factor for the space mining market.Adverse environmental effects and space crafts being docked in space are risks that are associated with space mining restraining the market growth.

Recent Developments

On Dec 3, 2018, NASA’s ORISIS-Rex arrived at the Bennu asteroid. The spacecraft traveled for two billion kilometers in a span of more than two years. The spacecraft serves the function of Spectral Interpretation, Security-Regolith Explorer, and Resources Identification. The spacecraft is predicted to return back in the year 2023

In 2019, Deep Space Industries Inc. often known as DSI was acquired by U.S. space systems manufacturer Bradford Space. Bradford Space has locations in the Netherlands and Sweden as well

In 2022, the JAVA/ISAS spacecraft DESTINY+ is going to be launched to Phaethon, an active asteroid (3200)

REPORT COVERAGE:

Space Mining Market Segmentation

Phase:

• Spacecraft Design

• Launch

• Operation

• Type of Asteroid:

• Type C

• Type S

• Type M

• Type of Commodity Resource:

• Water

• Structural Elements

• Platinum Group Materials

Application:

• Extra-terrestrial Commodity

• Human Life Sustainability

• Fuel

• Construction

• 3D Printing

Utilization:

• Earth

• Space

Space Mining Market Regional Analysis

• North America

• Latin America

• Europe

• Middle East & Africa

• Asia Pacific

North America is anticipated to be the global leader in the space mining market with a significant share in the forecast period. The Department of Defense and NASA in the North American region are significantly influencing the space mining market with the vision of space exploration. Safe operations in space coupled with the increasing reliability of assets available in the space are expected to fuel the market growth.The Middle East & Africa region is expected to start exploring the tremendous opportunities in the space mining market in the following years. European Space Agency is among the reputed agencies is space exploration. The agency is focused on the development of space capabilities of Europe. They aim to deliver benefits to their citizens through space investments. Government collaborations with private players offer worthwhile opportunities for the players in the space mining market. Europe is foreseen to record the most substantial growth rate in the following years.

Space Mining Market Key Players

Kleos Space, Bradford, Ispace, Moon Express, Asteroid Mining Corporation Limited, TransAstra, Off World, Indian Space Research Organization, National Aeronautics and Space Administration, European Space Agency, Japan Aerospace Exploration Agency, China National Space Administration, Russian Federal Space Agency