Market Overview:
The Global Space Mining Market size is expected to grow from USD 1621.40 million in 2022 to USD 7450.29 million by 2030, at a CAGR of 21% during the forecast period (2023-2030).
Space mining is the process of extracting minerals and materials from asteroids and other near-Earth objects. The extraction and exploitation of valuable resources and minerals is similar to earth mining. The only difference is how much they cost, which for space mining is extremely high. However, space mining may be the only option for mineral and material exploration due to the rapid depletion of resources and the scarcity of these resources on Earth. Space mining alludes to the extraction of helpful and valuable natural substances from minor planets or space rocks, like gold, iridium, silver, palladium, osmium, platinum, rhodium, rhenium, ruthenium, and tungsten, as well as iron, manganese, and cobalt.
Top Key Players Covered In The Space Mining Market:
- Bradford (U.K.)
- Espace (France)
- Kleos Space S.A. (Luxembourg)
- Moon Express (U.S.)
- Planetary Resources (U.S.)
- Spacefab (U.S.)
- Sierra Nevada Corporation (U.S.)
- Offworld (U.S.)
- Virgin Galactic (U.S.)
- Deep Space Industries (U.S.)
- Asteroid Mining Corporation (U.K.)
- Shackleton Energy Company (U.S.)
- TransAstra (U.S.)
- National Aeronautics and Space Administration (U.S.)
- European Space Agency (France)
- Japan Aerospace Exploration Agency (Japan)
- China National Space Administration (China)
- Russian Federal Space Agency (Russia)
- Asteroid Mining Corporation Limited (China), and Other Major Players.
Market Dynamics and Factors:
Pumping investments by the government and private sector are driving the space mining market. Rising speculations and government drives to approach guidelines about space rock mining, as well as rising progression in space innovation and concentrated innovative work exercises, rising confidential partner interest in organizations participated in space mining, and the broad utilization of room assets and their mining are key variables driving the market development. Besides, during the conjecture time frame, expanding acquisitions, consolidations, and associations between noticeable players in the worldwide space mining and space innovation industry would create new open doors for the space mining market.
The global space mining industry is anticipated to be propelled forward by a number of ongoing and upcoming space missions as well as an increase in private stakeholder interest in space mining companies. One of the primary reasons for the global expansion of the space mining industry is the number of earth resources that are "on the verge of exhaustion." Besides, the developing government centered on space mindfulness programs is supposed to help worldwide business development. The expansion of the space mining industry is anticipated to be fueled by the extensive use of space resources and their mining for 3D printing, construction, power, extraterrestrial commodities, and human life sustainability.
Space Mining Market Report Highlight:
- By type, the Type C segment is anticipated to lead the growth of the Space Mining Market in the forecasted timeframe. C-type asteroids have been the focus of numerous missions. This is primarily due to the presence of ice water on these asteroids, which can be mined and utilized as rocket fuel.
- By phase, the Spacecraft Design segment is expected to have the highest share of the Space Mining Market over the projected period. The design of the spacecraft has vital importance as the spacecraft has to sustain in critical or extreme conditions in space, such as microgravity.
- By application, the Extraterrestrial Commodity segment is set to develop at the highest CAGR during the forecasted timeframe. To increase research into whether asteroidal metal ore can be used to construct spacecraft and other infrastructure for a space colony.
- The North American region is expected to have the highest share of the Space Mining Market over the projected period. Due to growing dependence on space resources and the need to ensure secure space operations and rising space exploration demand from various existing organizations such as NASA and the Department of Defense
Key Industry Development:
In April 2021, NASA's Small Business Innovation Research (SBIR) program awarded TransAstra two contracts for the lunar base of operations' Radiant Gas Dynamic (RGD) Ice Mining and Sun FlowerSolar Power Tower operations.
Space Mining Market Segmentation:
By Type
- Type C
- Type S
- Type M
By Phase
- Spacecraft Design
- Launch
- Operation
By Application
- Extraterrestrial Commodity
- Construction
- Human Life Sustainability
- Fuel
- 3D Printing
For this report, Introspective Market Research has segmented the Space Mining Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
