What Has Been the Growth of the Asteroid Mining Market So Far?
The asteroid mining market has seen considerable growth due to a variety of factors.
• The market size for asteroid mining has witnessed an explosive growth in the last few years. It is projected to surge from $1.68 billion in 2024 to $2.07 billion in 2025, marking a compound annual growth rate (CAGR) of 23.4%. Factors like the changing dynamics of the space industry, the space race and the cold war era, feasibility studies and conceptualisation, scientific research, exploration missions, and proponents of space mining, have all contributed to the growth experienced in the historical period.
What Are the Future Growth Projections for the Asteroid Mining Market?
The Asteroid Mining market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of asteroid mining is predicted to experience significant expansion in the forthcoming years. The market is projected to reach a value of $4.56 billion by 2029 with a compound annual growth rate (CAGR) of 21.8%.
Factors such as infrastructure development, lowered launch costs, scientific research, environmental issues, the pursuit of space colonization and sustainability, plus manufacturing in space contribute to the predicted growth for this timeframe. Key trends within this period will encompass earthly resource scarcity, increased initiatives for space exploration, advancements in space infrastructure, the need for rare metals, as well as technological breakthroughs in extraction methods.
What Are The Core Factors Supporting Growth In The Asteroid Mining Market?
The anticipation of increased space expeditions by governmental agencies and commercial space entities is expected to fuel the expansion of the asteroid mining market. The term "space mission" usually encompasses the deployment of manned or unmanned spacecraft intended for scientific data collection. These space ventures would identify prime candidates for asteroid mining, specifically those containing platinum group metals, and gather crucial data such as location, environmental conditions, and transit time, to decide on the ideal asteroid for mining. Consequently, an uptick in space missions escalates the demand for asteroid mining. To illustrate, data from the Indian Space Research Organization (ISRO), India's national space agency, reveals that the world launched 3,143 objects into space in 2023, a 24% rise from the preceding year's 2,533 launches. Furthermore, in March 2024, Our World in Data (OWID), a UK scientific online venture, observed that 2,664 objects were propelled into space in 2023, surpassing the prior year's record. U.S. government agencies and companies accounted for 2,166 of these launches, equating to 81% of the global total. Hence, an elevation in space missions conducted by governmental agencies stimulates the growth of the asteroid mining market.
What Are The Major Segments Within The Global Asteroid Mining Market?
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
Subsegments:
1) By Space-Craft Design: Conceptual Design, Engineering And Prototyping, System Integration
2) By Launch: Launch Vehicle Selection, Launch Services, Mission Planning And Coordination
3) By Operations: Mining Operations, Resource Processing, Data Collection And Analysis, Transportation Of Resources
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Which Trends Are Expected To Transform The Asteroid Mining Market?
Emerging technologies and experimentation are the driving factors gathering momentum in the asteroid mining market. Leading firms are designing groundbreaking products to fulfill the needs of the industry and fortify their commercial visibility in the asteroid mining market. To illustrate, Asteroid Mining Corporation (AMC), a privately-owned organization based in the UK and dedicated to exploiting asteroids for resources, launched the SCAR-E (Space Capable Asteroid Robotic Explorer) robot at the Space Economy Summit in Los Angeles in October 2023. With a weight of 20 kilograms and armed with six legs, SCAR-E is engineered for both planetary and off-planet uses, illustrating its ability to navigate complex terrains that traditional wheeled robots are not capable of. The robot integrates sophisticated technology for the detection and treatment of materials, providing the opportunity to revolutionize resource procurement while reducing the environmental effects of regular mining. SCAR-E could play an important role in asteroid scouting and lunar exploration, with plans set for its utilization in the early 2030s.
Who Are the Key Players In The Asteroid Mining Market?
Major companies operating in the asteroid mining market include:
• Asteroid Mining Corporation Limited
• Bradford Space Inc.
• iSpace Inc.
• Kleos Space SA
• Moon Express Inc.
• Planetary Resources Inc.
• SpaceFab US Inc.
• OffWorld 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.
What Is The Most Dominant Region In The Asteroid Mining Market?
North America was the largest region in the asteroid mining market in 2024. The regions covered in the asteroid mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
