Space mining refers to the extraction of valuable resources from celestial bodies such as asteroids and the Moon. It is an emerging industry that holds great potential for accessing rare minerals and elements that are scarce on Earth. Space mining could provide a new source of valuable resources and contribute to advancements in technology and new research by MRFR.
New York, USA, May 23, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Space Mining Market Size, Share, Growth, Industry, Report –Market Forecast Till 2027”, Global Space Mining Market was estimated to be worth USD 1.99 Billion, at a compound annual growth rate (CAGR) of 14.41% 2027.
Growing Asteroid Resources Extracting Activities Drive the Space Mining Market:
The global space mining market is demonstrating notable revenue growth in the next few years. The growing use of industrial-scale asteroid mining systems in increasing resource-extracting activities drives market growth. According to Market Research Future (MRFR), the global space mining market is poised to create a valuation of USD 1.99 billion by 2027, growing at a 14.41% CAGR during the assessment period (2021-2027).
Over recent years, the space mining industry has been growing continually with the emerging commercial space sector. Also, growing investments in developing innovative technologies to harvest resources from Near Earth Asteroids (NEAs), like valuable minerals and others from asteroids, comets, and celestial bodies, create significant space mining market opportunities.
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|2027 Market Size||USD 1.99 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application, End-use and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rapidly increasing demand for resources|
Several giant players are operating in the global space mining market, forming a competitive landscape. With their strong global presence, these players make the market appear highly competitive and fragmented. The growing competition among the space mining service providers to develop advanced products drives market growth. They focus on developing advanced resources to meet the growing global demand.
Space exploration companies launch lunar Landers to explore the potential of the lunar surface and its resources. These companies also plan to target comets & asteroids and develop technologies to mine them to obtain valuable resources and generate profit. Such initiatives also help them shape the future development of the space mining market. Well-established players incorporate acquisitions, collaborations, partnerships, expansions, and product & technology launches to stay ahead in market competition.
For instance, on Apr. 14, 2023, AstroForge, an asteroid mining startup, launched the first of its two missions to mine asteroids. The mission’s main objective is to test the firm’s technique for refining platinum from asteroid-like material samples. The startup, AstroForge, placed a payload on Falcon 9 rocket by SpaceX’s and pre-packed it with similar elements found in asteroids. The firm says its vehicle Brokkr-1 aims to demonstrate its refining capabilities in the vacuum of space and zero gravity.
Leading players in the space mining market are Deep Space Industries, Planetary Resources Inc., Moon Express, Inc., Off World, ispace, Inc., and lunar resources, Ltd., among others.
Various rare earth elements, specifically the platinum group metals, which have a limited number of resources, are rapidly getting reduced. On the other hand, being industrial metals crucial in manufacturing things like cell phones, catalytic converters, and important drugs for cancer treatments. And the only way to access more of these is to search for them in space.
Browse In-depth Market Research Report on Space Mining Market –
Asteroid mining businesses are increasingly seeking tech that will eventually be incorporated into the space resources value chain. This will help them meet the market needs for space tugs to deliver satellites that can aid in space traffic management, which is getting increasingly crowded. Space mining, or asteroid mining, refers to mining asteroids and other minerals for their valuable raw materials. Resultantly, space mining has become an attractive and viable option.
While space mining, or asteroid mining, is yet to become a mainstream technology, it has sufficiently evolved, and various companies are increasingly working on developing it further. For instance, shovels and drills enable the exploitation of rich resources of the asteroids in the solar system. However, extracting volatile materials like water and others needs more exotic techniques.
Also, technologies such as regolith stimulants, computer modeling, vacuum chambers, and other aerospace testing equipment are being developed to meet the need for mining technologies. Moreover, multiple R&D activities are undertaken to advance additive manufacturing/3D printing technology to support base construction, AI-based robots, and nuclear power reactors that can provide large amounts of energy.
Over recent years, 3D-printed components have been increasingly used in space mining to increase the production of various satellite parts, such as spacecraft and payload components. This has made 3D printing technology increasingly relevant in space exploration endeavors. The appliances and components that are substantially lighter and can be manufactured with reduced material wastage and costs are witnessing increasing demand.
The space mining market report is segmented into types, applications, end-use, and regions. The type segment is sub-segmented into minerals, metals, and water resources. Of these, the minerals segment accounts for the larger market share, witnessing the high demand and increasing space investigation tasks.
Mineral resources, including platinum and gold, are rare earth minerals essential in various industrial processes and other purposes. The application segment is sub-segmented into on-earth use and space application. Of these, the space application segment dominates the market due to the growing use ranging from solar energy to propulsion fuel.
The end-use segment is sub-segmented into consumer electronics, aerospace, automotive, and others. The aerospace segment holds the larger market share, witnessing the high demand for space exploration systems and components. By regions, the space mining market is segmented into North America, Europe, Asia-Pacific, and rest-of-the-world (RoW).
North America dominates the global space mining market. The large presence of key market players in this region and increasing government initiatives for space exploration drive market growth. Besides, the vast availability of advanced tech, skilled engineers, scientists, operators, and private investors, with a track record of success in various industries influences the space mining market value.
Discover More Research Reports on Aerospace & Defense Market, by Market Research Future:
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