Global Space Mining Market: Overview
Space mining refers to the mining of asteroids and other minor planets for their valuable raw materials. Space technology is anticipated to enable the exploitation of the rich resources of the asteroids in the solar system and it is being developed by a variety of companies leading to the enlarged scope of the business over the coming years. Space mining is an exciting prospect for more than one reason. The obvious reason is that the terrestrial mining industry has many limitations, owing to the finite nature of the Earth’s resources.
Global Space Mining Market: Growth Factors
Ongoing and impending space mining missions, increasing investments of private stakeholders in space mining companies, and the rising number of government initiatives to frame regulations with respect to asteroid mining drive the space mining market growth. However, the high costs associated with asteroid mining may hinder the growth of the space mining market.
The market growth is expected to be positively influenced by growing traces of metals, water, and fuel among others in the space, and the growing emphasis of government on carrying out several space situational awareness programs. Furthermore, Space has ample water and metal resources which is further likely to enable large-scale exploration, thereby creating new growth avenues for market growth. In addition, the rise in the R&D investments by key players to install space mining methods will further drive the space mining market size in the coming years. Apart from this, firms are likely to involve in mergers, partnerships, and collaborations and will further drive the growth of space mining market over the years ahead. Massive application of space mining in construction activities, 3D printing, extraterrestrial commodity, fuel, and human life sustainability is anticipated to drive the space mining market trends over the coming years.
Global Space Mining Market: Segmentation
The global space mining market can be divided based on phase, type of asteroid, and process. Based on the process, the market is segmented into the surface, shafts, magnet, mond, and optical mining among others. On the basis of phase, the market is sectored into spacecraft design, operation, and launch. Based on the type of asteroid, the market is sectored into Type C, Type M, and Type S.
Global Space Mining Market: Regional Analysis
Based on regions, the global space mining market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is projected to hold a significant market share over the estimated period. The regional growth is expected to be influenced by the high demand for space exploration activities from the established organizations including NASA and the Department of Defense. The growing reliance on space assets coupled with the need to maintain safe space operations is projected to propel the market growth over the coming years. Middle East & Africa market is also anticipated to explore immense growth opportunities over the coming years.
One of the pioneers in space agencies is the European Space Agency (ESA). The mission of the space agency is to shape the development of Europe’s space capability and ensure that investments in space continue to deliver benefits to citizens across the world. Favorable government initiatives such as the collaboration of Government of Luxembourg with various private players such as Deep Space Industries and Planetary Resources to explore and mine asteroids is expected to offer lucrative avenues for the players in the space mining market. Therefore, Europe is likely to exhibit the highest CAGR in the space mining market over the estimated timeframe.
Global Space Mining Market: Competitive Players
The key players of the global space mining market include Kleos Space, TransAstra, Off World, SpaceFab.US, National Aeronautics and Space Administration, European Space Agency, Japan Aerospace Exploration Agency, China National Space Administration, and Russian Federal Space Agency.
Global Space Mining Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
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- Emerging segments and regional markets
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