USD 2.1 billion
Asteroid Mining Market Size, Share, Growth Analysis, By Phase (Space-Craft Design, Launch), By Type (Type C, Type M), By Application (Construction, Resource Harvesting), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2064 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
63
|Figures:
64
Asteroid Mining Market Insights
Global Asteroid Mining Market size was valued at USD 2.1 billion in 2022 and is poised to grow from USD 2.5 billion in 2023 to USD 13.9 billion by 2031, growing at a CAGR of 23.6% during the forecast period (2024-2031).
The asteroid mining market is a burgeoning space industry that aims to harness the vast mineral resources present in asteroids, ranging from valuable metals like platinum, gold, and rare earth elements to water, a crucial resource for future space exploration. This emerging sector holds immense potential for addressing resource scarcity on Earth and supporting future space endeavors.
Key drivers of the asteroid mining market include the increasing demand for precious metals, advancements in space technology, and the growing interest in space colonization. The potential to access abundant resources in space, reduce reliance on Earth's finite reserves, and enable sustainable space exploration serves as a significant motivator for investors and space agencies.
Technological innovation plays a pivotal role in this market, with the development of advanced spacecraft, robotic systems, and resource extraction techniques essential for successful asteroid mining operations. Private companies like Planetary Resources, Deep Space Industries, and NASA have been at the forefront, conducting research and feasibility studies to unlock the potential of this unique industry.
The asteroid mining market faces challenges such as regulatory and legal issues, high upfront costs, and technical complexities. However, the long-term benefits, including resource diversification, economic opportunities, and the potential to drive space exploration and settlement, continue to drive interest and investment in this exciting and forward-looking space industry. As technological barriers are overcome and regulations are established, the asteroid mining market is poised for significant growth, revolutionizing resource acquisition and shaping the future of space activities.
US Asteroid Mining Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Launch
Fastest Growth
Launch
Growth Rate
23.6% CAGR
Global Asteroid mining market ($ Bn)
Country Share for North America Region (%)
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Asteroid Mining Market Segmental Analysis
Global Asteroid Mining Market is segmented by Phase, Type, Application and Region. Based on Phase, the market is segmented into Space-Craft Design, Launch, Operation. Based on Type, the market is segmented into Type C, Type M, Type S, Others. Based on Application, the market is segmented into Construction, Resource Harvesting, 3D Printing, Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asteroid Mining Market Analysis By Phase
The asteroid mining market can be analyzed in terms of different phases, each representing a crucial step in the overall process. The launch segment earned the dominant share in 2022. The first phase involves Prospecting and Exploration, where space agencies and private companies identify and characterize potential asteroid targets. This phase requires advanced space telescopes, robotic missions, and remote sensing techniques to assess the composition, size, and trajectory of asteroids.
The operation segment is projected to grow at a significant pace in the forecast period. The second phase, Resource Extraction, is the core of asteroid mining. It involves developing technologies to extract valuable resources from asteroids, which could include metals, water, and other materials. Innovations in robotic mining, drilling, and material processing are essential in this phase. Water, for instance, can be converted into hydrogen and oxygen for fuel production, supporting future space missions..
Asteroid Mining Market Analysis By Asteroid Type
The asteroid mining market analysis, categorized by asteroid type, reveals diverse opportunities and challenges within this pioneering industry. Different asteroid types, such as carbonaceous, silicaceous, and metallic asteroids, hold distinct resource potentials and present varying technical and economic considerations for mining.
Carbonaceous asteroids, rich in volatile compounds, water, and organic materials, present great promise for supporting future space missions by providing essential resources for life support, propulsion, and manufacturing. These asteroids are particularly valuable for their water content, which can be converted into hydrogen and oxygen for rocket fuel, facilitating deep space exploration.
Silicaceous asteroids, composed of rocky materials, contain valuable minerals such as iron, nickel, and precious metals like platinum and gold. Mining these asteroids could yield substantial economic benefits, addressing the growing demand for these resources on Earth and potentially enabling the construction of space habitats or infrastructure.
Metallic asteroids, consisting primarily of metal-rich compositions, offer tremendous potential for accessing valuable metals, including platinum-group metals that are scarce on Earth. The successful extraction and utilization of these metals from metallic asteroids could revolutionize industries such as electronics, aerospace, and renewable energy.
However, each asteroid type also poses unique challenges, such as differing mining techniques, propulsion requirements, and resource processing methods. Moreover, identifying suitable asteroids, navigating spacecraft to them, and extracting resources in a cost-effective and sustainable manner are complex tasks that require advanced technology, precise navigation systems, and robust mining equipment.
Global Asteroid mining market By Phase
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Asteroid Mining Market Regional Insights
North America holds a dominant position in the asteroid mining market, primarily driven by the robust growth of the domestic commercial space mining industry and the widespread adoption of innovative and advanced technologies within the region.
Meanwhile, Asia-Pacific is forecasted to experience the most rapid growth during the period from 2023 to 2030. This projection is attributed to the increasing mining missions and significant space exploration initiatives led by NASA within this geographical area.
The country-specific analysis within the report provides crucial insights into the market dynamics, including factors that impact individual markets and changes in market regulations influencing both current and future trends. The report utilizes various data points, such as downstream and upstream value chain analysis, technical trends, Porter's Five Forces analysis, and case studies to forecast market scenarios for individual countries.
Additionally, the report assesses the presence and availability of global brands in each country, considering the challenges posed by local and domestic brands, as well as the impact of domestic tariffs and trade routes. These factors are integral to providing a comprehensive forecast analysis of the country-specific data, painting a more detailed picture of the regional dynamics within the asteroid mining market.
Global Asteroid mining market By Geography
- Largest
- Fastest
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Asteroid Mining Market Dynamics
Asteroid Mining Market Drivers
Increasing Adoption of In-Situ Resource Utilization (ISRU) Practice:
- The rising uptake of In-Situ Resource Utilization (ISRU) techniques in space exploration, enabling the storage, collection, processing, and utilization of resources discovered on asteroids, is a significant catalyst for the increasing demand in the asteroid mining sector. This trend is anticipated to propel the growth trajectory of the asteroid mining market during the forecast period.
Growing Demand for Spacecraft:
- A spacecraft is a specialized vehicle designed for travel in outer space, capable of carrying either a crew or operating autonomously. These spacecraft serve various purposes, including navigation, communication, observation, and transportation. Their design holds substantial significance in the context of asteroid mining missions. Consequently, prominent companies are making significant investments in spacecraft design enhancements, specifically tailored for asteroid mining missions. This strategic focus on spacecraft design is expected to be a key driver in propelling the growth rate of the asteroid mining market.
Asteroid Mining Market Restraints
Multiple Issues Associated With Asteroid Mining:
- The growth of the asteroid mining market may face obstacles due to the significant costs associated with prospecting missions and actual asteroid mining operations. Additionally, challenges related to environmental concerns arising from space mining activities and the intricacies of landing spacecraft on asteroids may impact both Earth and space environments, posing potential challenges to the expansion of the asteroid mining market in the forecast period from 2023 to 2030.
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Asteroid Mining Market Competitive Landscape
The competitive landscape of the asteroid mining market is characterized by a mix of established aerospace and technology companies, as well as innovative startups aiming to capture a significant share in this emerging industry. Prominent players in the market, such as Planetary Resources and Deep Space Industries, are actively engaged in pioneering advanced technologies and strategies for successful asteroid mining missions. These companies often focus on developing robust spacecraft designs, efficient resource extraction methods, and navigation systems tailored for asteroid mining operations. Collaborations with governmental space agencies and private industry partnerships further enhance their market positions.
In addition to these key players, traditional aerospace giants like Boeing and Lockheed Martin are also showing interest in asteroid mining, leveraging their experience in space exploration and advanced engineering. This dynamic landscape is encouraging healthy competition, spurring innovation, and driving advancements in spacecraft design, resource extraction techniques, and overall mission capabilities..
Asteroid Mining Market Top Player’s Company Profile
- Asteroid Mining Corporation Limited
- Bradford Space
- iSpace
- Kleos Space
- Moon Express
- Planetary Resources
- SpaceFab.US, Inc.
- OffWorld.
- Virgin Galactic
- Boeing.
- ISRO
- Shackleton Energy Company
- Trans Astronautica Corporation
- NASA
- Sierra Nevada Corporation
Asteroid Mining Market Recent Developments
- In May 2023, Virgin Galactic announced the launch of commercial spaceflight services, under ‘Galactic 01’, which will be scheduled between June 27 to 30, 2023. The company further planned the ‘Galactic 02’ spaceflight services in early August, 2023.
- In May 2022, Asteroid Mining Corporation Ltd. (AMC) secured an undisclosed pre-seed round from E2IN2 S.A. and has partnered with Tohoku University Space Robotics Laboratory (SRL) to develop the Space Capable Asteroid Robotic Explorers (SCAR-E) programme.
Asteroid Mining Key Market Trends
- Increasing Focus on In-Situ Resource Utilization (ISRU): As the feasibility of ISRU grows, asteroid mining missions are leveraging this concept to extract, process, and utilize resources directly from asteroids. The ability to sustain future space exploration and provide resources for deep space missions drives interest in this trend.
Asteroid Mining Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global asteroid mining market analysis, North America leads this industry, driven by a growing commercial space sector and advanced technology adoption. Simultaneously, Asia-Pacific, fueled by NASA's space exploration missions and the rise of the regional space industry, is anticipated to exhibit rapid growth. Key market drivers include the increasing demand for precious metals and resources, technological advancements in spacecraft design, the potential for in-situ resource utilization (ISRU) to support future space missions, and the drive to establish sustainable space activities. These factors, coupled with the interest of both government space agencies and private enterprises, position the asteroid mining market for promising growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.1 billion |
| Market size value in 2031 | USD 13.9 billion |
| Growth Rate | 23.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Asteroid Mining Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Asteroid Mining Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Asteroid Mining Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Asteroid Mining Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Asteroid Mining Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Asteroid Mining Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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