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 News

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.

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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 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. '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 '

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.

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.

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.

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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

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