Global Asteroid Mining Market Key Insights
During the forecast period of 2022-2031, the global asteroid mining market is expected to reach a value of ~USD 1 Billion by 2021 by expanding at a CAGR of ~22%. Major key factors propelling the growth of the asteroid mining market worldwide are the increased use of 3D printing technology in asteroid mining and rising investments in space mining firms.
Market Definition of Global Asteroid Mining
The extraction of asteroidal raw materials is referred to as asteroid mining. These also involve using closer-to-earth objects and other minor planets as sources of raw resources. An asteroid can be mined for minerals that can then be used as building materials in space. Iridium, osmium, platinum, aluminum, gold, silver, palladium, and nickel are some of these minerals. As a result of technological advancements in space exploration, propulsion systems for rockets and launch vehicles, and rapidly diminishing natural resources on Earth are causing attention to move to space.
Global Asteroid Mining Market: Growth Drivers
Major factors contributing to the expansion of the market include increased space mining missions and the use of 3D printing technology in asteroid mining. For instance, on April 2021, using the NEO-1 spacecraft, Origin Space, a seed-stage Chinese private business studying and developing technology to enable the use of space resources, successfully launched the first robot intended for space resource mining.
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On the other hand, the market growth can also be attributed to rising investments in space mining firms. For instance, in August 2021, NASA made the announcement that Lunar Outpost had received the first-ever payment for moon mining in the form of a 10-cent cheque.
The global asteroid mining market is also estimated to grow majorly on account of the following:
- An increase in 3D printing solutions
- Increased use of cutting-edge and creative raw materials
- Rising industrialization
- Growth in investments and expansion of manufacturing sectors.
Global Asteroid Mining Market: Restraining Factor
The primary issues limiting the global asteroid mining market’s growth over the forecast period are expensive mining procedure costs and rules pertaining to property rights. Metals that are currently extracted from the earth are present on celestial bodies such as the moon and asteroids. According to calculations, the initial cost of mining the moon would be close to USD 9 Billion. Additionally, it may cost over USD 493 million to capture portions of close-to-Earth asteroids, which are the focus of businesses now building programs to start mining in space.
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Global Asteroid Mining Market Segmentation
- By Asteroid Type (Type C, Type S, Type M, and Others)
The type C segment is predicted to hold the highest market share by the end of 2031 as mining missions are increasingly focusing on C-type asteroids. Most of the frozen water in these asteroids can be extracted and utilized as rocket fuel. Around 75% of all known asteroids are C-type (carbonaceous) asteroids, making them the most common. They are volatile-rich, have a very low albedo, and contain a significant amount of carbon in addition to rocks and minerals. They have a 1.7 g/cm3 density. They are most prevalent in the edge of the asteroid belt, 3.5 astronomical units (AU) from the Sun, where 80% of asteroids are C-type, compared to just 40% of asteroids at a distance of 2 AU. Further, C-type asteroid types are significantly darker than most other asteroid types, so the proportion of C-types may be larger.
- By Phase (Shuttle Design, Launch, and Operation)
- By Application (Development, Asset Harvesting, 3D Printing, and Others)
- By Region
A significant revenue share is anticipated for the Asia Pacific market by the end of 2031 as a result of rising robotics development spending in certain regions, including China and Japan. According to the International Federation of Robotics, Japan accounted for around 52% of the global supply of industrial robots in 2017. Moreover, an increase in NASA space research and mining missions in the region further propels the Asia Pacific market.
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The market research report on global asteroid mining also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and the Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa).
Key Market Players Featured in the Global Asteroid Mining Market
Key Players in the global asteroid mining market research report by Kenneth Research include Asteroid Mining Corporation Ltd., Bradford Space, ISPACE, Kleos Space S.A., Moon Express, Planetary Resources, Inc., SpaceFab., Sierra Nevada Corporation, OffWorld, Virgin Galactic, and others.
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