Summary
Major players in the asteroid mining market are Asteroid Mining Corporation Limited, Bradford Space, iSpace Inc., Kleos Space S.A., Moon Express, Planetory Resources, Inc., SpaceFab.US, OffWorld, Virgin Galactic, Sierra Nevada Corporation, Trans Astronautica Corporation, Deltion Innovations Ltd., The Boeing Company, The Indian Space Research Organisation, and Northrop Grumman Corporation.
The global asteroid mining market is expected to grow from $1.11 billion in 2022 to $1.38 billion in 2023 at a compound annual growth rate (CAGR) of 23.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The asteroid mining market is expected to grow to $3.11 billion in 2027 at a CAGR of 22.5%.
The asteroid mining market includes revenues earned by entities by providing mining services used in mineral extraction, transportation, ore refining, and other services like solar-powered generators and industrial robots.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Asteroid mining is the extraction of minerals and other raw materials from small planets and asteroids in space.Asteroids are stone and metallic bodies that circle the sun.
These bodies are the leftovers of collapsing planetary bodies or proto planets.
North America was the largest region in the asteroid mining market in 2022. The regions covered in the asteroid mining report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of asteroid mining are type c, type s, and type m.Type C asteroid refers to the black-colored asteroid that contains more than 75% of all known asteroids.
The various phases include space-craft design, launch, and operations that are used in several applications such as construction, resource harvesting, and 3D printing.
An increasing space missions by government bodies and space companies is expected to propel the growth of the asteroid mining market going forward.A space mission refers to launching manned or unmanned vehicles, into space to gather scientific data.
Space missions would enable the exploration of suitable asteroid mining candidates containing platinum group metals and would get the data they need, such as location, environment, and travel time, to select the correct asteroid for mining, as a result, increase in space missions increases the demand for asteroid mining.For instance, in January 2022, according to United Nations Office for Outer Space Affairs, a United nations secretariat, 1,674 objects were launched into orbit in 2021 which was 1,273 in 2020, this states an increase in the launch of space missions.
Therefore, an increase in space missions by government bodies drives the asteroid mining market.
Technological advancements and innovations are the key trends gaining popularity in the asteroid mining market.Major companies are developing innovative products to meet industry demands and strengthen their business presence in the asteroid mining market.
For instance, in April 2021, Shenzhen Origin Space Technology Co., Ltd., a China-based private space resource company, launched its first mining satellite, NEO-01, into orbit. The satellite would concentrate on low-Earth orbit space debris cleaning and prototype technologies using IEEE spectrum in verification for space resource collection, as well as show potential asteroid defence capabilities. The NEO-01 satellite is also outfitted with a wide-angle camera and other onboard cameras. The onboard camera is expected to document the whole mission implementation procedure.
In January 2022, Blue Origin, a US-based aerospace company acquired Honeybee Robotics for an undisclosed amount.With this acquisition, the combined capabilities of the companies would create new opportunities and innovations to develop specialized space mechanisms and Blue Origin expands its portfolio in asteroid mining.
Honeybee Robotics is a US-based asteroid mining company.
The countries covered in the asteroid mining market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified) .
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The asteroid mining market research report is one of a series of new reports that provides asteroid mining market statistics, including the asteroid mining industry global market size, regional shares, competitors with an asteroid mining market share, detailed asteroid mining market segments, market trends and opportunities, and any further data you may need to thrive in the asteroid mining industry. This asteroid mining market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
