Space Mining Market

Space Mining Market Insights

The global space mining market is projected to grow exponentially over the forecast period. The market growth is expected to be positively influenced by growing traces of metals, water, and fuel in the space along with increased emphasis of government on carrying out several space situational awareness programs.

Space mining is projected to breathe in new opportunities particularly in the Middle East & Africa over the next few years. Space has ample water and metal resources which is further likely to enable large-scale exploration, thereby creating new avenues for market growth. However, the process is still in the prototype stage and is yet to be implemented.

The market growth is also attributed to increasing R&D investments by the large players to deploy space mining processes. Moreover, companies are projected to indulge in mergers, collaboration, and partnership to make the most use of technology, which is further projected to propel the market growth.

Space Mining Market: Process Insights

On the basis of process, the global space mining market is segmented into the surface, shafts, magnet, mond, and optical mining among others. The demand for mining through a magnetic rake is projected to grow at a considerable rate over the coming years due to a number of benefits associated with it. The use of magnetic rakes for space mining eliminates the need for digging mines in order to extract the precious metals. Instead, the process is carried out by efficiently placing a magnet on each prong of the rake, to attract precious metals in low gravity.

Space Mining Market: Type Insights

On the basis of type, the global space mining market is classified as a commodity, construction, fuel, and 3d printing, among others. According to a report by NASA, the space miners are anticipated to bring two kilos of asteroid material to Earth by 2023, which would be accounting for approximately USD 1 billion. The demand for commodities is likely to grow at a high rate due to abundant availability of minerals in the space.

Space Mining Market: Asteroid Type Insights

The global space mining market is segregated into Type C (Carbonaceous), Type S (Silicaceous), and Type M (Metallic) among others. The demand for space mining in Type M asteroids is projected to grow rapidly over the coming years. These types of asteroids are capable of holding around 33.000 tons of precious metals. The Type C asteroid type segment is also projected to grow at a considerable CAGR over the coming years as they are most commonly available in the space.

Space Mining Market: Regional Insights

North America is projected to hold a significant market share over the projected period. The regional growth is expected to be influenced by high demand for space exploration activities from the established organizations including NASA and the Department of Defense. The due increasing reliance on space assets coupled with the need to maintain safe space operations are projected to fuel the market; growth over the coming years. The Middle Eastern & African region is also anticipated to explore immense opportunities over the coming years.

Space Mining Market: End-Use Landscape

The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase space mining services over the coming years. Some leading consumers of space mining market are NASA, European Space Agency, and CNES among others.

Space Mining Market: Vendor Landscape

The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.

Space Mining Market Share & Competitor Analysis

Some of the players operating in the global space mining market include SpaceX, Boeing, Orbital Sciences, Sierra Nevada Corporation, Virgin Galactic, XCOR Aerospace, Made in Space, Ad Astra Rocket Company, Planetary Resources, Airbus Defence & Space, and Deep Space Industries among others.

Please note: This is not an exhaustive list of companies profiled in the report.

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