New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Asteroid Mining Market Size Expected to Grow from USD 1.82 Billion in 2023 to USD 8.40 Billion by 2033, at a CAGR of 16.53% during the forecast period 2023-2033.
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Mining asteroids and other small planets, including near-Earth objects, for raw materials is referred to as "asteroid mining." Minerals can be recovered from asteroids or expended comets and brought back to Earth, or they can be used as building blocks in space. Space mining initiatives like NASA's OSIRIS-REx mission and private initiatives by companies like Planetary Resources and Deep Space Industries show the growing interest in exploiting extraterrestrial resources. These missions aim to explore asteroids and perhaps mine valuable materials from them, as they are believed to be rich in metals necessary for innovative applications like renewable energy sources. An automobile aimed to traverse space, either with or without a crew, is called a spaceship. These spacecrafts are employed in many different capacities, such as navigation, communication, observation, and transportation. This design is crucial to asteroidal mining missions. Consequently, the major companies are investing in spacecraft design improvements and asteroid mining missions, which should stimulate growth. However, space mining is complicated, but it has the potential to produce sustained prosperity. Technical challenges include developing advanced mining equipment and technology that can survive in the harsh environment of space.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the "Global Asteroid Mining Market Size, Share, and COVID-19 Impact Analysis, By Phase (Launch, Operation, Space-Craft Design), By Type (Type C, Type M, Type S), By Application (Construction, Resource Harvesting, 3D Printing, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The operation segment is expected to hold the largest share of the asteroid mining market during the estimation timeframe.
Based on the phase, the asteroid mining market is categorized into launch, operation, and space-craft design. Among these, the operation segment is expected to hold the largest share of the asteroid mining market during the estimation timeframe. The subsequent phase, resource extraction, is where the actual work of mining asteroids occurs. It means developing the technologies required to extract valuable elements from asteroids, like water and metals.
The type M segment is expected to grow at the fastest CAGR during the estimation timeframe.
Based on the type, the asteroid mining market is categorized into type C, type M, and type S. Among these, the type M segment is expected to grow at the fastest CAGR during the estimation timeframe. Because Type M provides essential resources for manufacturing, propulsion, and life support, it has great promise for enabling future space missions. They are widely distributed in organic molecules, water, and volatile compounds.
The construction segment is expected to hold a significant share of the asteroid mining market during the estimation timeframe.
Based on the application, the asteroid mining market is categorized into construction, resource harvesting, 3D printing, and others. Among these, the construction segment is expected to hold a significant share of the asteroid mining market during the estimation timeframe. The advancement of technology for mining asteroids could have effects on industries other than space exploration, such building and mining on land. It depicts a potential path to resources beyond Earth, which might revolutionize a variety of industries, including construction.
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North America is projected to hold the largest share of the asteroid mining market over the estimation timeframe.
North America is projected to hold the largest share of the asteroid mining market over the estimation timeframe. The United States is leading the growth of the space economy. The U.S. Departments of State and Commerce have instituted measures to reduce the rules controlling satellite export controls, and the Office of Space Commerce organizes relevant policies to assist the growth of the domestic commercial space mining industry.
Asia Pacific is expected to grow at the fastest CAGR growth of the asteroid mining market during the estimation timeframe. The marketplace is expected to find attractive opportunities because of things like the government's increased efforts to create regulations about mining asteroids and the use of the In-Situ Resource Utilization (ISRU) approach in space exploration.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global asteroid mining market are Asteroid mining Company, Bradford, iSpace, Kleos Space S.A, Planetary Resources, SpaceFab.US, Sierra Nevada Corporation, Offworld, Virgin Galactic, and others.
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Recent Developments
- In May 2023, Virgin Galactic has announced the start of commercial spaceflight operations under the moniker "Galactic01". The dates of the launch window are June 27, 2023, to June 30, 2023. Furthermore, "Galactic 02" spacecraft services were slated by the corporation for early August of 2023
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global asteroid mining market based on the below-mentioned segments:
Global Asteroid Mining Market, By Phase
- Launch
- Operation
- Space-Craft Design
Global Asteroid Mining Market, By Type
- Type C
- Type M
- Type S
Global Asteroid Mining Market, By Application
- Construction
- Resource Harvesting
- 3D Printing
- Others
Global Asteroid Mining Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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