Asteroid Mining Market Segmentation by Phase (Shuttle Design, Launch, and Operation); by Asteroid Type (Type C, Type S, Type M, and Others); by Application (Development, Asset Harvesting, 3D Printing, and Others)-Global Demand Analysis & Opportunity Outlook 2031

Asteroid Mining Market Segmentation by Phase (Shuttle Design, Launch, and Operation); by Asteroid Type (Type C, Type S, Type M, and Others); by Application (Development, Asset Harvesting, 3D Printing, and Others)-Global Demand Analysis & Opportunity Outlook 2031

Global Asteroid Mining Market Highlights Over 2022 - 2031

The global asteroid mining market garnered approximately USD 1 billion in revenue in 2021 and is expected to further grow at a CAGR of 22% over the forecast period, i.e., 2022-2031. The growth of the market can be attributed to increased space mining missions, adoption of 3D printing technology in asteroid mining, and increasing investments in space mining companies. Additionally, the rise in government regulatory frameworks for space rock mining and the adoption of In-Situ Resource Utilization (ISRU) practice for space investigation is also expected to positively impact the development of the market.

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The COVID-19 pandemic had very little impact on the market. With the worldwide lockdown, the supply chain got disturbed and as a result manufacturing sector of space, and crafts witnessed a shortage of raw materials.

However, high expenses associated with mining procedures and guidelines related to proprietary rights are the key factors restraining the growth of the market. Moreover, several risks and dangers associated with space rock mining are further expected to hamper the market growth.

The market is segmented by asteroid type into type C, type S, type M, and others, out of which, the type C segment is expected to hold the largest share of the market during the forecast period owing to increased focus of mining missions on C-type asteroids. These asteroids largely contain ice water that can be mined and used as rocket propellant.

Global Asteroid Mining Market Regional Synopsis

Regionally, the global asteroid mining market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period owing to increasing focus and investment in space exploration missions, and government concerns for space resources.

On the other hand, the market in Asia Pacific region is expected to attain a strong revenue share over the forecast period owing to increasing investment on robotics for space development in some countries in the region, such as Japan, and China. Japan was the chief supplier of industrial robots worldwide in 2017, with about 52% of the global supply, according to the International Federation of Robotics. Moreover, Japanese private business operators are permitted by law to engage in the assessment and development of space resources, such as water, minerals, and other non-living resources. Such advancements are expected to propel market developments significantly in the region.

Market Segmentation

Our in-depth analysis of the global asteroid mining market includes the following segments:

By Phase

• Shuttle Design

• Launch

• Operation

By Asteroid Type

• Type C

• Type S

• Type M

• Others

By Application

• Development

• Asset Harvesting

• 3D Printing

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Asteroid Mining Market

Growth Drivers

• Increased space mining missions

• Adoption of 3D printing technology in asteroid mining

• Increasing investments in space mining companies

Challenges

• High expenses associated with mining procedures and guidelines related to proprietary rights

• Several risks and dangers associated with space rock mining

Key Companies Dominating the Global Asteroid Mining Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global asteroid mining market that are included in our report are 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. 

Latest Developments in the Global Asteroid Mining Market:

• April 2021: Origin Space, a seed-stage Chinese private company researching and developing technology to enable space resource utilization, successfully launched the first robot dedicated to the mining of space resources, using a spacecraft called NEO-1.

Key Reasons to Buy Our Report

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