Space Mining Market had a valuation of approximately $0.56 billion in 2021. The market is expected to project a compound annual growth rate of 24.7% in the forecast period to reach a value of $3.28 billion at the end.
Space Mining is the technology of mining asteroids and other small-sized planets in space to obtain valuable raw materials. The purpose of the development of space technology is similar to terrestrial mining, that is, the excavation of precious minerals. The valuable raw materials and minerals generally include iridium, gold silver, palladium, osmium, platinum, rhodium, rhenium, tungsten, gold, and others. The difference in both the mining technologies is associated with the cost. Spacing mining is extremely costly as compared to Earth mining.
Leading to the tremendous scope for business in the years to come, a variety of companies are developing space technology in order to exploit rich resources from the asteroids in our solar system. The primary reason for space mining is to make up for the depletion of limited resources available on Earth. The concept of space mining is exciting as it has an additional benefit of space exploration. The raw material for the development of space infrastructure is also made available through space mining.
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Market Growth Rate and Key Trends:
Currently, the market is growing with the government’s support. 2015 Act of Commercial Space Launch Competitiveness by the U.S. encourages the work of mining beyond Earth by private companies. Luxembourg space mining law, passed in 2017 was aimed at relaxing government restrictions faced by companies planning to operate beyond Earth in the mining field. Government initiatives like these and growing awareness of the technology is a key trend in the implementation of space technology.
The development of technology has significantly reduced space launching costs. The space mining sector is attracting huge investments. These factors are likely to fuel the market growth.
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Impact of Covid-19 on the market:
Covid-19 has had its effect on Earth which brought the whole world into lockdown. Most of the markets were affected badly and overall economies have been damaged. The space mining market is mostly under the research and development phase. Therefore, Covid-19 could not affect its operations. Even if the market was operating, the operations are executed beyond the Earth and therefore, Covid-19 will neither have a negative nor a positive effect on the space mining market at present or in future.
Recent Developments
On Dec 3, 2018, NASA’s ORISIS-Rex arrived at the Bennu asteroid. The spacecraft traveled for two billion kilometers in a span of more than two years. The spacecraft serves the function of Spectral Interpretation, Security-Regolith Explorer, and Resources Identification. The spacecraft is predicted to return back in the year 2023
In 2019, Deep Space Industries Inc. often known as DSI was acquired by U.S. space systems manufacturer Bradford Space. Bradford Space has locations in the Netherlands and Sweden as well
In 2022, the JAVA/ISAS spacecraft DESTINY+ is going to be launched to Phaethon, an active asteroid (3200)
Space Mining Market Segmentation:
Phase:
- Spacecraft Design
- Launch
- Operation
- Type of Asteroid:
- Type C
- Type S
- Type M
- Type of Commodity Resource:
- Water
- Structural Elements
- Platinum Group Materials
- Application:
- Extra-terrestrial Commodity
- Human Life Sustainability
- Fuel
- Construction
- 3D Printing
- Utilization:
- Earth
- Space
Geographical and Regional Presence:
The global space mining market can be divided into five key major regions namely North America, Latin America, Europe, Middle East & Africa, and Asia Pacific.
North America is anticipated to be the global leader in the space mining market with a significant share in the forecast period. The Department of Defense and NASA in the North American region are significantly influencing the space mining market with the vision of space exploration. Safe operations in space coupled with the increasing reliability on assets available in the space are expected to fuel the market growth.
The Middle East & Africa region is expected to start exploring the tremendous opportunities in space mining market in the following years. European Space Agency is among the reputed agencies is space exploration. The agency is focused on the development of space capabilities of Europe. They aim to deliver benefit to its citizens through space investments. Government collaborations with private players offer worthwhile opportunities for the players in the space mining market. Europe is foreseen to record the most substantial growth rate in the following years.
Competition in the marketplace:
Prominent players in the space mining market are Planetary Resources, Ispace, Bradford Space Group, and Asteroid Mining Corporation. The market is highly fragmented with the presence of several other players. The majority of the players are in the nascent stage with continuous Research & Development. Within the next ten years, a surge in space mining operations is expected. The key players in order to enhance their technological capabilities may rely on mergers & acquisitions, and collaborations in the estimated period. For instance, Planetary Resources, a space mining company was acquired by a blockchain company named ConsesSys in 2018. The focus of companies to tie up with other organizations is aimed at the consolidation of the market.
Key Players
- Kleos Space
- Bradford
- Ispace
- Moon Express
- Asteroid Mining Corporation Limited
- TransAstra
- Off World
- Indian Space Research Organization
- National Aeronautics and Space Administration
- European Space Agency
- Japan Aerospace Exploration Agency
- China National Space Administration
- Russian Federal Space Agency
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