The global space mining market size is expected to reach USD 8.19 Billion in 2030 and register a steady revenue CAGR of 23.5% over the forecast period, according to latest analysis by Emergen Research. Space mining market revenue growth is expected to be driven by continuous investment in space exploration and mining, launch of planned space missions, and increasing support by governments worldwide. Government initiatives to frame regulations with regards to space mining is expected to support revenue growth of the market going ahead.
The objective of space mining is to find and extract valuable minerals and metals etc. from asteroids and other bodies in space. Rapid depletion of Earth’s natural resources has been fueling aspirations and plans to mine space for decades for the much-needed resources and also to profit from the immense resources. This is a key factor expected to drive market revenue growth to a significant extent in future. Although space mining is capital intensive, it is becoming the last resort as Earth’s resources are depleted. Market is expected to be supported to s major extent by government initiatives such as the US military branch and the Space Force, as per which astronauts will return to the moon by 2024. Another example is the Artemis Accords, which is a global legal framework for moon mining. The initiative encourages citizens to mine the Earth’s natural satellite and other celestial bodies for economic interests.
Get a sample of the report @ https://www.emergenresearch.com/request-sample/812
Minerals found in the belt of asteroids between Jupiter and Mars, according to NASA, have a value of USD 100 million per person on Earth. This is encouraging commercial enterprises to participate in space mining in order to benefit from space-mined materials. Mining on the moon will cost around USD 9 billion at first, while collecting near-Earth asteroids could cost USD 492 million. The exorbitant expense of space mining is a major factor restraining expansion currently.
Increasing mergers, collaborations, and partnerships between leading players in the industry will present new and lucrative opportunities in the space mining market in future. NASA, for example, gave four companies contracts in 2020 to recover modest amounts of lunar regolith by 2024, putting the agency ahead of the pack in commercial space mining. The Moon is an ideal location for space mining. It offers various advantages, including its proximity and low gravity, which implies less energy cost for launch. However, high cost of space mining and need for long-term investment in such operations are constraining industry expansion. Market growth can be expected to increase when the cost of space launch reduces.
Ask For Discount of the report @ https://www.emergenresearch.com/request-discount/812
Emergen Research has segmented the global space mining market on the basis of type of asteroid, phase, type of commodity, application, and region:
Type of Asteroid Outlook (Revenue, USD Billion; 2018–2028)
-
- Type C
- Type S
- Type M
- Others
Phase Outlook (Revenue, USD Billion; 2018–2028)
-
- Spacecraft Design
- Instruments
- Altitude Control System
- Electric Power System
- Others
- Launch
- Operation
- Spacecraft Design
Type of Commodity Outlook (Revenue, USD Billion; 2018–2028)
-
- Water
- Structural Elements
- Platinum Group Materials
Application Outlook (Revenue, USD Billion; 2018–2028)
-
-
- Construction
- Extra-terrestrial Commodity
- Fuel
- Human Life Sustainability
- 3D Printing
-
Key insights presented in the report:
- On 1 January 2019, Deep Space Industries (DSI) was bought by Bradford Space, which is a space technology business. DSI was renamed Bradford Space Inc., and it is still working on the Xplorer satellite bus, which is designed for missions beyond Earth’s orbit. DSI provides cost-effective and creative space exploration solutions.
- Revenue from the Type C segment is expected to increase steadily throughout the forecast period. Mining efforts are expected to be initially directed at this type of asteroid owing to availability of water, which can be used to produce rocket fuel, and be supplied to enterprises conducting space missions. Organic and metal materials are also available from Type C, and can be used for spacecraft construction in space.
- Asteroids are expected to be mined for platinum since a single asteroid can contain between USD 25 and 50 billion in platinum. This also includes additional metals like as cobalt, iron, gold, nickel, and manganese, which might help to alleviate Earth’s metal scarcity. NASA is currently conducting a mission to collect samples from near-Earth asteroids (NEA).
- Market revenue in Asia Pacific is expected to register rapid growth over the forecast period due to increased focus on initiating mining space activity by China and Japan. China is making significant progress in space research, with the launch of its first batch of asteroid prospecting spacecraft in 2020.
The report provides comprehensive details about the market with respect to overall revenue, sales and consumption, pricing trends, gross margins, growth rate, and market size. Additionally, the report also covers details of the company, such as sales and distribution area, product portfolios, specifications, and others.
To know more about the report, visit @ https://www.emergenresearch.com/industry-report/space-mining-market
The report also discusses key players involved in the market, such as Moon Express, Kleos Space S.A., Bradford Space Inc., Ispace, Planetary Resources, NASA, China National Space Administration, Trans Astronautica Corporation, Shackleton Energy Company (SEC), and Asteroid Mining Corporation Ltd. as well as new entrants in the market. The competitive analysis also includes regional analysis of major geographical regions. The report covers regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key Questions Answered in the Report:
- What will be the estimated growth rate of the Space Mining market by 2027?
- Who are the prominent distributors, vendors, and manufacturers of the market?
- What are the driving and restraining factors of the growth of the Space Mining market throughout the forecast period?
- What are the current and future market trends of the Space Mining market?
- What are the sales and price analysis of the product by types, applications, and regions?
- What are the expected opportunities for the companies and new entrants in the coming years?
The report demonstrates the progress and advancement achieved by the global Space Mining market, including the historical analysis and progress through forecast years. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals. The report provides an accurate estimation by applying SWOT analysis and Porter’s Five Forces analysis. The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market.
Request a customization on the report @ https://www.emergenresearch.com/request-for-customization/812
Thank you for reading our report. Please get in touch with us if you have any queries regarding the report or its customization. Our team will ensure the report is best suited to your needs.
Latest Blog Articles Published by Emergen Research:
dewatering equipment market: https://www.emergenresearch.com/industry-report/dewatering-equipment-market
industrial lubricants market: https://www.emergenresearch.com/industry-report/industrial-lubricants-market
cast elastomers market: https://www.emergenresearch.com/industry-report/cast-elastomers-market
healthcare it integration market: https://www.emergenresearch.com/industry-report/healthcare-it-integration-market
risk-based monitoring software market: https://www.emergenresearch.com/industry-report/risk-based-monitoring-software-market
About Us:
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Visit for More Insights: https://www.emergenresearch.com/insights
Explore Our Custom Intelligence services | Growth Consulting Services