Increasing investments and government initiatives in space mining are propelling the growth of the space mining market.
Newark, May 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global space mining market is expected to grow from USD 947.56 Million in 2020 to USD 4200 Million by 2030, at a CAGR of 19.98% during the forecast period 2021-2030.
The space mining industry holds a lot of potential in the upcoming years. The asteroid contains metals, water, rear elements, etc. The asteroids are so close to the earth. Thus scientist thinks that space mining is very feasible. Therefore, many private companies and government space agencies are developing plans for space mining to get back the natural resources from space.
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The asteroids are the leftover material that remained from the solar system formation or the debris from the destruction of the planet. There are tens of thousands of asteroids present in the orbit of the sun, and most of these are grouped inside an asteroid belt in between the orbits of Mars and Jupiter. The asteroids are primarily categorized into the three types such as C type asteroid, M type asteroid, and S type asteroid. More than 75% of the asteroids are fit into the C type asteroid category, while 17% are classified into the S type asteroid category. The space mining industry is still in the nascent stage, and research and development are still undergoing.
The space mining market is experiencing high growth, owing to rising government and private companies’ initiatives for space mining. These private companies and government space agencies are developing prototypes for space mining. In addition to this, increasing investments in space research further boost the market’s growth over the forecast period. However, various challenges are present in the market, including high costs and a lack of a standard legal framework. Furthermore, space mining is expected to create an enormous environmental risk that affects both the earth and space.
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Major players in the global space mining market are Ispace, TransAstra, Asteroid Mining Corporation, OffWorld, Shackleton Energy Company, Moon Express, Planetary Resources, Kleos Space, SpaceFab.US, and Bradford Space among others. The major players operating in the global space mining market are engaged in the adoption of various strategies such as mergers & acquisitions, geographical expansion, research and development activities, and forming a joint venture to gain a significant market share in the industry.
• In November 2020, TransAstra announced that it has entered into the Phase III for Prototyping of the Mini-Bee asteroid mining spacecraft. This prototype is going to be tested in the space for the Trans Astronautica mining technologies in between the year 2022 and 2023.
• In January 2019, Bradford Space announced the acquisition of Deep Space Industries (DSI), a space mining company. This acquisition of DSI made the Bradford Space first substantial U.S. presence, offering location and outlets in the U.S. space industry.
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The type C (Chondrite) asteroid type segment is accounted for the largest market share and valued at USD 535.2 Million in the year 2020
The asteroid type segment is divided into type C (Chondrite), type S (Stony), and type M (Metallic). The type C (Chondrite) asteroid type segment accounted for the largest market share and was valued at USD 535.2 Million in 2020. The C stands for carbon, and the surface of the type C (Chondrite) asteroid is coal black. These asteroids contain a large number of carbon molecules, clay, minerals, metals, and stones. Therefore, the space mining companies have a special interest in type C (Chondrite) asteroids.
The spacecraft segment dominated the global space mining market and valued at USD 434.4 million in the year 2020
The phase segment includes spacecraft design, launch, and operation. The spacecraft segment dominated the global space mining market and was valued at USD 434.4 million in 2020. The spacecraft is a vehicle designed to fly with craw or without the crew in outer space. These spacecraft are used for the variety of the purpose including navigation, communication, observation, and transportation. The spacecraft design plays a vital role in space mining missions. Thus, companies are highly investing in the improvement of spacecraft design for space mining missions.
The water segment is anticipated to grow at a significant CAGR in the global space mining market over the forecast period
The commodity resources segment is divided into water, platinum group materials, and structural elements. The water segment is anticipated to grow at a significant CAGR in the global space mining market over the forecast period. There are more than 1000 water-rich, or hydrated asteroids are present near the earth. Therefore, many space mining missions are expected to target the mine water from space.
Regional Segment Analysis of the Space Mining Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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The Asia Pacific region is projected to grow at the significant CAGR in the global space mining market. Countries such as China and Japan are actively investing in research and development activities to launch space mining missions in the future. In April 2021, China launched the small space mining test spacecraft on a Long March 6 rocket with eight other commercial satellites. Furthermore, the North America region accounted for the highest market share in the global space mining market and was valued at USD 483.93 million in the year 2020. The presence of a large number of private companies in the U.S. is boosting the market’s growth in the North America region.
About the report:
The global space mining market is analyzed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.