Asteroid Mining Market

Asteroid Mining Market Overview:

Mining activities have been the backbone of human civilization in the development of science and technology. These activities have been carried out since the Bronze Age to meet the requirements of the human civilization. With rapid progress made in field of science and technology, mining activities have increased at a very rapid pace.

The global asteroid mining market was valued at $712.0 million in 2017 and is projected to reach $3,868.9 million by 2025, growing at a CAGR of 24.4% from 2018 to 2025

Asteroids mining is referred to as the exploitation of raw materials from asteroids and other minor planets, which also includes near-earth objects. Minerals can be mined from an asteroid or spent comet and then used in space for construction material or can be taken back to earth. These resources or raw materials include gold, iridium, silver, osmium, palladium, platinum, nickel, and aluminum. According to NASA, the minerals that lie in the belt of asteroids between Mars and Jupiter hold wealth equivalent to a staggering US $100 million for every person on earth. There is an increase in demand for planets limited resources with growth in the worlds population. This has led to several governments and private enterprises to set their sights in outer space for various resources which is expected to drive the global asteroid mining market.

Ongoing and impending space mining missions, increasing investments of private stakeholders in space mining companies, and adopting 3D printing technology in asteroid mining are the factors expected to drive the growth of the asteroid mining market. However, the high cost associated with the mining techniques and regulations regarding proprietary rights act as a major barrier and hampers the asteroid mining market growth. In addition, various risks associated with asteroids mining also hamper the market growth. Furthermore, factors such as rise in number of government initiatives to frame regulations with respect to asteroid mining and adoption of In-Situ Resource Utilization (ISRU) practice in space exploration are expected to offer lucrative opportunities for the market.

The global asteroid mining market is analyzed by phase, asteroid type, application, and region. Based on phase, the market is divided into spacecraft design, launch, and operation. By asteroid type, the market is classified into Type C, Type S, Type M, and others. Based on application, the market is categorized into construction, resource harvesting, 3D printing, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Top Impacting Factors

The factors such as ongoing and future space missions, advancement in 3D printing technology, high cost associated with space mining technique, rise in number of government regulations regarding space mining, and adoption of in situ utilization practice in space exploration are expected to significantly affect the growth of the global asteroid mining market. These factors are anticipated to either drive or hamper the market growth.

Ongoing and future space missions

Over the last hundred years, the human population has exploded from about 1.5 billion to more than seven billion, driving an ever-increasing demand for resources. Scarce materials can be obtained from asteroids if financial and technological constraints can be tackled. Advancements in technology coupled with innovations are expected to reduce the costs of asteroids mining. For instance, Deep Space Industries has proposed to launch Prospector 1, to a nearby asteroid and assess its suitability for mining precious materials. The project has been proposed to launch somewhere around 2020. In addition, projects such as Jupiter Icy Moon explorer (JUICE), Square Kilometer Array Project, and The modern Space Race project by Blue Origin are some of the projects expected to launch in the near future. Such future and ongoing projects and missions on space technologies drive the growth of the global asteroid mining market.

High cost associated with space mining techniques

Celestial bodies, such as the Moon and the asteroids possess metals that are currently mined from the earth. According to the estimates, mining on the moon would initially cost around $9 billion. In addition, capturing parts of near-earth asteroids, the target of companies already developing programs to begin mining in space, may be just $492 million. According to Planetary Resources Inc., an asteroid-mining venture backed by Google Larry Page and Eric Schmidt, each mission to mine an asteroid may cost only between about $50 million and $100 million in the near future, which would make this venture very costly and difficult to be implemented. Such high cost associated with the space mining technique restrict the growth of the asteroid mining market.

Rise in number of government regulations

There has been an increase in trends in supporting the space technologies at the global front. The U.S. is at the forefront of developing the space economy. U.S. Departments of State and Commerce have undertaken reforms to ease the satellite export control regime while the Office of Space Commerce coordinates relevant policies to promote the growth of the domestic commercial space mining industry. In addition, NASA organizes various competitions and provides technical assistance for the development of novel technologies such as 3D printing, space solar power, electric propulsion, and others, which assist in the growth of asteroid mining through which various space entrepreneurs and their commercial enterprises benefit. The rise in government regulations and support offers lucrative opportunities for asteroid mining market expansion.

Competitive Analysis

Competitive analysis and profiles of the major market players that have been provided in the report include Asteroid Mining Corporation Ltd., Bradford Company, ispace, Kleos Space, Moon Express, Planetary Resources, SpaceFab.US, Sierra Nevada Corporation, OffWorld, Inc., and Virgin Galactic. The key strategies adopted by these major players are pre-seed funding, and product development.

Historical Data & Information

The global asteroid mining market share is highly competitive, owing to the strong presence of existing vendors. Vendors of the asteroid mining market with extensive technical and financial resources are expected to gain a competitive advantage over their competitors as they can cater to the market demands. The competitive environment in this market is expected to intensify as technological innovations, product launch, and different strategies adopted by key vendors increase.

Key Developments/Strategies

Asteroid Mining Corporation Ltd., Bradford Company, ispace, Kleos Space, Moon Express, Planetary Resources, SpaceFab.US, Sierra Nevada Corporation, OffWorld, Inc., and Virgin Galactic are the top companies holding a prime share in the asteroid mining market. Top market players have adopted various strategies, such as product launch and product development to expand their foothold in the asteroid mining industry.

• In May 2023, Virgin Galactic announced the launch of commercial spaceflight services, under ‘Galactic 01’, which will be scheduled between June 27 to 30, 2023. The company further planned about the ‘Galactic 02’ spaceflight services in the early August, 2023.
• In May 2022, Asteroid Mining Corporation Ltd. (AMC) secured an undisclosed pre-seed round from E2IN2 S.A. and has partnered with Tohoku University Space Robotics Laboratory (SRL) to develop the Space Capable Asteroid Robotic Explorers (SCAR-E) programme.

KEY BENEFITS FOR STAKEHOLDERS

• This study comprises analytical depiction of the asteroid mining market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall asteroid mining market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis of asteroid mining market forecast.
• The current asteroid mining market forecast is quantitatively analyzed from 2017 to 2025 to benchmark the financial competency.
• The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in for asteroid mining market opportunity during the forecast period.
• The report includes the market share of key vendors and asteroid mining market trends.

 Asteroid Mining Market Report Highlights