According to a recent report published by Allied Market Research, titled,"Asteroid Mining Market by Phase, Asteroid Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017 - 2025,"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.
The global asteroid mining market is expected to grow exponentially during the forecast period. The market growth is expected to be positively influenced by growing traces of metals, water, and fuel in the space along with increased emphasis of government on carrying out several space situational awareness programs. Space mining is projected to create new opportunities particularly in the Middle East & Africa over the next few years. The market growth is also attributed to the increase in R&D investments by the large players to deploy space mining processes. Space has ample water and metal resources, which is further expected to enable large-scale exploration, thereby creating new avenues for market growth. However, the process is still in the prototype stage and is yet to be implemented.
With rapid progress made in field of science and technology, mining activities have increased at a very rapid pace. The earths natural replenishment cycle is unable to meet the current demand, because of which there is a shortage of precious resources such as gold and platinum, which results in the rise in prices of these metals.
Key Findings of the Asteroid Mining Market:
In 2017, the space-craft design sub-segment generated the highest revenue in the global asteroid mining market.
In 2017, the 3D printing segment generated the highest revenue among the applications in the global asteroid mining market.
The major players operating in the global asteroid mining market are Asteroid mining Company, Bradford, iSpace, Kleos Space S.A, Planetary Resources, SpaceFab.US, Sierra Nevada Corporation, Offworld, and Virgin Galactic. These key players have adopted product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaboration to enhance their market penetration.