Global Asteroid Mining Market 2024 Competitive Landscape, Industry Analysis, Segmentation And Forecast To 2033

The asteroid mining market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to evolving space industry landscape, space race and cold war era, conceptualization and feasibility studies, scientific research and exploration missions, space mining advocates.

The asteroid mining market size is expected to see exponential growth in the next few years. It will grow to $3.79 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%. The growth in the forecast period can be attributed to development of infrastructure, reduction in launch costs, scientific exploration, environmental concerns, space colonization and sustainability, space-based manufacturing. Major trends in the forecast period include resource scarcity on earth, growing space exploration initiatives, advancements in space infrastructure, demand for rare metals, technological innovation for extraction.

Market Overview -
Asteroid mining is the extraction of minerals and other raw materials from small planets and asteroids in space. Asteroids are stone and metallic bodies that circle the sun. These bodies are the leftovers of collapsing planetary bodies, or protoplanets.

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Increase In Space Missions Boosts Growth In The Asteroid Mining Market
An increasing space missions by government bodies and space companies is expected to propel the growth of the asteroid mining market going forward. A space mission refers to launching manned or unmanned vehicles into space to gather scientific data. Space missions would enable the exploration of suitable asteroid mining candidates containing platinum group metals and would get the data they need, such as location, environment, and travel time, to select the correct asteroid for mining. As a result, an increase in space missions increases the demand for asteroid mining. For instance, in January 2022, according to the United Nations Office for Outer Space Affairs, a United Nations secretariat, 1,674 objects were launched into orbit in 2021, compared to 1,273 in 2020, indicating an increase in the launch of space missions. Therefore, an increase in space missions by government bodies drives the growth of the asteroid mining market.

Competitive Landscape -
Major companies operating in the asteroid mining market report are Asteroid Mining Corporation Limited, Bradford Space Inc., iSpace Inc., Kleos Space SA, Moon Express Inc., Planetary Resources Inc., SpaceFab US Inc., OffWorld Inc., Virgin Galactic Holdings Inc., Sierra Nevada Corporation, Trans Astronautica Corporation, Deltion Innovations Ltd., The Boeing Company, The Indian Space Research Organisation, Northrop Grumman Corporation, Deep Space Industries Inc., TransAstra Corporation, Origin Space Inc., Karman+ Inc., AstroForge Inc., Honeybee Robotics Ltd., Masten Space Systems Inc., Astrobotic Technology Inc., Blue Origin LLC, Lockheed Martin Corporation, Space Exploration Technologies Corp., Orbital ATK Inc., Thales Alenia Space, Airbus Defence and Space, Mitsubishi Electric Corporation, OHB SE, Ball Aerospace & Technologies Corp., Maxar Technologies Inc.

Technological Advancements Drive Innovations In The Asteroid Mining Market
Technological advancements and innovations are the key trends gaining popularity in the asteroid mining market. Major companies are developing innovative products to meet industry demands and strengthen their business presence in the asteroid mining market. For instance, in April 2021, Shenzhen Origin Space Technology Co., Ltd., a China-based private space resource company, launched its first mining satellite, NEO-01, into orbit. The satellite would concentrate on low-Earth orbit space debris cleaning and prototype technologies using IEEE spectrum in verification for space resource collection, as well as show potential asteroid defense capabilities. The NEO-01 satellite is also outfitted with a wide-angle camera and other onboard cameras. The onboard camera is expected to document the whole mission implementation procedure.

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Key Segments -
The asteroid mining market covered in this report is segmented -
1) By Phase: Space-Craft Design, Launch, Operations
2) By Asteroid: Type C, Type S, Type M
3) By Application: Construction, Resource harvesting, 3D Printing

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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