Asteroid Mining Market Size, Industry Analysis, Key Insights And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Asteroid Mining Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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.

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Market Drivers and Trends:

The increased satellite deployment is expected to propel the growth of the asteroid mining going forward. A satellite is a human-made object intentionally placed into orbit around a celestial body, usually Earth, to serve various purposes such as communication, weather monitoring, navigation, scientific research, or reconnaissance. Asteroid mining in satellite construction enables access to rare resources for manufacturing and fuel production, contributing to sustainable space exploration. For instance, in 2023, according to the GEOSPATIAL MEDIA AND COMMUNICATIONS, an India-based media company, as per the Index of Objects Launched into Outer Space, managed by the United Nations Office for Outer Space Affairs (UNOOSA), the Earth is currently orbited by 8,261 individual satellites, reflecting an 11.84% rise from April 2021. Therefore, the increased satellite deployment is driving 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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Major Key Players of the Market:

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.

Asteroid Mining Market 2024 Key Insights:

• 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%.
• Increase In Space Missions Boosts Growth In The Asteroid Mining Market
• Technological Advancements Drive Innovations In The Asteroid Mining Market
• North America was the largest region in the asteroid mining market in 2023

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