The latest research study “Asteroid Mining Market: global industry trends, share, size, growth, opportunity and forecast 2022-2027” by IMARC Group, finds that
The global asteroid mining market size reached US$ 1.34 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.75 Billion by 2027 exhibiting a CAGR of 21.70% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
Asteroid mining represents the process of extracting minerals and raw materials, including silver, gold, rhodium, nickel, aluminum, manganese, iron, cobalt, etc., from minor planets and asteroids in outer space. It generally contributes to a sustainable environment as minerals mined in space are utilized as rocket propellants or construction materials. In line with this, asteroid mining is performed in the asteroids to minimize the cost of transporting minerals in the orbit of the Earth. It allows the large-scale exploration of water and platinum.
.Asteroid Mining Market Trends And Drivers:
The rising number of ongoing space missions for advancements in public safety, energy and environment, health and medicine, information technology (IT), and industrial productivity is among the key factors driving the asteroid mining market. Furthermore, the widespread adoption of 3D printing, as it aids in increasing flexibility in the production flow and reducing industrial expenses, is bolstering the global market.
Apart from this, the launch of various favorable policies by government bodies across countries to promote asteroid mining, on account of the declining limited resources of the Earth and the expanding population, is also catalyzing the market growth.
Moreover, the growing investments by private stakeholders in asteroid mining and the increasing utilization of in-situ resource utilization (ISRU) practice in space exploration that helps in collecting, processing, and storing resources found on asteroids are acting as significant growth-inducing factors. Besides this, extensive R&D activities by the leading manufacturers to introduce enhanced space mining methods are expected to fuel the asteroid mining market in the coming years.
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The report has been segmented the market into following categories:
Breakup by Asteroid Type:
o Type C
o Type S
o Type M
Breakup by Phase:
o Spacecraft Design
Breakup by Application:
o Resource Harvesting
o 3D Printing
· North America
o United States
o South Korea
o United Kingdom
· Latin America
· Middle East and Africa
List of Major Key Players:
The major players in the market are Asteroid Mining Corporation Limited, Moon Express Inc., OffWorld, Shackleton Energy Company, SpaceFab.US Inc. and Trans Astronautica Corporation.
Key highlights of the Report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
COVID-19 Impact on the Market
Porter’s Five Forces Analysis
Historical, Current and Future Market Trends
Market Drivers and Success Factors
Structure of the Market
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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