Where Asteroid Mining Market is heading in 5 Years? Eyeing Market Leadership and Changing Dynamics
Updated · Jul 11, 2023
Published Via 11Press : According to HTF Market Intelligence, the global Asteroid Mining market is expected to see a growth rate of 13.24% and may see a market size of USD5,663.48 Million by 2028. The Market is currently pegged at USD2,685.18 Million.
What is Asteroid Mining?
Asteroids are tiny, stony space objects, and asteroid mining is the process of removing valuable elements from them. These resources might be employed for a variety of tasks, including building space infrastructure, supplying fuel for spaceships, or sustaining life in space, according to the theory. Water, metals, and minerals, which are allegedly rich on some asteroids, are the materials of interest in asteroid mining. Metals and minerals, on the other hand, can be utilized to build spaceships, habitats, and other space infrastructure, while water can be used as a source of hydrogen and oxygen for rocket fuel.
|Largest Market||North America|
|Unit||Value (USD Million)|
|Market Current Value||USD2,685.18|
|Market Forecast Value||USD5,663.48|
|Key Companies Profiled||Deep Space Industries (United States) Moon Express (United States) ispace (Japan) Asteroid Mining Corporation (United Kingdom) Shackleton Energy Company (United States) Kleos Space (Luxembourg) TransAstra (United States) OffWorld (United States) SpaceFab.US (United States)|
An Ultimate PDF Guide On Asteroid Mining
Major Key Players
- Deep Space Industries (United States)
- Moon Express (United States)
- ispace (Japan)
- Asteroid Mining Corporation (United Kingdom)
- Shackleton Energy Company (United States)
- Kleos Space (Luxembourg)
- TransAstra (United States)
- OffWorld (United States)
- US (United States)
Asteroid Mining Market Key Business Segments
- Type C
- Type S
- Type M
- Resource Harvesting
- 3D Printing
- Spacecraft Design
Market Growth Drivers:
- Asteroid mining has been proposed as a way to find new sources of water and rare earth metals to supplement Earth-based supplies. The majority of studies on asteroid mining to date have concentrated on the subject’s economic viability, technological viability, mapping of asteroids, and legal considerations.
- As the demand for resources increases, so does the requirement for fresh supplies of minerals, metals, and other commodities. As some resources on Earth become more and more rare, there is a pressing need for new sources of minerals.
- The resurgence of interest in space exploration and the need for new materials and technologies to sustain human settlement in space have led to the development of asteroid mining. There are significant potential economic advantages to asteroid mining. The minerals and compounds found on some asteroids are thought to be worth trillions of dollars, according to some estimations.
- The mining of asteroids is a highly tough and complex research factor. The cost of mining asteroids and placing a spacecraft in orbit is very costly.
- Since the earth’s gravity is so strong, it would require more fuel to flee the globe than to travel through space. This problem has been addressed by using electric spaceships rather than conventional rockets.
- Utilizing space resources entails exceedingly risky activities that have the potential to damage both the ecosystem in space and on Earth. Forward pollution from Earth has an effect on the space environment.
- Since asteroid mining is quickly becoming a commercial and technical reality, it is crucial to thoroughly investigate the viability of any prospective large-scale mining operations.
- To make the framework more precise and flexible, the aforementioned studies might be seen as components of a feasibility study to address specific issues with asteroid mining missions.
- Natural resource exploitation by the private sector may be made possible by the development of technology to reach and land on asteroids, the detection of near-Earth asteroids, and in-situ confirmation of their composition by space agency exploration projects. By doing this, deep space commercialization would advance past low-Earth orbit.
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Frequently Asked Question
Q1: What is the current market size for the Asteroid Mining Market?
A: According to HTF MI, the global Asteroid Mining market is predicted to expand at a 13.24% CAGR and reach $5,663.48 billion in revenue by 2028.The market’s current value is $2,685.18 billion USD.
Q2: What are the key segments of the Asteroid Mining Market?
A: The Asteroid Mining Market can be segmented based on Offering by Application (Construction, Resource Harvesting, 3D Printing, Others) by Type (Type C, Type S, Type M, Others) by Phase (Spacecraft Design, Launch, Operation) and by Geography (North America, South America, Europe, Asia Pacific, M
Q3: Who are the key players in the Asteroid Mining Market?
A: Some of the key players in the Asteroid Mining Market include Deep Space Industries (United States), Moon Express (United States), ispace (Japan), Asteroid Mining Corporation (United Kingdom), Shackleton Energy Company (United States), Kleos Space (Luxembourg), TransAstra (United States), OffWorld (United States), SpaceFab.US (United States).
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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