Asteroid Mining Global Market Report 2024

The global asteroid mining market 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 observed growth in the historic period can be attributed to various factors, including the evolving landscape of the space industry, the space race and Cold War era that spurred technological advancements, conceptualization and feasibility studies related to asteroid mining, scientific research, exploration missions, and the advocacy for space mining initiatives. These elements collectively played a significant role in shaping the growth trajectory of asteroid mining during the historic period.

The global asteroid mining market 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 anticipated growth in the forecast period can be attributed to various factors, including the development of infrastructure supporting space activities, a reduction in launch costs, increased scientific exploration of celestial bodies, growing environmental concerns on Earth, the pursuit of space colonization and sustainability, and the potential for space-based manufacturing. Major trends expected in the forecast period include concerns about resource scarcity on Earth, a rise in space exploration initiatives, advancements in space infrastructure, the demand for rare metals, and ongoing technological innovation for the extraction of resources from asteroids and other celestial bodies.

The surge in space missions conducted by both government entities and private space companies is anticipated to be a driving force behind the growth of the asteroid mining market. Space missions involve the deployment of manned or unmanned vehicles into space for the collection of scientific data. These missions play a crucial role in identifying suitable asteroids for mining, particularly those containing valuable platinum group metals. The data obtained from these missions, encompassing location, environmental conditions, and travel time, aids in the meticulous selection of asteroids suitable for mining activities. The escalation in space missions, as highlighted by the United Nations Office for Outer Space Affairs in January 2022, with 1,674 objects launched into orbit in 2021 compared to 1,273 in 2020, underpins the increased demand for asteroid mining. Consequently, the heightened pursuit of space missions by government bodies acts as a catalyst for propelling growth within the asteroid mining market.

The proliferation of satellite deployment stands poised to drive the growth of asteroid mining in the foreseeable future. Satellites, intentionally placed into orbit around celestial bodies like Earth, serve diverse functions encompassing communication, weather monitoring, scientific research, and more. Incorporating asteroid mining into satellite construction facilitates access to rare resources pivotal for manufacturing and fuel production, thereby contributing to sustainable space exploration endeavors. As per data from GEOSPATIAL MEDIA AND COMMUNICATIONS in 2023, managed by the United Nations Office for Outer Space Affairs, Earth is currently orbited by 8,261 individual satellites, marking an 11.84% rise from April 2021. This upsurge in satellite deployment substantiates the impetus driving the asteroid mining market forward.

Technological advancements and pioneering innovations emerge as pivotal trends gaining traction within the asteroid mining market. Leading companies are actively engaged in developing groundbreaking products to meet industry demands while fortifying their market presence in asteroid mining. For instance, in April 2021, Shenzhen Origin Space Technology Co., Ltd., a China-based private space resource company, launched its maiden mining satellite, NEO-01, into orbit. This satellite is primarily dedicated to low-Earth orbit space debris cleaning, prototype technologies for space resource collection, and potential asteroid defense capabilities. Equipped with a wide-angle camera and other onboard cameras, NEO-01 is poised to document the entire mission implementation process, representing a significant stride in technological innovation within the realm of asteroid mining.

Prominent companies within the asteroid mining sector are actively securing investments to spearhead new missions. For instance, in May 2022, AstroForge, a California-based asteroid mining firm, successfully secured a substantial $13 million startup investment. The company has outlined plans for a test voyage to space, aiming to establish itself as the pioneering sustainable asteroid mining entity. Utilizing novel asteroid processing technologies developed and tested by AstroForge, the scheduled test mission, set to embark on a SpaceX Falcon 9 rocket, will serve as a crucial trial for the company's platinum purification technique from asteroid-like material.

In a significant move during January 2022, Blue Origin, a renowned US-based aerospace company, undertook the acquisition of Honeybee Robotics for an undisclosed sum. This strategic acquisition is poised to amalgamate the distinct capabilities of both entities, paving the way for novel opportunities and innovations in specialized space mechanisms. With this acquisition, Blue Origin seeks to broaden its portfolio and fortify its position in the domain of asteroid mining. Honeybee Robotics, a US-based asteroid mining company, is set to contribute its expertise and resources towards propelling Blue Origin's ventures within the asteroid mining sphere, leveraging their combined strengths to drive innovative advancements in this field.

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.

North America was the largest region in the asteroid mining market in 2023. The regions covered in the asteroid mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the asteroid mining market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of asteroids targeted for mining are categorized as type C, type S, and type M. A type C asteroid is characterized by its black color and represents more than 75% of all known asteroids. The various phases of asteroid mining encompass spacecraft design, launch, and operational activities. This mining process finds applications in diverse fields such as construction, resource harvesting, and 3D printing.

This report provides asteroid mining market statistics, including the asteroid mining industry's global market size, regional shares, competitors with an asteroid mining market share, detailed asteroid mining market segments, market trends and opportunities, and any further data you may need to thrive in the asteroid mining industry. This asteroid mining market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The asteroid mining market includes revenues earned by entities by providing mining services used in mineral extraction, transportation, ore refining, and other services such as solar-powered generators and industrial robots. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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