ccording to the latest report by IMARC Group, titled “Asteroid Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global asteroid mining market Value. The report also includes competitor and regional analysis, and contemporary advancements in the market.
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 growth rate (CAGR) of 21.70% during 2022-2027.
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.
Market Trends
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.
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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.
For The Competitor Segment, The Report Includes Global Key Players Of The Asteroid Mining Market.
Asteroid Mining Corporation Limited, Moon Express Inc., OffWorld, Shackleton Energy Company, SpaceFab.US Inc. and Trans Astronautica Corporation.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Asteroid Type:
- Type C
- Type S
- Type M
- Others
Breakup by Phase:
- Spacecraft Design
- Launch
- Operation
Breakup by Application:
- Construction
- Resource Harvesting
- 3D Printing
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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