Space mining refers to exploitation of raw materials from numerous near earth objects and asteroid. These minerals can be used for space construction purpose and be brought to earth for use. Out of all the asteroid, C type Asteroid is dominating the space mining market owing to their composition involves a large quantity of carbon, minerals, and rocks. Further, technological development regarding automated mining techniques such as robotics mining and in-situ resource utilization creating lucrative opportunities for the companies involved in space mining operations as the recent launch of SpaceX’s Falcon Heavy prove to cause disruption and will make the space mining a reality anytime soon.The research analyst at AMA estimates Space Mining market to grow at a compounded annual growth rate of 21.95%
AMA Research have segmented the market of Global Space Mining market by Type, Application and Region. On the basis of Type, Type C Asteroid are dominating the market in the year 2021
On the basis of geography, the market of Space Mining has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Growing Automated Techniques Such As Robotic Mining for Space Mining
Government Initiatives for Space Exploration Activities and Increasing Space Mining Operations in Developed Economies
Growing Research and Development for In-Situ Resource Utilization
- High Cost Associated With Space Mining
In addition to the aforementioned factor, Government Initiatives for Space Exploration Activities
is expected to propel the growth of the market over the forecast period.
Space mining market is concentrated owing to the number of companies present in the market. Some of the major companies are National Aeronautics and Space Administration, Deep Space Industries, Planetary Resources, and others. Market leaders are focusing on technological development such as automated mining tools, in-situ resource utilization, robotic and automated factories for space exploration.
The key Vendors profiled in the study are Deep Space Industries (United States), Planetary Resources (United States), Moon Express (United States), I Space (Japan), Asteroid Mining Corporation (United Kingdom), Shackleton Energy Company (United States), Kleos Space (Luxembourg), Trans Astra (United States), Off World (United States), SpaceLab (United States), National Aeronautics and Space Administration (United States) and European Space Agency (France). A lot of United States players are profiled in the research study indicating a strong market dependence.