Space Mining Market

Space Mining Market Outlook (2023 to 2033)

Fact.MR, in its newly published research report, reveals that the global space mining market size has reached a size of US$ 1.71 billion in 2023. Further, worldwide revenue from space mining is projected to increase rapidly at a CAGR of 16.1% and reach a market value of US$ 7.61 billion by the end of 2033.

Rising investments by various private stakeholders in multiple space mining companies, increasing government initiatives in regulation framing considering asteroid mining, and ongoing and impending space mining missions are driving growth opportunities for players.

Mining operations are crucial contributors to the progress of society and scientific developments. These measures have been taken since the dawn of human civilization to satisfy human needs. The noticeable expansion in the technical and scientific sectors is accompanied by a rise in the number of space mining activities. Many government space agencies and private enterprises are developing ideas for the extraction of natural resources from space.

Prominent Market Growth Drivers

• Advancements in space technology, including mining equipment, robotics, and spacecraft, are making resource extraction and exploration activities from space more feasible. Innovations in remote sensing, propulsion, and autonomous systems are bolstering demand for space mining.
• Private companies and governments from different countries around the world are entering into partnerships to leverage resources and expertise. International collaborations are predicted to help in cost reduction and reduce risk associated with projects for space mining.

Mining activities on earth are resulting in certain adverse environmental effects. Space mining offers a potential mitigation of these concerns, as resource extraction in space is estimated to have no negative effects on Earth's ecosystem.

Advancements in space transportation systems along with reusable launch vehicles are projected to reduce the cost of space travel, thus making it more economical. This cost-effectiveness is predicted to contribute to increased mining missions across regions.

In recent years, new markets and opportunities have been generated with advancements in mining capabilities and technology. For instance, water is converted into rocket fuel for application in deep space missions, thus opening new possibilities for colonization and exploration.

Report Attributes	Details
Space Mining Market Size (2022A)	US$ 1.47 Billion
Estimated Market Value (2023E)	US$ 1.71 Billion
Forecasted Market Value (2033F)	US$ 7.61 Billion
Global Market Growth Rate (2023 to 2033)	16.1% CAGR
Revenue Share of Type C Asteroid Segment (2033)	56%
Key Companies Profiled	Asteroid Mining Corporation Deep Space Industries China National Space Administration European Space Agency Moon Express National Aeronautics and Space Administration Russian Federal Space Agency Planetary Resources Shackleton Energy Company Trans Astronautica Corporation Japan Aerospace Exploration Agency SpaceFab

Why is the Space Mining Business Set to Boom Globally?

“Natural Resource Depletion Leading to Emergence of Space Mining”

Natural resources, including freshwater, minerals, and fossil fuels are depleting at an alarming rate. The increasing industrialization and ever-expanding global population are responsible for this resource depletion, which is predicted to put immense pressure on available terrestrial resources. Rapid industrialization is leading to increased demand for resources to support energy production, manufacturing, and infrastructure development.

Many industries, including telecommunications, renewable energy, and electronics rely on critical and rare minerals. Worldwide demand for these minerals is skyrocketing because of the development of some new technologies, including renewable energy systems, electric vehicles, etc. These newly developed technologies boost demand for some specific elements like rare earth metals, cobalt, lithium, etc.

Depletion of terrestrial resources is estimated to lead to the requirements to ensure resource security for a longer duration. Space mining is projected to offer opportunities to reduce dependency on infinite reserves and diversify resource acquisition. Space mining comes with the potential to offer sustainable and new sources of water, rare metals, and minerals by tapping into untapped and vast resources of the Moon, asteroids, and similar celestial bodies.

“Increasing Collaborations Between Private Companies and Governments”

International collaborations are projected to play a significant role in the execution, development, and success of space mining projects. As a costly and complex endeavor, space mining needs advanced technology, resources, and expertise. Private companies and governments in many regions are recognizing the importance of collaborations. They can pool their financial resources, technologies, and knowledge to tackle some formidable challenges associated with space mining.

Substantial investments in infrastructure, development, and research are required to complete space mining missions. Public-private collaborations are projected to help in the distribution of these prices among different stakeholders. This can alleviate the financial burden on individual companies or the government, enhancing the overall feasibility of the projects.

What Challenges are Faced by Space Mining Companies?

“Absence of Standard Legal Laws for Space Mining”

There is a lack of clear and standard guidelines and regulations for space mining across regions. In the absence of a legal framework, investors typically show relatively less interest in making investments. The existing legal framework is based on research purposes only. The involvement of new private players in space mining is predicted to boost requirements for standard guidelines and regulations for space mining.

How are Start-ups Projected to Help in Shaping the Future of Space Mining?

“Emphasis on Innovation by Integrating Robotics and Optical Mining”

Increasing participation of private organizations in space mining is predicted to help in the reduction of capital burden and enhance chances of innovations. Robotics, automated drilling applications, optical mining with concentrated sunlight, advanced drilling machines, etc., are some advanced technologies adopted in space mining.

Adoption of new mining methods, coupled with technological advancements, is expected to enhance the feasibility of space mining. Consequently, the ongoing technological progress in space mining is anticipated to present growth opportunities for start-ups.

Country-wise Insights

North America is predicted to hold a significant share of the global market by 2033 owing to the presence of numerous key players, including Deep Space Industries, National Aeronautics and Space Administration, Moon Express, Shackleton Energy Company, and Planetary Resources. The growing number of space mining missions conducted by NASA (National Aeronautics and Space Administration) is also contributing to space mining market growth.

How is the Space Mining Scene Evolving in the United States?

“Heavy Investments by Government in Space Programs”

The government in the United States is spending heavily on initiatives and projects for space mining. Several space exploration activities are conducted by NASA, Planetary Resources, and Deep Space Industries. This is further driving opportunities for players.

What is the Demand Outlook for Space Mining Solutions in Asia Pacific?

“Focus on Reducing Costs Associated with Space Launches in China and India”

Significant investments by governments in India and China in the space mining sector are driving market growth. In addition, several initiatives are also taken to reduce the prices of space launches, which is further projected to propel demand for space mining in the coming decade. China’s increased involvement in space mining programs owing to technological advancements is contributing to the expansion of the Asia Pacific market.

For instance :

• The AASPT (Academy of Aerospace Solid Propulsion Technology), in October 2021, test-fired its solid rocket motor as a part of CASC (China Aerospace Science and Technology Corporation). This rocket is specifically designed for the next iteration of heavy-lift rockets in China to match the need for space missions, including off-world resource extraction, deep space exploration, and crewed Moon landings.

Category-wise Insights

The ongoing quest for water resources is expected to facilitate broader exploration of the solar system, subsequently leading to an increase in space mining activities. Development of cost-effective spacecraft compared to existing ones is anticipated to expand scientific knowledge in this endeavor.

Which Space Mining Type is Gaining Traction Globally?

“Preference for Type C Asteroids Due to Their Ability to Hold Water for Rocket Fuel”

The global market is classified into type C, type S, and type M, based on type. Among these, type C asteroids are predicted to account for 56% of the global space mining market share in 2033, as per a research report by Fact.MR, a market research and competitive intelligence provider.

About 75% of known asteroids generally fit into the category of type C. Further, the composition of these asteroids is similar to the Sun without helium, hydrogen, and other volatiles. Moreover, it is adopted as an all-around asteroid for space mining due to its feature to hold significant water for rocket fuel. Type C asteroids, containing various metal and organic materials, are utilized in the production of space-related components.

Market Competition

Suppliers of space mining products are adopting several strategies to gain a competitive edge, including innovation, ensuring quality control of products, and efficient management of supply chain systems. Product launches and collaborations are also adopted by players to increase their profit share and expand their reach across regions.

For instance :

• Kleos Space, in October 2021, announced its order of four RF reconnaissance satellites for improvements in the process of data collection. These satellites were also expected to improve the company's revisit times, securing launches for 2022.
• TransAstra, in November 2020, announced its entry into Phase III of the asteroid mining spacecraft, Mini-Bee. This prototype is estimated to be tested for the company’s mining technologies in the space between 2022 and 2023.

Key players in the space mining market are Asteroid Mining Corporation, Deep Space Industries, China National Space Administration, European Space Agency, Moon Express, National Aeronautics and Space Administration, Russian Federal Space Agency, Planetary Resources, Shackleton Energy Company, Trans Astronautica Corporation, Japan Aerospace Exploration Agency, and SpaceFab.

Segmentation of Space Mining Market Research

• By Type :

  • Type C
  • Type S
  • Type M

• By Phase :

  • Spacecraft Design
  • Launch
  • Operation

• By Application :

  • Water Resources
  • Metal Resources
  • Scientific Knowledge
  • Environment
  • Economic Growth

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa