The extraction of raw materials from asteroids and other minor planets, including near-earth ones, is referred to as asteroids mining. Minerals can be extracted from an asteroid or a spent comet and used in space for construction or returned to Earth. Gold, iridium, silver, osmium, palladium, platinum, nickel, and aluminum are examples of these resources or raw materials. With the rise in the world's population, there is an increase in demand for the planet's limited resources. As a result, many governments and private companies have turned their attention to outer space in search of different resources, fueling the global asteroid mining industry.
MARKET SCOPE
The "Global Asteroid Mining Market Analysis to 2028" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of the asteroid mining market with detailed market segmentation by phase, asteroid type, extraction technology, and geography. The report provides key statistics on the market status of the leading asteroid mining market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of phase, the market is segmented as spacecraft design, launch, operation.
- Based on asteroid type, the market is segmented into Type C, Type S, others.
- Based on extraction technology, the market is segmented into shaft mining, magnetic rakes, surface mining, mond process, others.
MARKET DYNAMICS
Drivers:
- Ongoing and upcoming space mining missions, growing private stakeholder investments in space mining companies
- Adoption of 3D printing technology in asteroid mining
- Increase in the number of government initiatives to draught regulations for asteroid mining
- Introduction of the In-Situ Resource Utilization (ISRU) practice in space exploration
Restraints:
- The high cost of mining techniques and legislation governing proprietary rights serve as a significant impediment to the growth of the asteroid mining industry
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), MEA, and SAM. The asteroid mining market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 17 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the asteroid mining market in these regions
IMPACT OF COVID-19 on Asteroid Mining MARKET
The outbreak of the COVID-19 has severely impacted the space industry. The economic crisis caused due to COVID-19 pandemic and population containment might have reorganized the regional outlook, however, it affected space industry in a same way as all other industries. The postponement of launch schedules, halt in many satellite production lines and pause of private financing have jumbled the opportunities for emerging operators. Temporary closure of activities has also impacted space activities and had caused decline in the investment for exploring new areas in space. This factor has also create an adverse impact on asteroid mining acitivites.
MARKET PLAYERS
The report covers key developments in the asteroid mining market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from asteroid mining market are anticipated to lucrative growth opportunities in the future with the rising demand for asteroid mining in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the asteroid mining market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Asteroid Mining Corporation Limited
- Bradford
- iSpace, Inc
- Kleos Space
- Moon Express
- ConsenSys
- Spacefab.US
- Sierra Nevada Corporation
- Offworld
- Virgin Galactic