Global Space Mining Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Space mining Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by Trusted Business Insights. The global space mining market report has been segmented on the basis of phase, asteroid type, and region.

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Global Space Mining Market: Overview

Space mining indicates to the mining of minor planets or asteroids for their valuable and precious raw materials such as gold, iridium, silver, palladium, osmium, platinum, rhodium, rhenium, ruthenium, and tungsten, iron manganese cobalt, etc. The motive behind space mining is either for construction material (space infrastructure) in space or bringing extracted material essential for technological and economic progress, back to earth.

Global Space Mining Market: Dynamics

Advancement in space technology and intensive research and development activities are expected to enable exploitation and availability of resources present in asteroids and other minor planets. Various ongoing and upcoming space mission, combined with increasing investment by a private stakeholder in companies engaged in space mining is expected to drive growth of the global space mining market over the forecast period. One of the major reasons for the growth of the space mining market across the globe is “on the verge of exhaustion” level of earth resources. Celestial bodies – including the near-earth objects (NEOs) such as asteroids and moon contain a rich variety of physical substances, that are already scarce on earth. Substances such as metals, alongside gases and water are available in space that could be used as alternative energy sources. In addition, increasing government’s emphasis on space awareness program is also expected to augment growth of the global market. Extensive application of space resources and their mining in 3D printing, construction activities, fuel, extraterrestrial commodity, and sustainability of human life is expected to propel growth of space mining market in the coming years.

However, costs associated with space mining are high and the returns on investment are not immediate may hamper the market growth, but space mining is now not beyond the realm of possibility. Space mining is no longer just about gaining access to valuable commodities but it is an exploration of extraterrestrial space which may be beneficial to humankind in coming years.

Furthermore, increasing collaborations, merger, and partnership between prominent players in the global space mining and space technology market are expected to create new growth opportunities for the global market in the coming years.

Global Space Mining Market: Segment Analysis

On the basis of asteroid type, type C accounts for maximum revenue share. C type asteroids are asteroids full of carbon element and have coal-black surfaces. Carbon molecules and more usual metals and rocks are the common elements found in these type of asteroids. Space mission usually targets C-type asteroids as it contains a huge amount of water ice. For instance, in 2022, JAXA’s DESTINY mission is expected to target a C-type asteroid- Phaethon

Global Space Mining Market: Regional Analysis

North America market is expected to register a significant revenue growth over the estimated period, owing to increasing space exploration demand from various established organizations which includes NASA and the Department of Defense as well. Increasing reliance on space resources coupled with the necessity to maintain safe space operations is estimated to augment growth of the global market over the forecast years.

Global Space Mining Market Segmentation:

Segmentation by Phase:

Spacecraft Design
Launch
Operation

Segmentation by Asteroid Type:

Type C
Type S
Type M