Space Mining Market Detailed Analysis Application, Production, Top Players Growth, Forecast 2033

 In its latest study on the subject published recently, market research and competitive intelligence firm Fact.MR projects that the value of the space mining market around the world has reached US$ 1.71 billion as of 2023. Space mining revenue across the globe is forecast to expand at a 16.1% CAGR between 2023 and 2033. The key reason for driving the space mining activity in the upcoming years is swift growth of the commercial space industry.

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Advances being made in craft and propulsion technology and space exploration to send vehicles into space along with depletions of Earth's natural resources are driving a concentrated move into space. These predictions estimate to buffer the need for space mining over the next decade.

A number of government programs, such as the Commercial Space Launch Competitiveness Act and Luxembourg Space Mining Law, were enacted as prime projects to discover space resources. The Luxembourg Space Mining Law is expected to target easing up of constraints on mining activities. Thus, investments and government initiatives undertaken to draft supportive space regulations are expected to propel opportunities for participants in the market.

Key Takeaways from Market Study

  • The world space mining industry had reached US$ 1.47 billion by 2022.
  • The market for mining is worth US$ 1.71 billion in 2023.
  • The global demand for space mining is estimated to hit a value of US$ 7.61 billion by 2033.
  • The worldwide market is expected to grow at a CAGR of 16.1% from 2023 to 2033.
  • The Type C asteroids segment expected to hold 56% market share of the world in 2033.

"Improvements in space technologies, increased utilization of space resources in 3D printing, and widespread R&D efforts in space mining are expected to create lucrative opportunities for geographically dispersed players," according to a Fact.MR analyst.

Demand for Type C Asteroids Growing Due to Their Large Volume of Water

According to type, demand for type C asteroids is forecast to grow exponentially due to their characteristic of holding copious amounts of water, a precious rocket fuel source. The asteroids are increasing in popularity with companies that undertake space missions. Type C asteroids have high content of metal and organic material and are hence perfect for space-based manufacturing purposes.

Major Companies Profiled in This Report

  • Asteroid Mining Corporation,
  • Deep Space Industries,
  • China National Space Administration,
  • European Space Agency,
  • Moon Express,
  • Japan Aerospace Exploration Agency,
  • Russian Federal Space Agency,
  • Planetary Resources,
  • Shackleton Energy Company,
  • Trans Astronautica Corporation,
  • National Aeronautics and Space Administration,
  • SpaceFab.

Read More: https://www.factmr.com/report/space-mining-market 

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the space mining market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on type (type C, type S, type M), phase (spacecraft design, launch, operation), and application (water resources, metal resources, scientific knowledge, environment, economic growth), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

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