Space Mining Market Trends

Global Space Mining Market Overview

Space Mining Market Size was valued at USD 1.2 Billion in 2022. The space mining market industry is projected to grow from USD 1.48 Billion in 2023 to USD 8.257 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.90% during the forecast period (2023 - 2032). Market drivers like increasing levels of fuel, water, and metal traces in space as well as the government's increased focus on implementing various space situational awareness initiatives are predicted to have a beneficial impact on the market's growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Mining Market Trends

• Rapid development in 3D technology driving the market growth

The space mining market has a great chance to capitalize on the breakthroughs in 3D printing technology, which can help address some of the major difficulties facing the sector and improve the viability and sustainability of using extraterrestrial resources. In the context of space mining, one of the main benefits of additive manufacturing, or 3D printing, is the ability to create intricate and personalized components in space. Conventional manufacturing depends on spacecraft transportation of prefabricated components from Earth, which is expensive and logistically difficult. The utilization of 3D printing technology can eliminate the need for expensive payloads from Earth by producing tools, replacement components, and even full structures on-site using raw materials obtained from asteroids or lunar regolith. Furthermore, space mining operations can benefit from increased resource efficiency because to 3D printing. Utilizing locally sourced materials, such as minerals and metals from the Moon or asteroids, allows 3D printers to maximize resource utilization while reducing waste. This strategy is in line with space mining's sustainability objectives, which place a high value on resource conservation and reducing environmental effect.

Throughout the projection period, the numerous advantages linked to the magnetic rake process are anticipated to drive a substantial increase in the  space mining Industry for space mining. Space mining no longer requires mining to obtain rich metals; instead, magnetic rakes are used. Using a magnet skillfully placed on each prong, precious metals are drawn to them in low gravity during this operation. Increased market growth is anticipated due to the growing need for magnetic rake procedures in space mining. Additionally, a number of significant variables, including increased 3D printing, extensive use of space resources, intense research and development efforts, and growing space technological advancements, are anticipated to propel the expansion of the space mining market.

The industry for space mining is expanding these days thanks to government initiatives. Certain economies are imposing new regulations on space mining, and governments are granting permits to carry out space-related operations. The U.S. approved the Commercial Space Launch Competitiveness Act in 2015 to encourage the private sector to mine beyond Earth. The 2015 legal amendment was replaced in 2020 by an executive order from the US administration outlining new guidelines for how businesses can benefit from operations on asteroids, the moon, and other planets. Additionally, the government intends to persuade other economies to embrace the updated American perspective on space mining. Furthermore, throughout the projected period, the market space mining will continue to create new opportunities due to the growing number of mergers, collaborations, and partnerships between significant players in the space technology and worldwide space mining markets. Thus, driving the space mining Industry revenue.

Space Mining Market Segment Insights

The space mining market segmentation, based on phase includes Spacecraft Design, Launch, and Operation. The spacecraft design segment dominated the market. Space mining missions heavily depend on the design and construction of the spacecraft because these vehicles must be able to operate in harsh or extreme space environments, such as microgravity. The construction of spacecraft involves the utilization of many components, such as electric power systems, control systems, and instrumentation, contingent upon the nature of the mission.

The space mining market segmentation, based on application, includes Construction, Resource Harvesting, 3D Printing, and Others. The construction category generated the most income. With construction emerging as the market leader in space mining, our understanding of how to use extraterrestrial resources is fundamentally changing. Space mining is becoming more and more important in the building industry since it is essential to the establishment of sustainable habitats and infrastructure beyond Earth, even if it is often linked to the removal of rich minerals and resources from celestial bodies.

Figure 1: Space Mining Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Space Mining Asteroid Type Insights

The space mining market segmentation, based on asteroid type, includes Type C, Type S, Type M, and Others. The type C category generated the most income. With an abundance of water for rocket fuel that can be sold to space mission firms, this is the best all-around asteroid for early-stage space mining. Type C also contains a sizable amount of metal and organic components that are useful for spacecraft construction.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American space mining market area will dominate this market. It is anticipated that the established institutions, such as NASA and the Department of Defense, will have a strong demand for space exploration activities, which will impact regional growth. In the upcoming years, the market is expected to increase due to the growing dependence on space assets and the necessity of maintaining safe space operations.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SPACE MINING MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe space mining market accounts for the second-largest market share. Growth in market revenue is anticipated in large part due to increased endeavors by the region's nations to participate in the space race. As part of its efforts to become the hub of space mining in Europe, Luxembourg, for example, has announced plans to create the European Space Resources Innovation Centre (ESRIC), which will be in charge of laying the foundation for the extraction of extraterrestrial resources. Further, the German space mining market held the largest market share, and the UK market space mining  was the fastest growing market in the European region

The Asia-Pacific Space Mining Market is expected to grow at the fastest CAGR from 2023 to 2032. The space mining industry is experiencing expansion due to significant expenditures made by the governments of China and India. Furthermore, there are efforts underway to lower the cost of space launches, which is expected to drive up demand for space mining over the next ten years. The Asia Pacific market is growing as a result of China's increased participation in space mining projects due to technological developments. Moreover, China’s space mining market held the largest market share, and the Indian space mining market was the fastest growing market in the Asia-Pacific region.

Space Mining Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the space mining market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, space mining industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the space mining industry to benefit clients and increase the market sector. In recent years, the space mining industry has offered some of the most significant advantages to medicine. Major players in the space mining market are attempting to increase market demand by investing in research and development operations includes Asteroid Mining Corporation (The U.K), China National Space Administration (China), Japan Aerospace Exploration Agency (Japan), Deep Space Industries (The U.S.), Planetary Resources (The U.S.), Russian Federal Space Agency (Russia), European Space Agency (France), Moon Express (The U.S.), Trans Astronautica Corporation (The U.S.), National Aeronautics and Space Administration (The U.S.), Shackleton Energy Company (The U.S.), SpaceFab.US (The U.S.), and among others.

With its headquarters located in Haidian, Beijing, the China National Space management is a government agency of the People's Republic of China that oversees both international space cooperation and civil space management. Among these duties include coordinating or spearheading international exchanges and aerospace industry collaboration. Under the Ministry of Industry and Information Technology, the CNSA is an administrative body. With approval from the 8th National People's Congress of China (NPC), CNSA was founded as a government organization to advance and carry out China's legitimate international duties.

In 2002, Shackleton Group, Inc. was established. One of the company's business lines is contract or fee-based business consulting services. The company Shackleton Energy Company is interested in creating and offering space-based projects for a range of uses. The company was established formally as a space infrastructure initiative. Since then, they have created a strategy with multiple missions and stages.

Key Companies in the space mining market include

• Asteroid Mining Corporation (The U.K)


• China National Space Administration (China)


• Japan Aerospace Exploration Agency (Japan)


• Deep Space Industries (The U.S.)


• Planetary Resources (The U.S.)


• Russian Federal Space Agency (Russia)


• European Space Agency (France)


• Moon Express (The U.S.)


• Trans Astronautica Corporation (The U.S.)


• National Aeronautics and Space Administration (The U.S.)


• Shackleton Energy Company (The U.S.)


• US (The U.S.)

Space Mining Industry Developments

October 2021: Announcing that it has extended the lunar exploration company's Series C funding round, Airbus Ventures added an investment in ispace Inc. to its portfolio of space technologies.

August 2021: NASA declared that it had paid the first-ever fee to a firm mining the moon, a 10 cent check, to space startup Lunar Outpost. The 10 cent check, or 10% of Lunar Outpost's USD 1 bid, will support the company's efforts to gather regolith, or lunar dust, for the agency.

Space Mining Market Segmentation

• Spacecraft Design


• Launch


• Operation

• Construction


• Resource Harvesting


• 3D Printing


• Others

• Type C


• Type S


• Type M


• Others

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America