Rockville , Oct. 31, 2023 (GLOBE NEWSWIRE) -- A newly published study by Fact.MR, a market research and competitive intelligence provider, asserts that the global space mining market stands at US$ 1.71 billion in 2023. Worldwide revenue from space mining is predicted to rise at a CAGR of 16.1% from 2023 to 2033. Rapid expansion of the commercial space sector is the main factor set to boost space mining operations over the coming years.
Get Free Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=9027
Technological advancements taking place in craft and propulsion systems and space exploration to launch vehicles along with a decline in natural resources on Earth are leading to a focused shift into space. These factors are estimated to cushion the demand for space mining in the coming ten years.
- Several government initiatives, including the Commercial Space Launch Competitiveness Act and Luxembourg Space Mining Law, were passed as key initiatives to explore space resources. The Luxembourg Space Mining Law is anticipated to aim at relaxing restrictions imposed on mining operations. Therefore, investments as well as government initiatives taken to frame supportive space regulations are projected to drive opportunities for players.
| Report Attribute | Details |
| Value Projection (2033) | US$ 7.61 Billion |
| Growth Rate (2023-2033) | 16.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
- The global space mining market reached US$ 1.47 billion in 2022.
- The mining market stands at US$ 1.71 billion in 2023.
- Worldwide demand for space mining is forecasted to reach a valuation of US$ 7.61 billion by the end of 2033.
- The global market is projected to expand at a CAGR of 16.1% from 2023 to 2033.
- The type C asteroids segment predicted to account for 56% share of the global market in 2033.
“Advancements in space technologies, growing use of space resources in 3D printing, and extensive R&D activities in space mining are projected to open up lucrative opportunities for players across geographies,” says a Fact.MR analyst.
Traction for Type C Asteroids Increasing Due to Their Abundant Water Volume
Based on type, demand for type C asteroids is predicted to increase significantly owing to their feature to contain abundant water, which is a valuable source of rocket fuel. These asteroids are gaining traction among companies carrying out space missions. Type C asteroids contain a substantial amount of metal and organic materials, making them suitable for manufacturing purposes in space.
Key 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.
Get Customization on this Report for Specific Research Solutions:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=9027
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).
Explore More Related Studies Published by Fact.MR Research:
Mining Automation Market: The global mining automation market is forecasted to progress at a CAGR of 6.4%, thereby growing from its current value of US$ 4 billion to US$ 7.5 billion by the end of 2033.
Mining Pipes Market: The global mining pipes market is predicted to increase from a size of US$ 6.85 billion in 2023 to US$ 12.96 billion by the end of 2033.
Mining Machinery Market: Mining machinery market is estimated to grow at a CAGR of 6.7% during the forecast period.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232 (D)
Sales Team: sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
