Newark, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 947.56 Million in 2020 space mining market will reach USD 4200 Million by 2030. For space mining, the minors used procedures and equipment comparable to those used on Earth. Some of the procedures employed in space mining include tunnelling into veins of certain minerals and scraping desired asteroid material. Space mining is a very complicated sector, and research and development initiatives to effectively utilise these aspects are underway.
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Key Insight of the Space Mining Market
North America emerged as the most significant market, with a 51.11% market revenue share in 2020.
North America dominated the market, with a market share of around 51.11% in 2020. Because of increased government activities and investment in space mining, North America dominated the global market. The imminent NASA and private sector space mining project is expected to boost market expansion in the North American region over the forecast period.
The type C (Chondrite) segment dominated the market, with a market share of around 56.51% in 2020.
In 2020, the type C (Chondrite) segment led the market, accounting for about 56.51% of the market. The C type of asteroid is the most common, accounting for over 75% of all known asteroids. The majority of missions were aimed at this kind of asteroid, which is fueling the growth of this segment.
The spacecraft design segment dominated the market, with a market share of around 45.87% in 2020.
In 2020, the spacecraft design segment led the market, accounting for about 45.87% of the market. The spacecraft design varies depending on the type of mission. The design of the spacecraft is crucial in the space mission. As a result, spacecraft design accounted for most of the market share.
The platinum group materials segment dominated the market, with a market share of around 34.73% in 2020.
In 2020, the platinum group materials segment led the market, accounting for about 34.73% of the market. Many asteroids are platinum-rich; most space mining missions aim to mine the metal.
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Market Dynamics
Driver: Ongoing and impending space mining missions
Space mining has been a research area in recent years. However, various governments and commercial organisations are concentrating on space mining, both asteroids and the moon. Examples include the Moon Express in the United States and space exploration in Europe and Japan. Both NASA and the Japanese space agency, JAXA, have a recent mission in which they must return samples from carbonaceous asteroids. In addition, the little country of Luxembourg developed a strategy to mine asteroids for rare minerals. As a result, ongoing and upcoming space mining missions worldwide will drive the expansion of the market over the forecast period.
Restraint: Lack of legal standards for the space mining
The first difficulty with space mining is the lack of defined norms and guidelines. The general architecture for space mining must be built. Investors are less inclined to support space mining investment without a legal framework. The current legal framework was established when national governments mostly held space research and is solely based on the research purpose. With the entry of private actors, however, there is a growing need to develop uniform norms and guidelines for space mining.
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Some of the major players operating in the space mining market are:
• Ispace
• TransAstra
• Asteroid Mining Corporation
• OffWorld
• Shackleton Energy Company
• Moon Express
• Planetary Resources
• Kleos Space
• SpaceFab.US
• Bradford
Key Segments cover in the market:
By Asteroid Type:
• Type C (Chondrite)
• Type S (Stony)
• Type M (Metallic)
By Phase:
• Spacecraft Design
• Launch
• Operation
By Commodity Resources:
• Water
• Platinum Group Materials
• Structural Elements
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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