Dublin, June 19, 2024 (GLOBE NEWSWIRE) -- The "Space Mining Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Space Mining Market is set to surpass US$1.66 billion in 2024, with strong revenue growth through to 2034.
Over the past decade, significant progress has been made in spacecraft design, propulsion systems, and robotic technologies. These advancements have made it feasible to undertake missions to asteroids and other celestial bodies for resource extraction. For instance, companies like SpaceX and Blue Origin are developing reusable rockets, significantly reducing the cost of space missions.
Additionally, advancements in robotic technology, such as those developed by NASA and the European Space Agency, enable precise and autonomous operations in the harsh environment of space. These robots can perform detailed surveys of potential mining sites, extract resources, and even process materials on-site. As these technologies continue to evolve, they will lower the barriers to entry for space mining, making it more economically viable and driving market growth.
Recognising the strategic and economic potential of space mining, several governments have implemented policies to encourage private sector investment and innovation in this field. For instance, the United States passed the Commercial Space Launch Competitiveness Act in 2015, granting private companies the rights to resources they extract from space. Similarly, Luxembourg has established itself as a hub for space mining activities, providing financial incentives and a favourable regulatory environment to attract space mining companies.
These policy initiatives create a conducive environment for the development of space mining technologies and operations, driving market growth. Furthermore, international cooperation through agreements such as the Artemis Accords, which promote sustainable and cooperative space exploration, also supports the expansion of the space mining industry by providing a framework for resource extraction and utilisation.
Key Market Dynamics
Market Driving Factors
- Potential for Space Tourism and Colonization Facilitated by Local Resources
- Depleting Earth Resources Driving the Market Growth
- Development of Space Infrastructure Driving the Market Growth
Market Restraining Factors
- High Cost of Space Missions Hinder the Market Growth
- Technological Limitations in Current Mining Equipment Hinder the Market Growth
- Ambiguities in International Law Regarding Space Mining Rights
Market Opportunities
- Significant Investments from Private Sector and Governments
- Government initiatives Resulting in Growing Number of Start-Ups
- Partnership Between Market Players Opportunities for Market Growth
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising space mining prices and recent developments.
Segments Covered in the Report
Market Segment by Technique
- Asteroid Mining
- Lunar Mining
- Planetary Mining
Market Segment by Resource Extraction
- Liquid Extraction
- Precious Metals Extraction
- Rare Earth Elements Extraction
- Other Resources
Market Segment by Infrastructure
- Drilling Rigs and Excavators
- Payload Handling Systems
- Autonomous Mining Vehicles
- Ore Processing Plants
- Orbital Storage Depots
- Interplanetary Transport Vessels
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for four regional and 20 leading national markets.
The report also includes profiles and for some of the leading companies in the Space Mining Market, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- Asteroid Mining Corporation
- China National Space Administration
- Deep Space Industries (Acquired by Bradford Space)
- European Space Agency
- iSpace Inc.
- Japan Aerospace Exploration Agency
- Kleos Space S.A.
- Moon Express
- National Aeronautics and Space Administration (NASA)
- OffWorld
- Planetary Resources (Acquired by ConsenSys)
- Russian Federal Space Agency
- Shackleton Energy Company
- SpaceFab.US
- TransAstra Corporation
For more information about this report visit https://www.researchandmarkets.com/r/4a58cl
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