Global asteroid mining market set to grow to USD 8.40 billion by 2033, driving industry advancements

From GlobeNewswire: 2024-07-19 10:00:00

The Global Asteroid Mining Market is set to grow from USD 1.82 billion in 2023 to USD 8.40 billion by 2033, with a CAGR of 16.53% during the forecast period. Mining asteroids for raw materials is gaining interest from initiatives like NASA’s OSIRIS-REx mission and companies like Planetary Resources and Deep Space Industries.

Spacecrafts are crucial for asteroid mining missions, driving investment in design improvements. Challenges include developing advanced mining equipment for the harsh space environment. The operation segment is expected to dominate the market, with the resource extraction phase key for extracting valuable elements like water and metals.

Type M asteroids, rich in resources necessary for manufacturing and propulsion, are expected to grow the fastest. The construction segment is projected to hold a significant market share. The industry’s advancements could revolutionize various industries, including construction, by tapping into extraterrestrial resources.

North America is expected to hold the largest share of the asteroid mining market, led by the United States’ growth in the space economy. The Asia Pacific region is poised for rapid CAGR growth due to government efforts and the use of the In-Situ Resource Utilization approach. Major vendors include Asteroid mining Company, Planetary Resources, and Virgin Galactic.

In May 2023, Virgin Galactic launched commercial spaceflight operations under “Galactic01.” The market segment forecasts revenue globally, regionally, and by country from 2020 to 2033. Key segments include launch, operation, space-craft design, type, and application categories. For more market insights, visit Spherical Insights & Consulting for in-depth analysis and reports on related industries.



Read more at GlobeNewswire: Global Asteroid Mining Market Size To Exceed USD 8.40