Asteroid Mining Market Report 2024: Strategies And Recent Developments

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2099

The Business Research Company offers in-depth market insights through Asteroid Mining Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The asteroid mining market size has grown exponentially in recent years. It will grow from $1.37 billion in 2023 to $1.69 billion in 2024 at a compound annual growth rate (CAGR) of 23.6%. The growth in the historic period can be attributed to evolving space industry landscape, space race and cold war era, conceptualization and feasibility studies, scientific research and exploration missions, space mining advocates..

The asteroid mining market size is expected to see exponential growth in the next few years. It will grow to $3.79 billion in 2028 at a compound annual growth rate (CAGR) of 22.3%. The growth in the forecast period can be attributed to development of infrastructure, reduction in launch costs, scientific exploration, environmental concerns, space colonization and sustainability, space-based manufacturing.. Major trends in the forecast period include resource scarcity on earth, growing space exploration initiatives, advancements in space infrastructure, demand for rare metals, technological innovation for extraction..

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Market Segmentation:
The asteroid mining market covered in this report is segmented -

1) By Phase: Space-Craft Design, Launch, Operations
2) By Asteroid: Type C, Type S, Type M
3) By Application: Construction, Resource harvesting, 3D Printing

Major Driver - Increase In Space Missions Boosts Growth In The Asteroid Mining Market
An increasing space missions by government bodies and space companies is expected to propel the growth of the asteroid mining market going forward. A space mission refers to launching manned or unmanned vehicles into space to gather scientific data. Space missions would enable the exploration of suitable asteroid mining candidates containing platinum group metals and would get the data they need, such as location, environment, and travel time, to select the correct asteroid for mining. As a result, an increase in space missions increases the demand for asteroid mining. For instance, in January 2022, according to the United Nations Office for Outer Space Affairs, a United Nations secretariat, 1,674 objects were launched into orbit in 2021, compared to 1,273 in 2020, indicating an increase in the launch of space missions. Therefore, an increase in space missions by government bodies drives the growth of the asteroid mining market.

Competitive Landscape:
Major companies operating in the asteroid mining market report are Asteroid Mining Corporation Limited, Bradford Space Inc., iSpace Inc., Kleos Space SA, Moon Express Inc., Planetary Resources Inc., SpaceFab US Inc., OffWorld Inc., Virgin Galactic Holdings Inc., Sierra Nevada Corporation, Trans Astronautica Corporation, Deltion Innovations Ltd., The Boeing Company, The Indian Space Research Organisation, Northrop Grumman Corporation, Deep Space Industries Inc., TransAstra Corporation, Origin Space Inc., Karman+ Inc., AstroForge Inc., Honeybee Robotics Ltd., Masten Space Systems Inc., Astrobotic Technology Inc., Blue Origin LLC, Lockheed Martin Corporation, Space Exploration Technologies Corp., Orbital ATK Inc., Thales Alenia Space, Airbus Defence and Space, Mitsubishi Electric Corporation, OHB SE, Ball Aerospace & Technologies Corp., Maxar Technologies Inc.

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Top Trend - Technological Advancements Drive Innovations In The Asteroid Mining Market
Technological advancements and innovations are the key trends gaining popularity in the asteroid mining market. Major companies are developing innovative products to meet industry demands and strengthen their business presence in the asteroid mining market. For instance, in April 2021, Shenzhen Origin Space Technology Co., Ltd., a China-based private space resource company, launched its first mining satellite, NEO-01, into orbit. The satellite would concentrate on low-Earth orbit space debris cleaning and prototype technologies using IEEE spectrum in verification for space resource collection, as well as show potential asteroid defense capabilities. The NEO-01 satellite is also outfitted with a wide-angle camera and other onboard cameras. The onboard camera is expected to document the whole mission implementation procedure.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Asteroid Mining Market Characteristics
3. Asteroid Mining Market Trends And Strategies
4. Asteroid Mining Market - Macro Economic Scenario
5. Asteroid Mining Market Size And Growth
…..
27. Asteroid Mining Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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