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What Growth Opportunities are Expected to Drive the Asteroid Mining Market’s CAGR Through 2034?

The asteroid mining market size has grown exponentially in recent years. It will grow from $1.68 billion in 2024 to $2.07 billion in 2025 at a compound annual growth rate (CAGR) of 23.4%. 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 $4.56 billion in 2029 at a compound annual growth rate (CAGR) of 21.8%. 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.

Which Macro and Microeconomic Factors Are Accelerating the Growth of 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, according to the Indian Space Research Organization (ISRO), an India-based national space agency, reported that the global community launched 3,143 objects into space in 2023, reflecting a 24% increase from 2,533 objects in the previous year. Additionally, in March 2024, according to Our World in Data (OWID), a UK-based scientific online publication, noted that 2,664 objects were launched in 2023, surpassing the previous year’s record. U.S. agencies and companies contributed 2,166 of these launches, representing 81% of the global total. Therefore, an increase in space missions by government bodies drives the growth of the asteroid mining market.

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What Are the Leading Industry Players Dominating the Asteroid Mining Market?

Major companies operating in the asteroid mining market are:

• Asteroid Mining Corporation Limited_x000D_

• Bradford Space Inc._x000D_

• iSpace Inc._x000D_

• Kleos Space SA_x000D_

• Moon Express Inc._x000D_

What Are the Latest Trends Leading to Disruption 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 October 2023, Asteroid Mining Corporation (AMC), a UK-based privately-funded company that aims to mine asteroids for resources, introduced the SCAR-E (Space Capable Asteroid Robotic Explorer) robot at the Space Economy Summit in Los Angeles. Weighing 20 kilograms and equipped with six legs, SCAR-E is designed for both terrestrial and extraterrestrial applications, demonstrating its capability to traverse challenging terrains that traditional wheeled robots cannot. The robot is equipped with advanced technology for material detection and processing, offering the potential to transform resource acquisition while minimizing the environmental impacts of conventional mining. SCAR-E is intended to support asteroid prospecting and lunar exploration, with plans for deployment in the early 2030s.

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Which Market Segments Are Driving Strategic Growth and Trends in the Asteroid Mining Market?

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

Subsegments:

1) By Space-Craft Design: Conceptual Design, Engineering And Prototyping, System Integration

2) By Launch: Launch Vehicle Selection, Launch Services, Mission Planning And Coordination

3) By Operations: Mining Operations, Resource Processing, Data Collection And Analysis, Transportation Of Resources

Which Regions Are Significant to the Growth of the Asteroid Mining Market?

North America was the largest region in the asteroid mining market in 2024. The regions covered in the asteroid mining market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Are the Core Features That Define the Asteroid Mining Market?

Asteroid mining is the extraction of minerals and other raw materials from small planets and asteroids in space. Asteroids are stone and metallic bodies that circle the sun. These bodies are the leftovers of collapsing planetary bodies, or protoplanets.

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