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Space mining is termed as the exploitation of raw materials from asteroids as well as a minor planet. The main aspect of space mining is to fulfill the requirement of mineral. These resources are included platinum, gold, silver, nickel, and aluminum, and among others. C-type asteroids contain ice water, which can be mined and used as a rocket propellant. The increasing C-type asteroids space mining mission, growing traces of water resources, metal in the space are refueling the growth of the space mining market.
The increasing investments of private stakeholders in space mining companies drive the space mining market. Furthermore, several space mining missions, as well as the rising number of government initiatives to frame regulations for asteroid mining propelling the market. Adoption of In-Situ resource utilization practice in space exploration and advancement in 3D printing technology are the upcoming opportunities for the market. However, landing a spacecraft on asteroids is the major challenge for the space mining market.
Key Market Driver -
Increasing Investments and Government Initiatives to Frame Regulations with Respect to Asteroid
Key Market Restraint -
High Costs Associated with Asteroid Mining and Prospecting Missions
By phase, the market is classified into space-craft design, launch, and operation. Based on asteroid type, the market is segmented into type C, type S, type M, and others. Based on the application, the market is segmented into construction, resource harvesting, 3D printing, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
The major companies in the global space mining market report include Asteroid Mining Corporation (The U.K), China National Space Administration (China), Deep Space Industries (The U.S.), European Space Agency (France), Japan Aerospace Exploration Agency (Japan), Moon Express (The U.S.), National Aeronautics and Space Administration (The U.S.), Planetary Resources (The U.S.), Russian Federal Space Agency (Russia), Shackleton Energy Company (The U.S.), SpaceFab.US (The U.S.), Trans Astronautica Corporation (The U.S.), and among others.
The global space mining market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America registers significant growth during the forecast period. This growth is attributed to the presence of key players such as Deep Space Industries, Moon Express, National Aeronautics and Space Administration, Planetary Resources, Shackleton Energy Company. Furthermore, the increasing space mining mission from NASA propels the market growth across the region.
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Asia-Pacific will witness siginificant growth in the space mining market during the forecast period. In China, growing investments in the space mining sector, and the cost reduction in space launching is anticipated to boost the market. Europe registers a remarkable market growth during the forecast period owing to the ongoing and future space missions of the European Space Agency (ESA). In the Middle East & Africa, Increasing Investments from the private firm to build a space station infrastructure in Latin America is driving the market.
By Asteroid type
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