The global space mining market size was estimated at USD 1.64 billion in 2023 and is estimated to grow at a CAGR of 17.6% from 2024 to 2030. The surge in investments for space mining activities is expected to drive the market. These investments are supported by the convergence of technological advancements, increasing private sector interest, and strategic anticipation for future resource demands. The advancement has lowered the capital cost for space mining activities and is expected to support the market growth.
Advancements in technology have significantly reduced the barriers to accessing space, making it feasible for private and government companies to explore space resources. This technological advancement includes more efficient propulsion systems, reusable rockets, and robotics and automation, which are expected to assist in cost-effective missions to asteroids and other minerals such as platinum, gold, and rare earth elements.
Key Space Mining Company Insights:
Some of the key players operating in market include Planetary Resources, Deep Space Industries and Moon Express.
Planetary Resources is involved in space mining activities and has plans to explore and utilize the resources from asteroids. The company’s key focus is to extract key resources such as water and precious metals.
Deep Space Resources is U.S. based private company, which is involved in space exploration activities. The company plans to build spacecraft technology that will enable space exploration and will reduce the costs involved in space mining.
Key Space Mining Companies:
The following are the leading companies in the space mining market. These companies collectively hold the largest market share and dictate industry trends.
Asteroid Mining Corporation
Deep Space Resources
European Space Agency
ispace
Moon Express
Offworld
Planetary Resources
Spacefab US
Transastra
Recent Developments
In October 2023, Space Exploration Technologies Corporation along with NASA, launched a mission to asteroid belt between Jupiter and Mars. This will enable the companies to understand unexplored blocks of iron cores.
In January 2023, Astroforge Inc. announced its plans to launch spacecraft for exploration of platinum group metals and to reduce the cost of mining these metals.
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