The space mining market was valued at USD 0.49 billion in 2017 and is expected to reach USD 2.84 billion by 2025, at a CAGR of 23.6% during the forecast period. The base year considered for the study is 2017, and the forecast period considered is from 2018 to 2025. The objective of the report is to provide a detailed analysis of the market based on phase, type of asteroid, and region. The report also includes qualitative information on different types of commodity resources available in space, categorization of asteroids based on their distance from earth, applications of space mining, and space and on-earth utilization of space-mined materials. The report forecasts the market, in terms of value, for various segments with regard to geographies, namely, the US, Europe, and Japan. It strategically profiles the key players and comprehensively analyzes their ranking and core competencies in the market, along with detailing the competitive landscape for these market leaders.

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The spacecraft design segment to dominate the space mining market, based on phase, during the forecast period

A spacecraft is mainly used for various purposes, such as communications, earth observation, meteorology, navigation, space colonization, planetary exploration, and transportation of humans and cargo. The design of the spacecraft has vital importance as the spacecraft has to sustain in critical or extreme conditions in space, such as microgravity. The spacecraft design segment accounts for a major market share as the spacecraft consists of a number of components, such as spacecraft instruments, altitude control systems, and electric power systems.

C-type asteroids to dominate the space mining market in the near future

Type C asteroids are carbonaceous asteroids, and the surfaces of these asteroids are almost coal-black. These asteroids contain large quantities of carbon molecules, and more usual rocks and metals. These meteorites are chippings, smashed off during collisions between asteroids. These asteroids are dark with an albedo of 0.03–0.09. As C-type asteroids contain large amounts of ice-water, many missions are likely to target C-type asteroids. For instance, JAXA’s DESTINY mission is expected to be launched in 2022, which would be targeting asteroid Phaethon a C-type asteroid.

The US to dominate the space mining market during the forecast period

As the space industry is undergoing profound transformation and the national budgets of various countries have begun to squeeze and are more dependent on the private sector, it is observed that many countries want the private sector to indulge in space activities. The market growth is attributed to the rise in government initiatives to frame laws for space exploration activities, increased investment of private players in space mining companies, such as DSI and Planetary resources, and growth in numbers of missions to asteroids by NASA and private players. The US government updated US commercial space legislation with the passage of the Spurring Private Aerospace Competitiveness and Entrepreneurship (SPACE) Act of 2015 (also known as Commercial Space Launch Competitiveness Act) in November 2015. This law explicitly allows US citizens to engage in the commercial exploration and exploitation of space resources, such as water and minerals. Research activities based on space mining are primarily supported by NASA. NASA has announced many programs for various prospecting asteroid missions, which can gather the data from an asteroid and use it for further mining process.

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Major players and space agencies in the space mining market include Deep Space Industries (US); Planetary Resources (US); Moon Express (US); ispace (Japan); Asteroid Mining Corporation (UK); Shackleton Energy Company (SEC, US); Kleos Space (Luxembourg); TransAstra (US); OffWorld (US); SpaceFab.US (US); National Aeronautics and Space Administration (NASA, US); European Space Agency (ESA, France); Japan Aerospace Exploration Agency (JAXA, Japan); China National Space Administration (CNSA, China); and Russian Federal Space Agency (ROSCOSMOS, Russia).