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Global Asteroid Mining Market Accrued around USD 1 Billion in 2021 and is Expected to Grow at ~22% CAGR in 2022-2031; Surged Space Mining Missions and Rising Adoption of 3D Printing Technology in Asteroid Mining Fuel Growth
[August 05, 2022]

Global Asteroid Mining Market Accrued around USD 1 Billion in 2021 and is Expected to Grow at ~22% CAGR in 2022-2031; Surged Space Mining Missions and Rising Adoption of 3D Printing Technology in Asteroid Mining Fuel Growth

New York, Aug. 05, 2022 (GLOBE NEWSWIRE) -- As per the latest reports by NASA, currently the total number of asteroids is 1,113,527. Asteroid mining is gaining attraction owing to high availability of minerals and metals. Several space mining missions are underway to evaluate the potency of asteroids in meeting resource depletion on Earth, thus furthering growth in asteroid mining market. The maiden asteroid mining mission of Asteroid Mining Corporation is going live in 2025 backed by microsatellite space telescope launch to probe thousands of asteroids in the main belt as well as in Earth's vicinity.

The “Global Asteroid Mining Market report, recently issued by Kenneth Research contains a concise analysis of market dynamics including growth drivers, restraint factors, current market trends, and development prospects for the market in the years to come. The market research report that is examined for the forecast period, i.e., 2022-2031, includes a detailed analysis of the COVID-19 pandemic’s effects on the end-users. The research report also looks at the key industry rival’s product lines and their strategies for gaining market share.

Asterank, which estimates the potential esteem of over 6000 asteroids that NASA currently tracks, has decided that mining just the top 10 most valuable and profitable asteroids would result in a benefit of over USD 2 trillion. There are several applications for the materials mined from asteroids, including the manufacture of fine jewelry and rocket fuel. On account of the incredibly valuable, minerals that the asteroids have to offer, the improvement of asteroid mining innovation may exceptionally well be a beneficial endeavor despite its exorbitant cost. The Psyche asteroid is an asteroid belt encircling the Sun which is approximately over 125 miles. It runs from Mars to Jupiter. Recent studies suggest that the overall precious metal quantity found in the Psyche is over USD 12,000 quadrillion.

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Moreover, acquiring components that are essential for Earth’s fundamental sustenance is another goal of asteroid mining operations. It has been distinguished that the asteroid belt in our solar system is composed of 70% volatile-rich carbonaceous (C type) asteroids and 9% metal-rich (M type) asteroids. Additionally, the transportation of valuable minerals and raw materials to Earth to fuel its rapidly diminishing resources is an encouragement for celestial mining enterprises. Also, the overall amount invested in space projects globally in 4 years up to 2019 was USD 18 billion. The cost efficiency of asteroid mining and also the emerging number of celestial mining enterprises are anticipated to fuel the global asteroid mining market. With a growing CAGR of ~22% over the forecast period, the global asteroid mining market had gathered around USD 1 billion in 2021.

Furthermore, owing to the prevalence of iron, nickel, and cobalt in asteroids, humanity has the ability to make tools in space. Utilizing 3D printing technology allows one to build objects without ever needing to launch them on a rocket. The expense of exploitation can then be further reduced by building tools, equipment, and even dwellings elsewhere than on Earth. In addition to that, water and metals are among the most valuable materials that could be discovered in asteroids. According to a recent study, there are around 25 and 81 hydrated near-earth asteroids that are at least 1km in diameter. 9 to 25 of the asteroids are reachable with ease, compared to the moon’s surface. According to the latest research, there are also 352- 1,052 smaller hydrated objects that are closer to us than the moon. It is also estimated that the materials in these asteroids constitute about 450 to 1,250billion kilos (440 to 1.3 billion U.S. tonnes) of water that could be tapped. That translates to connecting 110 billion and 410 billion U.S. gallons (400 billion and 1.200 billion liters) of water. The global asteroid mining market is further driven by the use of cutting-edge technology, initiatives for advanced research, company initiatives, emergence of new start-up businesses, and the presence of metals and other valuable materials. California's asteroid mining start-up, AstroForge has bagged over USD 14 million in seed funding in May 2022 to improve its footing in the global asteroid mining market competitive landscape.

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The global asteroid mining market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. On account of rising interest and investment in space exploration missions as well as state concerns about space resource depletion, the market in North America is anticipated to expand significantly over the forecast period. Despite the COVID-19 epidemic, the global government spending on space initiatives rose by 11% in 2021 to a new high of almost USD 93 billion. In 2021, the U.S. government invested around USD 55 billion in its space programs, giving the nation the largest space expenditure globally. Moreover, TransAstra declared in November 2020 that it had started the Mini-Bee asteroid mining spacecraft’s phase III of prototyping. From 2022 to 2023, this prototype will be evaluated for Trans Astronautica mining technology in space.

Alternately, the Asia Pacific region is predicted to be another significant geological attraction owing to the rising expenditure on robotics for space development among some countries in the region, including China and Japan. According to the International Federation of Robotics (IFR), Japan accounted for around 47% of the global supply of industrial robots in 2022. The nation’s suppliers of robots have significantly grown their production capacity in past years. When 136,069 industrial robots were shipped in 2020, their export percentage increased to 78 percent as of March 2022. Furthermore, it is legal for Japanese private business operators to evaluate and develop non-living resources including water, minerals, and other non-living resources in space. These developments are anticipated to greatly accelerate market developments in the region.

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The study further incorporates Y-O-Y growth, demand & supply, and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa).

The global asteroid mining market is sectioned by asteroid type into type C, type S, type M, and others. Backed by the rising focus on C-type asteroids by mining missions, the type C segment is predicted to account for the greatest market share during the forecast period. The majority of these asteroid’s composition is of frozen water, which may be mined and utilized as rocket fuel. Except for D-types and other asteroid kinds, which are primarily at the far outer border of the solar systems, the fraction of C-types may actually be higher than this as they are significantly darker than most other asteroid types.

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On the basis of application, the global asteroid mining market is sectioned into development, asset harvesting, 3D printing, and others. Out of these, the 3D printing segment is anticipated to hold the most noteworthy share of the market during the forecast period. Various space missions can be completed with the help of 3D printing. Astronauts use it to print numerous objects in space and construct substantial lunar bases. The Campo Del Cielo impact which occurred close to Argentina produced the asteroid utilized for the printed materials. It is made of iron-nickel and cobalt which are elements found in refinery-grade steel.  A brand-new metal alloy for 3Dprinting has been created by the US National Aeronautics and Space Administration (NASA), and it has been particularly made for great-performance aviation equipment. The oxide dispersion strengthened (ODS) alloy GRX810, a metal with nanoscale oxide particles, combines strength and endurance. The material is more bendable and over 1000 times the toughness beneath push than current aircraft alloys and is said to be able to endure temperatures above 1090°C.

In addition to that, with the intention of recovering the water and other vital components from asteroids, Planetary Resources 3D printed a piece using a metal powder obtained from an asteroid. The object which measures about 1-inch-tall by 3.4 inches wide and weighs 8.8 ounces was the first part ever to be 3D printed with material from space and its design is reminiscent of one that might have come from a 3D printer in the zero-gravity environment of space, asserts a study by Planetary Resources. With 425,000 machines deployed, the U.S. has the highest number of 3D printers worldwide. The diverse applications of cutting-edge technologies in asteroid mining are what further fuel the segment in the market.

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Driving endeavors have been profiled in this report to guarantee ideal clarity among the perusers. Some of the leading players include Asteroid Mining Corporation Ltd., Bradford Space, ISPACE, Kleos Space S.A., Moon Express, Planetary Resources, Inc., SpaceFab., Sierra Nevada Corporation, OffWorld, Virgin Galactic, and others.

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About Kenneth Research

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