Global Space Mining Market To Power Vigorously And Reach USD 9.98 Billion By 2032

As per Zion Market Research, the global market for space mining is predicted to reach USD 9.98 Billion by 2032 from USD 2.09 Billion in 2023, with a CAGR of almost 19%. The development of the global market can be credited to the impending and ongoing space mining missions, rising spending by private stakeholders in asteroid mining firms, and increasing initiatives by the government to frame laws regarding asteroid mining.

Major space agencies and firms in the space mining market comprise China National Space Administration; Deep Space Industries; Moon Express; Planetary Resources; Asteroid Mining Corporation; ispace; Kleos Space; Shackleton Energy Company; OffWorld; TransAstra; National Aeronautics and Space Administration; SpaceFab.US; Japan Aerospace Exploration Agency; European Space Agency; and Russian Federal Space Agency.

C-Type Asteroids Predicted To Have The Biggest Share Of The Global Market For Space Mining In The Years To Come

C-type asteroids are predicted to have the biggest share of the global market for space mining in the years to come. Many missions have been aimed toward these kinds of asteroids; this is majorly due to the fact that these asteroids have ice water, which can be used and mined for rocket propellant. Transporting water to space from Earth elevates the general weight of the spacecraft, which eventually elevates the entire launching price. Asteroid having water can be identified with different techs, and this water can be transferred into liquid oxygen and liquid hydrogen; in this kind, it is the most influential chemical rocket fuel.

The US Predicted To Develop At The Max CAGR In The Market For Space Mining In The Near Future

The US is predicted to develop at the max CAGR in the market for space mining in the near future. This is majorly owing to the upcoming mining and space exploration missions by private players and NASA in this nation, rising spending by private companies in asteroid mining firms, and increasing number of initiatives by government to power space exploration missions. The US government follows space activities in a number of regions. The US government upgraded US commercial space rules with the passage of the 2015 Commercial Space Launch Competitiveness Act (also known as SPACE [Spurring Private Aerospace Competitiveness and Entrepreneurship] Act) in November 2015. This law openly lets citizens of US to engage in commercial exploitation and exploration of space resources, such as minerals and water. The SPACE law was based on the presented Asteroids Act in 2014, which stresses on the space resources’ commercialization.

Browse the full “Space Mining Market Crop Phase (Spacecraft Design, Launch, And Operation), Type of Asteroid (Type C, Type S, and Type M), and Type of Commodity Resource (Water, Platinum Group Material and Structural Elements): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 – 2032.” Report at https://www.zionmarketresearch.com/report/space-mining-market

The global space mining market is segmented as follows:

By Phase

• Spacecraft Design
• Launch
• Operation

By Type of Asteroid

• Type C
• Type S
• Type M

By Applications

• Extraterrestrial Commodity
• Construction
• Human Life Sustainability
• Fuel
• 3D Printing

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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