Earth and Space Mining Sensors Market Size

Earth & Space Mining Sensors Market Analysis

The Earth and Space Mining Sensors Market is expected to register a CAGR of over 18%, during the forecast period, 2022-2027.

The COVID-19 pandemic had a negligible impact on the space mining market over the last two years. Although slight delays were observed in the manufacturing sector, most of the space mining programs are back on track with the industry slowly moving toward the commercialization of space mining activities.

In[SS1] [PP2] 2015 when the US government implemented the Space Law, which permits US-based companies to conduct space mining operations on asteroids and other space resources. The Space Law ushered in a new era in space mining, as most companies started investing in developing probes capable of approaching asteroids to exploit their innumerable resources.

Potential, economic, scientific, and even security benefits underlie an emerging geopolitical competition to pursue space mining. The industry is slowly moving toward the commercialization of space mining activities. In 2020, Japan's Hayabusa2 spacecraft brought back samples from a near-Earth asteroid Ryugu. At the same time, NASA has awarded contracts to four companies to extract small amounts of lunar regolith by 2024, effectively beginning the era of commercial space mining.

Besides the United States, Luxembourg, and the United Arab Emirates are racing to develop space mining laws, hoping to attract investment to their entrepot nations with business-friendly legal frameworks. While China reportedly views space-resource development as a national priority, as part of a strategy to challenge the US economic and security primacy in space, Russia, Japan, India, and the European Space Agency harbor space-mining ambitions of their own.

The development of a global framework and the growing enthusiasm from the private sector, along with the advent of a feasible space mining technology and reduction in project costs, is expected to radically boost the space mining efforts of the countries, which would require mass production of landers and rovers to survey a mining site prior to setting up a mining rig on any celestial body.

On the other hand, the high costs associated with the space mining programs along with the technical and technological challenges in space mining might restrict the prospective investors, thereby affecting the growth of the space mining market.

[SS1]Market CAGR paragraph and Covid-19 impact is missing

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