Market Trends of Earth and Space Mining Sensors Industry
This section covers the major market trends shaping the Earth & Space Mining Sensors Market according to our research experts:
Various Government Initiatives Aimed Toward Space Mining
Various space programs are traditionally aimed at identifying the structure and origin of the universe and exploration of other planets. However, currently, the idea of space mining evolved to be increasingly legitimate among various space ventures and governments. Governments are issuing licenses to parties planning to conduct activities in space, and some countries are enforcing their regulations for space mining.
According to Article II of the 1967 Outer Space Treaty, outer space, including the moon and other celestial bodies, is not subject to national appropriation by claim of sovereignty, by means of use or occupation, or by any other means. The treaty, overall, stresses the prohibition of weapons that might cause mass destruction in space, on the Moon or any other celestial body and explicitly forbids any claims on a celestial resource based on the fact that they are the common heritage of mankind.
Even though this treaty indirectly prohibits the mining of celestial resources, countries are focusing on establishing the legitimacy of space mining by passing their own laws, acts, and regulations. For instance, the Commercial Space Launch Competitiveness Act, enacted by the United States in 2015, encouraged private companies to undertake mining work beyond Earth. However, since the UN International Treaty of Outer Space does not permit nations to have territories in space, the US cannot reserve sovereignty rights to any celestial body.
Luxembourg aims to become Europe's space mining hub in the coming years. Also, in February 2021, Luxembourg announced that its space program would work with Nasa on moon mining.
In 2020, the US administration has created new rules through an executive order following the 2015 law change for how those companies might profit from operations on the Moon, asteroids, and other planets. The administration also plans to encourage other nations to adopt this new US perspective on space mining.
In July 2021, Japan has passed the Law for the Promotion of Commercial Activities Related to the Exploration and Exploitation of Space Resources, which allows Japanese companies and private capital to access, search for, find, exploit and obtain ownership of minerals extracted from the surface and subsurface of the Moon, Mars or other outer bodies.
North America is Expected to Dominate the Market
One of the major challenges facing the space mining industry is the huge cost of programs. The transport cost of bringing mined resources down to Earth will be far less than its worth to the recipient. However, those costs have come down almost ten-fold in the last two decades, with more reductions promised.
Space agencies and private companies have been trying to reduce the costs of the space launch systems over the past few years. Many market players have invested in the development of reusable launch systems with the recovery of some or all the component stages.
Many other prominent companies are also working toward developing similar technologies related to reusable launching vehicles. Blue Origin is developing a New Glenn partially-reusable orbital rocket, as it intends to recover and reuse only the first stage. The debut of the rocket is scheduled for late 2022. Furthermore, in February 2020, ArianeGroup and CNES (the French space agency) signed a memorandum of understanding for a new "acceleration platform" that will work to develop new launchers, including reusable ones.
the adoption of In-Situ Resource Utilization (ISRU) practice in space exploration is being focused upon. ISRU is the practice of collection, processing, storing, and use of materials found or manufactured on other astronomical objects (the Moon, Mars, asteroids, etc.) that replace materials that would otherwise be transported from Earth. Many planets, moons, and asteroids contain a rich diversity of inert physical substances such as metals, along with gases and water that could be used as energy sources for mining processes as well as means to sustain human life as we venture deeper into space.
Players in the market have started to work in this regard. In September 2021, Airbus has signed a memorandum of understanding with the Mexican Space Agency (AEM) and the Mexican start-up Dereum Labs to collaborate on the technologies needed for lunar resource extraction.
