Space Mining Market Size
| Study Period | 2023 - 2037 |
| Market Size (2024) | USD 1.99 Billion |
| Market Size (2037) | USD 16.30 Billion |
| CAGR (2024 - 2037) | 19.13 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Space Mining Market Analysis
The Space Mining Market size is estimated at USD 1.99 billion in 2024, and is expected to reach USD 16.30 billion by 2037, growing at a CAGR of 19.13% during the forecast period (2024-2037).
The primary driver for the space mining market is the potential abundance of valuable resources in space, such as rare metals and minerals, which can be used to sustain human activities in space and support industries on Earth. These resources can also fuel future space exploration and space colonization efforts.
The US, Luxembourg, and the UAE are racing to develop space mining laws, hoping to attract investment 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 importance in space, Russia, Japan, India, and the European Space Agency harbor space-mining ambitions of their own.
The development of a global framework, the growing enthusiasm from the private sector, the advent of a feasible space mining technology, and the reduction in project costs are expected to radically boost the space mining efforts, which would require mass production of landers and rovers to survey a mining site before setting up a mining rig on any celestial body.
On the other hand, the high costs associated with the space mining programs and the technical and technological challenges in space mining may restrict prospective investors, thereby affecting the growth of the space mining market.
Key companies are developing technologies to extract valuable resources from asteroids, the moon, or other celestial bodies. Players are investing in building infrastructure in space, such as space stations, refueling depots, and facilities to support mining operations and facilitate sustainable human presence in space. There's an opportunity for players to innovate and develop advanced mining technologies for the unique conditions of space, such as low gravity, vacuum, and extreme temperatures.
Space Mining Market Trends
Government Initiatives to Help the Growth of the Market
Government initiatives of various countries are currently helping the growth of the space mining market. Government space agencies are issuing licenses to parties planning to conduct activities in space, and some countries are enforcing new regulations for space mining. The Commercial Space Launch Competitiveness Act, enacted by the United States in 2015, encourages private companies to undertake mining work beyond Earth. In 2020, the US administration created new rules through an executive order following the 2015 law change for how those companies may 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.
Moreover, the Luxembourg space mining law, passed as a part of the SpaceResources initiative in 2017, aims to relax restrictions on private companies' mining operations beyond Earth. Luxembourg became the first country to adopt legal regulations pertaining to mining in space, including from asteroids. The United Arab Emirates is also taking steps to regulate mining for resources in space so private companies can retain full ownership of the mined resources. In 2020, the UAE Space Agency announced the details of the new UAE Space Law that tackles overseeing several space-related commercial activities, including mining operations and space logistics services, in addition to the mechanism for dealing with space debris and meteorites and managing space risks.
Japan became the fourth nation in 2021 to lay the legal foundations that favor the incursion of its companies into the commercial exploitation of the Moon, asteroids, and other planets after passing the Law for the Promotion of Commercial Activities Related to the Exploration and Exploitation of Space Resources. Government initiatives aimed at facilitating the players to take advantage of space mining are expected to encourage them to invest in the highly profitable industry, thereby driving the growth of the market during the forecast period.
Asia-Pacific Expected to Register the Highest CAGR During the Forecast Period
The space mining market is expected to witness the fastest growth in Asia-Pacific during the forecast period, as several Asia-Pacific countries have started to shift their focus toward the space mining sector. China is engaged in a technological race to thwart the increasing efforts of the US to dominate space commerce. China's private and state-owned aerospace companies were engaged in a slew of activities recently. In October 2021, the Academy of Aerospace Solid Propulsion Technology (AASPT), a part of the China Aerospace Science and Technology Corporation (CASC), test-fired a solid rocket motor producing 500 tons of thrust. The rocket is designed to propel the next iteration of China's heavy-lift rockets, which would meet various demands for space missions like crewed Moon landings, deep space exploration, and off-world resource extraction. Also, in April 2021, Shenzhen Origin Space Technology Co. Ltd launched the first commercial spacecraft named NEO-1, dedicated to mining space resources, ranging from asteroids to the lunar surface.
In addition to China, India has also floated plans about extracting Helium-3 from the Moon. On this note, the Indian Space Research Organization (ISRO) plans to mine Helium-3-rich lunar dust, generate energy, and transport it back to Earth. ISRO's lunar dust mining plan comes in the backdrop of India's plan to cut down import dependence on hydrocarbons by 10 percentage points by 2022.
In June 2021, Japan became the fourth country in the world, after the United States, Luxembourg, and the United Arab Emirates, to draft a dedicated law for the exploration and exploitation of space resources. The Law permits Japanese private business operators to engage in the exploration and development of space resources, such as water, minerals, and other non-living resources in outer space, on the Moon and other celestial bodies. For instance, in April 2021, the Chinese commercial aerospace company Origin Space Co. Ltd sent its prototype space mining spacecraft NEO-01 into space by a Long March 6 rocket. The company aims to carry out experiments to test the spacecraft's capabilities in asteroid mining and space debris removal. Such developments render a favorable outlook for the market studied in Asia-Pacific during the forecast period.
Space Mining Industry Overview
Moon Express, Off-World, Inc., Trans Astronautica Corporation, Asteroid Mining Corporation, and iSpace, Inc. are some of the prominent players continuing their research in the market. The market is in its nascent stage, with most of the progress expected to come in the next decade. Strategic acquisitions and partnerships may help the players to enhance their technological capabilities. For instance, In October 2021, Airbus Ventures announced that the company expanded its portfolio in space technologies with an investment in Space Inc. as part of an extension of the lunar exploration company's Series C investment round.
Also, several companies are testing their prototypes for future space mining. In April 2021, TransAstra announced that it received two contracts from the NASA Small Business Innovation Research (SBIR) program for Radiant Gas Dynamic (RGD) Ice Mining and Sun FlowerSolar Power Tower operations at the Lunar base of operations. Similarly, In August 2021, NASA announced that it had given a 10-cent check to space startup Lunar Outpost in the first-ever payment to a company to mine the Moon. The check, which was just 10 cents, or 10% of Lunar Outpost's USD 1 bid, will go toward the company's efforts to collect lunar dust for the agency. Such developments are expected to bolster the market prospects during the forecast period.
Space Mining Market Leaders
Moon Express
Trans Astronautica Corporation
Off-World, Inc.
Asteroid Mining Corporation
iSpace, Inc.
*Disclaimer: Major Players sorted in no particular order
Space Mining Market News
April 2023: TransAstra won a USD 0.85 million Phase 2 business innovation research contract from NASA to manufacture a bag to capture orbital debris. As per the phase 2 small research contract, TransAstra will build an inflatable capture bag to capture orbital debris and demonstrate to NASA how the bag, which is fitted with inflatable struts to open and close, would envelop a noncooperative object in space. In 2021, TransAstra built a small capture bag with NASA Innovative Advanced Concepts funding. The new phase 2 contract was awarded to support early-stage technology with potential commercial space applications.
March 2023: OffWorld expanded its business of space mining into Luxembourg. OffWorld aims to reinvent space mining by developing a new generation of AI-powered robots to withstand extreme conditions. The new OffWorld Luxembourg branch will likely conduct research into lunar regolith processing and the design and development of its AI-powered robotic workforce.
Space Mining Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Extraterrestrial Commodity
5.1.2 Construction
5.1.3 Human Life Sustainability
5.1.4 Fuel Mining
5.1.5 3D Printing
5.2 Resources
5.2.1 Liquids
5.2.2 Rare Earth Metals
5.2.3 Structural Elements
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Italy
5.3.2.3 Germany
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of World
5.3.4.1 Israel
5.3.4.2 Brazil
5.3.4.3 United Arab Emirates
5.3.5
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Moon Express
6.1.2 iSpace, Inc.
6.1.3 Asteroid Mining Corporation
6.1.4 Off-World Inc.
6.1.5 Trans Astronautica Corporation
6.1.6 Karman+
6.1.7 ASTROBOTIC TECHNOLOGY, INC.
6.1.8 Momentus Space
6.1.9 RHEA Group
6.1.10 AstroForge
6.1.11 Helios Project Ltd.
6.1.12 Origin Space
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Space Mining Industry Segmentation
Space mining is the exploitation of materials from the moon, other planets in the solar system, their satellites' asteroids, and near-Earth objects. The market demand has been estimated based on firm investments and revenues.
The surveillance radar market is segmented by geography. The report covers the market sizes and forecasts for the Space mining market in major countries across different regions.
For each segment, the market size is provided in terms of value (USD).
| Application | |
| Extraterrestrial Commodity | |
| Construction | |
| Human Life Sustainability | |
| Fuel Mining | |
| 3D Printing |
| Resources | |
| Liquids | |
| Rare Earth Metals | |
| Structural Elements |
| Geography | |||||||
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Space Mining Market Research FAQs
How big is the Space Mining Market?
The Space Mining Market size is expected to reach USD 1.99 billion in 2024 and grow at a CAGR of 19.13% to reach USD 16.30 billion by 2037.
What is the current Space Mining Market size?
In 2024, the Space Mining Market size is expected to reach USD 1.99 billion.
Who are the key players in Space Mining Market?
Moon Express, Trans Astronautica Corporation, Off-World, Inc., Asteroid Mining Corporation and iSpace, Inc. are the major companies operating in the Space Mining Market.
Which is the fastest growing region in Space Mining Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2037).
Which region has the biggest share in Space Mining Market?
In 2024, the Europe accounts for the largest market share in Space Mining Market.
What years does this Space Mining Market cover, and what was the market size in 2023?
In 2023, the Space Mining Market size was estimated at USD 1.61 billion. The report covers the Space Mining Market historical market size for years: 2023. The report also forecasts the Space Mining Market size for years: 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036 and 2037.
Space Mining Industry Report
Statistics for the 2024 Space Mining market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Space Mining analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
