Space Mining Market

Key strategies adopted by the major players in the Space Mining Market

The space mining market is estimated to grow from USD 0.65 billion in 2018 to USD 2.84 billion by 2025, at a CAGR of 23.6%. Ongoing and impending space mining missions, increasing investments by private stakeholders in asteroid mining companies, and growing number of government initiatives to frame regulations with respect to asteroid mining are the major factors driving the growth of the space mining market.

Government initiatives resulting in growing number of start-ups, easily accessible near-earth asteroids (NEAs), and adoption of in-situ resource utilization (ISRU) practice in space exploration provide several opportunities for the growth of the space mining market.

The key strategies adopted by the major players in the space mining market include product developments, partnerships, agreements, funding activities, collaborations, and expansions. Companies such as Deep Space Industries (US), Planetary Resources (US), Moon Express (US), ispace (Japan), and Asteroid Mining Corporation (UK) have adopted these strategies to expand their customer base and enhance their product portfolio.

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Founded in 2013 and headquartered in California, US, Deep Space Industries (DSI) is a privately held asteroid mining and space technology company. The company operates in the US and Luxembourg (EU). DSI provides technical resources, capabilities, and system integration necessary to harvest, process, manufacture, and market in-space resources. The company is building an innovative spacecraft that allows private companies and government agencies to drive down the cost of access to deep space destinations, such as high-Earth orbits, near-Earth asteroids, and Lunar orbits. The company is working toward a series of low-cost space exploration missions in which small spacecraft are used. DSI’s product line comprises high-performance propulsion systems; reliable deep space communication systems; absolute and relative navigation technologies; and robust, radiation-tolerant avionics. The company expects to launch asteroid prospecting satellite Prospector 1 and Xplorer by 2020.

Planetary Resources was formerly known as Arkyd Astronautics, an American company that was formed on 1 January 2009 and reorganized and renamed in 2012. It is one of the leading companies in the space mining market. It operates as an asteroid mining company and specializes in the exploration and utilization of resources from asteroids. The company intends to develop asteroid mining operations and spacecraft in the near future. Planetary Resources offers various spacecraft, such as Arkyd-6 and Arkyd-3, which are intended toward prospecting of asteroids. In January 2018, Planetary Resources launched Arkyd 6 spacecraft from Satish Dhawan Space Center in India.

Other companies and space agencies operating in the space mining market are Shackleton Energy Company (US);  Kleos Space (Luxembourg); TransAstra (US); OffWorld (US); SpaceFab.US (US); National Aeronautics and Space Administration (NASA, US); European Space Agency (ESA, France); Japan Aerospace Exploration Agency (JAXA, Japan); China National Space Administration (CNSA, China); Russian Federal Space Agency (ROSCOSMOS, Russia).

Related Reports:

Space Mining Market by Phase (Spacecraft Design, Launch, and Operation), Type of Asteroid (C-Type, M-Type, S-Type), Application (Construction, Fuel, and Others), Asteroid Distance, Commodity Resources, and Geography - Global Forecast to 2025

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Report Code
SE 6689
RI Published ON
10/15/2018
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