PORTLAND, Oregon, January 29, 2019 /PRNewswire/ --
Ongoing and impending space missions by government as well as private players, increasing inflow of investment in space mining technologies, and growing use of print materials obtained from asteroids in 3D printing technology are expected to propel the growth of the global asteroid mining market
Allied Market Research published a report, titled, Asteroid Mining Market by Phase (Space-craft Design, Launch, and Operation), Asteroid type (Type C, Type S, Type M, and Others), and Application (Construction, Resource Harvesting, 3D Printing, and Others): Global Opportunity Analysis and Industry Forecast, 2017 - 2025. The report offers extensive analyses of the key winning strategies, industry trends, market dynamics, market size & estimations, top investment pockets, and competitive landscape. As per the report, the global asteroid mining market garnered $712 million in 2017, and is estimated to reach $3,868.9 million by 2025, growing at a CAGR of 24.4% from 2018 to 2025.
Innumerable space missions planned by government and private players, surge in R&D investments by market players to deploy space mining processes, and use of asteroid-derived print materials in 3D printing technology drive the growth of the global asteroid mining market. In addition, increase in space situational awareness programs launched by government organizations is expected to supplement the market growth. However, high cost associated with space mining methods is expected to hamper the market growth. Conversely, adoption of in-situ resource utilization (ISRU) in space exploration and numerous ongoing projects for exploring and colonizing Mars and moon would create new opportunities for the growth of the industry.
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Space craft design segment to dominate, operation segment to register fastest growth by 2025
The space craft design segment contributed the largest share in 2017, accounting for four-fifths of the total revenue. It is expected to continue its dominance through 2025 due to increased investments and funding from governments and private companies worldwide for designing and manufacturing space crafts. However, the operation segment is projected to register the fastest CAGR of 29.1% from 2018 to 2025 due to the increasing inflow of investment by public and private stakeholders in space mining technologies for resource exploitation. Moreover, the launch segment would grow at a steady pace through 2025.
Type C segment to dominate through 2025
Among asteroid types, the type C segment, which are chondrite asteroids, accounted for 43.2% of the total market revenue in 2017 and would maintain its revenue lead through the study period. This is because type C asteroids are carbonaceous chondrite meteorites, which are known to contain large deposits of water and metals. However, the type M segment is projected to grow at the fastest CAGR of 29.5% during the forecast period because M Type asteroids contain highly valuable resources such as platinum, gold, silver, and others. The report also analyzes asteroid types such as type S and others.
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3D printing to lead in terms of revenue, construction segment to witness fastest growth by 2025
3D printing segment captured nearly half of the total market revenue in 2017 and is projected to maintain its lead through 2025. This is on account of the advancements in 3D printing technology such as high-resolution prototypes and Zero-G technology that helps in printing objects in space. However, the construction segment would grow at the highest CAGR of 29.1% through 2025, owing to heavy inflow of investments for the development and construction of space infrastructure for space missions. The report also analyzes applications such as resource harvesting and others.
North America to garner highest revenue, LAMEA to grow the fastest through 2025
The asteroids mining market in North America contributed nearly one-third of the global market revenue in 2017. It is projected to retain its lion's share through 2025, owing to technological advancements related to asteroid mining and high investment in space technology industry. The U.S. is expected to be an emerging player in the asteroids mining industry due to the presence of strong government agencies in the region such as NASA, Satellite Industry Association, and Commercial Spaceflight Federation, among others. However, Latin America, Middle East, and Africa (LAMEA) would register the highest CAGR of 26.4% from 2018 to 2025 due to the growing inclination toward advanced technological products, increase in investments in space technologies, and growth in R&D facilities in the region. The other regions analyzed in the report include Europe and Asia-Pacific.
Key players of the industry
The key market players analyzed in the report include Asteroid Mining Company, Bradford, iSpace, Kleos Space S.A., Planetary Resources, SpaceFab.US, Sierra Nevada Corporation, Offworld, and Virgin Galactic.
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SOURCE Allied Market Research