DUBLIN--(BUSINESS WIRE)--The "Space Mining Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The space mining market is valued at USD 11.65 billion in 2021 and is anticipated to register a CAGR of more than 13% during the forecast period, 2022 - 2036.
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 towards the commercialization of space mining activities.
Besides the United States, Luxembourg, and the United Arab Emirates are racing to develop space mining laws, hoping to attract investment to their 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.
Key Market Trends
Government Initiatives to Help the Growth of the Market
Government initiatives are currently helping the growth of the market. Governments 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, had encouraged private companies to undertake mining work beyond Earth. 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.
Moreover, the Luxembourg space mining law, which was 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 oversee several space-related commercial activities, including mining operations and space logistics services, in addition to the mechanism for dealing with space debris, meteorites, and managing space risks.
Furthermore, Japan has become 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 planetsafter passing the Law for the Promotion of Commercial Activities Related to the Exploration and Exploitation of Space Resources.
Such government initiatives aimed at facilitating the players to take advantage of space mining are expected to encourage players to invest in the highly profitable industry, thereby driving the growth of the market during the forecast period.
Asia-Pacific is Expected to Grow with the Highest CAGR During the Forecast Period
The market is expected to grow with the highest CAGR in Asia-Pacific during the forecast period, as several countries in the region started to shift their focus towards the space mining sector. China is engaged in a technological race to thwart the increasing efforts of the United States 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.
Companies Mentioned
- Deltion Innovations Ltd
- Moon Express
- ispace
- Asteroid Mining Corporation Limited
- Off-World Inc.
- Trans Astronautica Corporation
For more information about this report visit https://www.researchandmarkets.com/r/sdymhq
