IMARC Group's report titled “Asteroid Mining Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global asteroid mining market size reached US$ 1.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.9 Billion by 2028, exhibiting a growth rate (CAGR) of 19.4% during 2023-2028.

Asteroid mining involves the retrieval of minerals and raw materials from minor planets and asteroids in outer space. This process encompasses the extraction of various resources, including silver, gold, rhodium, nickel, aluminum, manganese, iron, and cobalt. Asteroid mining offers potential benefits for a sustainable environment, as the minerals obtained can be used as rocket propellants or construction materials in space. By extracting minerals directly from asteroids, the cost of transporting resources from Earth's orbit can be significantly reduced. Asteroid mining even enables the exploration of water and platinum on a large scale. Consequently, it finds extensive applications across countries.

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Asteroid Mining Market Trends and Drivers:

The asteroid mining market is primarily driven by the increasing number of space missions aimed at advancements in health and medicine, public safety, energy and environment, information and technology (IT), and industrial productivity. Moreover, the growing employment of 3D printing, which enhances production flexibility and reduces industrial costs, is acting as another significant growth-inducing factor. Besides this, the launch of multiple initiatives by government bodies to promote asteroid mining on account of the decline of Earth's limited resources and the expanding global population is also positively influencing the global market. Additionally, the inflating investments by private stakeholders in asteroid mining and the rising use of In-Situ Resource Utilization (ISRU) practices in space exploration, which involve collecting, processing, storing, and utilizing resources found on asteroids, are further catalyzing the market. Apart from this, other factors, including rapid research and development (R&D) activities to improve space mining methods and the escalating adoption of asteroid mining in construction activities, extraterrestrial commodities, fuel production, and human life sustainability, will continue to bolster the market in the coming years.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Asteroid Type:

• Type C
• Type S
• Type M
• Others

Breakup by Phase:

• Spacecraft Design
• Launch
• Operation

Breakup by Application:

• Construction
• Resource Harvesting
• 3D Printing
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Competitive Landscape with Key Player:

• Asteroid Mining Corporation Limited
• Moon Express Inc.
• OffWorld, Shackleton Energy Company
• SpaceFab.US Inc.
• Trans Astronautica Corporation

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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