The increasing investments by mining companies is expected to foster healthy growth of the market during the forecast period, sates Fortune Business Insights in a report, titled “Space Mining Market Size, Share & Industry Analysis, By Phase (Spacecraft Design, Launch, Operation), By Asteroid type (Type C, Type S, Type M, Others), By Application (Construction, Resource Harvesting, 3D Printing, Others) and Regional Forecast, 2022-2029.” The growing number of government initiatives for asteroid mining is likely to spur opportunities for the market.
Russia-Ukraine War Implication
The Russia-Ukraine war could change the Natural Fragrance Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Natural Fragrance Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
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Joint venture of Nasa and SpaceX to Support Business Development
SpaceX, space exploration technologies corp announced a partnership agreement with NASA to explore the mineral-rich asteroid known as Psyche. The contract worth USD 117 million, which will involve Falcon Heavy rocket in the Psyche mission. The rocket will be initiated from Complex 39A at Cape Canaveral Air Force Station. Furthermore, the increasing investments by companies in space mining projects are expected to aid the expansion of the market. The ongoing space mining missions along with government initiatives for asteroid mining are expected to contribute to the growth of the market. The growing space exploration and advancement in 3D printing technology are factors expected to boost the growth of the market.
Nevertheless, the complications associated with spacecraft and space mining projects are expected to restrict the growth of the market in the forthcoming years.
Presence of Major Space Companies to Aid Expansion in North America
Geographically, the global space mining market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to witness a significant growth rate during the forecast period. The growth in the region is attributed to the presence of key players such as Deep Space Industries, Moon Express, National Aeronautics and Space Administration, Planetary Resources, Shackleton Energy Company. The rising space mining mission from NASA is expected to promote the growth of the market. Asia Pacific is expected to hold a substantial share during the forecast period owing to the growing investments in space mining. Europe is expected to witness a high growth rate owing to the ongoing and future space missions of the European Space Agency (ESA).
The Report Lists the Main Companies Space Mining Market:
- Asteroid Mining Corporation (The U.K)
- China National Space Administration (China)
- Deep Space Industries (The U.S.)
- European Space Agency (France)
- Japan Aerospace Exploration Agency (Japan)
- Moon Express (The U.S.)
- National Aeronautics and Space Administration (The U.S.)
- Planetary Resources (The U.S.)
- Russian Federal Space Agency (Russia)
- Shackleton Energy Company (The U.S.)
- US (The U.S.)
- Trans Astronautical Corporation (The U.S.)
April 2016: Northern Ontario Company signed an agreement with the Canadian Space Agency to work on a multi-purpose device. This device is designed for mining on the moon and Mars.
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