Portland, June 17, 2019 (GLOBE NEWSWIRE) -- 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 is a thorough compilation of the market and includes 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 accrued a sum of $712 million in 2017 and is likely to reach $3,868.9 million by 2025, growing at a CAGR of 24.4% from 2018 to 2025.
Numerous space missions planned by the government and private players, growing 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. Moreover, the rise in space situational awareness programs launched by government organizations would boost market growth. However, the high cost associated with space mining methods impedes the market growth. On the other hand, adoption of in-situ resource utilization (ISRU) in space exploration and numerous ongoing projects for exploring and colonizing Mars and moon are expected to bring new opportunities in the market.
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Space craft design segment to dominate by 2025
The space craft design segment accounted for four-fifths of the total revenue in 2017 and is expected to continue its dominance through 2025. This is due to increased investments and funding from governments and private companies worldwide for designing and manufacturing space crafts. However, the operation segment would grow at the fastest CAGR of 29.1% by 2025 due to a surge in investment by public and private stakeholders in space mining technologies for resource exploitation.
Type C segment to maintain revenue lead through 2025
Among asteroid types, the type C segment captured over two-fifths of the market share in 2017 and is likely to maintain its dominance through 2025. This is because type C asteroids are carbonaceous chondrite meteorites, which comprise large amount of water and metals. However, the type M segment would 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.
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North America to grab the largest share through 2025
North America grabbed nearly one-third of the market share in 2017 and is likely to maintain its lion's share through 2025. This is due to technological advancements and high investment in space technology industry in the region. However, Latin America, Middle East, and Africa (LAMEA) would register the highest CAGR of 26.4% during the study period because of growing inclination toward advanced technological products, increase in investments in space technologies, and increased R&D facilities in the region.
Prominent industry players
The report includes the prominent players operating in the asteroid mining market such as Asteroid Mining Company, Bradford, iSpace, Kleos Space S.A., Planetary Resources, SpaceFab.US, Sierra Nevada Corporation, Offworld, and Virgin Galactic.
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