The space mining market is estimated to grow from USD 0.65 billion in 2018 to USD 2.84 billion by 2025, at a CAGR of 23.6%. Factors such as ongoing and impending space mining missions, increasing investments by private stakeholders in asteroid mining companies, and growing number of government initiatives to frame regulations with respect to asteroid mining are driving the market growth. Government initiatives resulting in growing number of start-ups, easily accessible near-earth asteroids (NEAs), and adoption of in-situ resource utilization (ISRU) practice in space exploration are the factors that are expected to provide several opportunities for the growth of the space mining market.

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A spacecraft is a vehicle machine designed to fly in outer space. It used for various purposes, such as communications, earth observation, meteorology, navigation, space colonization, planetary exploration, and transportation of humans and cargo. The spacecraft design phase is expected to continue to hold the largest market share during the forecast period. The spacecraft consists of various components, such as sensors and power systems. Thus, the spacecraft design segment would dominate the space mining market based on phase.
C-type asteroids are expected to account for the largest market size by 2025. Type C asteroids are carbonaceous asteroids, and the surfaces of these asteroids are almost coal-black with an albedo of 0.03–0.09. These asteroids contain large quantities of carbon molecules, ice-water, as well as the more usual rocks and metals. They are very similar in composition to the carbonaceous chondrite meteorites that sometimes fall on Earth. C-type asteroids make up more than 75% of known asteroids. These asteroids are dark. Most of the companies and private players are focused on exploring ice-water that can be used as fuel in spacecraft. Hence, the majority of space agencies and private players would first target C-type asteroids for space mining.

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The US is expected to continue to hold the largest market share during the forecast period owing to the high demand for space exploration activities from the well-established organization—NASA. The US government updated US commercial space legislation with the passage of the Spurring Private Aerospace Competitiveness and Entrepreneurship (SPACE) Act of 2015 (also known as Commercial Space Launch Competitiveness Act) in November 2015. This law explicitly allows US citizens to engage in the commercial exploration and exploitation of space resources, such as water and minerals. The SPACE law was based on the proposed Asteroids Act in 2014, which emphasizes on the commercialization of space resources, which, in turn, drives the growth of the space mining market. Growing investment by private stakeholders in asteroid mining companies is propelling the growth of the space mining market in this country.