Global Asteroid Mining Market Size To Exceed USD 8.40 Billion By 2033 | CAGR Of 16.53%

New York, United States , July 19, 2024 (GLOBE NEWSWIRE) — The Global Asteroid Mining Market Size Expected to Grow from USD 1.82 Billion in 2023 to USD 8.40 Billion by 2033, at a CAGR of 16.53% during the forecast period 2023-2033.
Based on the phase, the asteroid mining market is categorized into launch, operation, and space-craft design. Among these, the operation segment is expected to hold the largest share of the asteroid mining market during the estimation timeframe. The subsequent phase, resource extraction, is where the actual work of mining asteroids occurs. It means developing the technologies required to extract valuable elements from asteroids, like water and metals.Based on the type, the asteroid mining market is categorized into type C, type M, and type S. Among these, the type M segment is expected to grow at the fastest CAGR during the estimation timeframe. Because Type M provides essential resources for manufacturing, propulsion, and life support, it has great promise for enabling future space missions. They are widely distributed in organic molecules, water, and volatile compounds.Based on the application, the asteroid mining market is categorized into construction, resource harvesting, 3D printing, and others. Among these, the construction segment is expected to hold a significant share of the asteroid mining market during the estimation timeframe. The advancement of technology for mining asteroids could have effects on industries other than space exploration, such building and mining on land. It depicts a potential path to resources beyond Earth, which might revolutionize a variety of industries, including construction.
Inquire Before Buying This Research Report:North America is projected to hold the largest share of the asteroid mining market over the estimation timeframe. The United States is leading the growth of the space economy. The U.S. Departments of State and Commerce have instituted measures to reduce the rules controlling satellite export controls, and the Office of Space Commerce organizes relevant policies to assist the growth of the domestic commercial space mining industry.This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global asteroid mining market based on the below-mentioned segments: 
(GlobeNewsWire)