Global Space Mining Market (2022 – 2027): United States, Luxembourg and UAE strive to develop space mining laws

DUBLIN, April 15, 2022–(BUSINESS WIRE)–That “Space Mining Market – Growth, Trends, Impact of COVID-19 and Forecasts (2022-2027)” Report has been added ResearchAndMarkets.com Offer.

The Space Mining Market is valued at USD 11.65 billion in 2021 and is expected to register a CAGR of more than 13% during the forecast period 2022-2036.

The COVID-19 pandemic has had a negligible impact on the space mining market over the past two years. Although slight delays have been seen in the manufacturing sector, most space mining programs are back on track as the industry slowly moves towards the commercialization of space mining activities.

Alongside the United States, Luxembourg and the United Arab Emirates are scrambling to develop space mining laws, hoping to attract investment to their countries with business-friendly legal frameworks. While China reportedly views space resource development as a national priority, as part of a strategy to challenge US economic and security hegemony in space, Russia, Japan, India and the European Space Agency harbor space-mining ambitions of their own.

It is expected that the development of a global framework and the growing enthusiasm of the private sector, along with the emergence of a viable space mining technology and the reduction of project costs, will radically boost countries’ space mining efforts that would require mass production Lander and rover to survey a mining site before deploying a mining rig on any celestial body.

On the other hand, the high costs associated with the space mining programs together with the technical and technological challenges in space mining could restrict potential investors and thereby hamper the growth of the space mining market.

Key Market Trends

Government initiatives to support market growth

Government initiatives are currently supporting the growth of the market. Governments issue licenses to parties wishing to conduct activities in space, and some countries are enforcing new regulations on space mining.

The Commercial Space Launch Competitiveness Act, enacted by the United States in 2015, had encouraged private companies to conduct off-earth mining operations. In 2020, the US government created new rules for how these companies could benefit from operations on the moon, asteroids and other planets through an executive order following the 2015 law change. The administration also plans to encourage other nations to adopt this new US perspective on space mining.

In addition, Luxembourg’s Space Mining Law, passed in 2017 as part of the SpaceResources initiative, aims to relax restrictions on off-earth mining operations by private companies. Luxembourg was the first country to pass legislation on mining in space, including asteroids.

The UAE is also taking steps to regulate the mining of resources in space, allowing private companies to retain full ownership of the resources mined. In 2020, the UAE Space Agency announced the details of the UAE’s new Outer Space Law, which will deal with the oversight of several space-related commercial activities, including mining operations and space logistics services, as well as the mechanism for dealing with space debris, meteorites and the management of space risks.

In addition, in 2021, Japan became the fourth nation to lay the legal foundations favoring the intrusion of its companies into the commercial exploitation of the moon, asteroids and other planets after passing the Exploration and Exploitation-Related Promotion of Commercial Activities Law has of space resources.

Such government initiatives aimed at making it easier for players to enjoy space mining are expected to encourage players to invest in the highly profitable industry, thereby impelling the growth of the market over the forecast period.

Asia Pacific is expected to grow at the highest CAGR during the forecast period

The market is expected to grow at the highest CAGR in Asia Pacific during the forecast period as several countries in the region started shifting their focus to the space mining sector. China is in a technological race to thwart the United States’ increasing efforts to dominate space trade.

China’s private and state-owned aerospace companies have been involved in a range of activities recently. In October 2021, the Academy of Aerospace Solid Propulsion Technology (AASPT), part of China Aerospace Science and Technology Corporation (CASC), tested a 500-ton thrust solid rocket motor. The rocket is expected to power the next iteration of China’s heavy-lift rockets, which would meet various requirements for space missions such as manned moon landings, space exploration and off-world resource mining.

companies mentioned

For more information about this report, see https://www.researchandmarkets.com/r/sdymhq

View source version on businesswire.com: https://www.businesswire.com/news/home/20220415005083/en/

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