Asteroid Mining Market Trends: SCAR-E Robot Unveiled for Space Exploration

The asteroid mining market has seen significant growth in recent years, with a projected increase from $1.68 billion in 2024 to $2.07 billion in 2025, compounding annually at a rate of 23.4%. The industry is expected to expand rapidly, reaching a valuation of $4.56 billion by 2029 with a compound annual growth rate (CAGR) of 21.8%. Factors contributing to this growth include infrastructure development, lowered launch expenses, scientific exploration, environmental concerns, sustainable space colonization, and space-based manufacturing initiatives.

The surge in space missions conducted by government entities and space corporations is anticipated to drive the asteroid mining market forward. More space missions mean higher demand for asteroid mining. Renowned firms are introducing innovative products to meet industry needs, such as the SCAR-E (Space Capable Asteroid Robotic Explorer) robot unveiled by the Asteroid Mining Corporation (AMC) in October 2023. The robot is designed for asteroid prospecting and lunar inspection, with a launch expected in the early 2030s.

The asteroid mining market is segmented by phase, asteroid type, and application, with key players including Asteroid Mining Corporation Limited, Bradford Space Inc., iSpace Inc., and more. North America led the market in 2024, with regions such as Asia-Pacific, Western Europe, and others also driving growth.

According to the source: openPR.com.