Market Size of Earth and Space Mining Sensors Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 18.00 % |
Fastest Growing Market | North America |
Largest Market | Asia-Pacific |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Earth & Space Mining Sensors Market Analysis
The Earth and Space Mining Sensors Market is expected to register a CAGR of over 18%, during the forecast period, 2022-2027.
The COVID-19 pandemic had a negligible impact on the space mining market over the last two years. Although slight delays were observed in the manufacturing sector, most of the space mining programs are back on track with the industry slowly moving toward the commercialization of space mining activities.
In[SS1] [PP2] 2015 when the US government implemented the Space Law, which permits US-based companies to conduct space mining operations on asteroids and other space resources. The Space Law ushered in a new era in space mining, as most companies started investing in developing probes capable of approaching asteroids to exploit their innumerable resources.
Potential, economic, scientific, and even security benefits underlie an emerging geopolitical competition to pursue space mining. The industry is slowly moving toward the commercialization of space mining activities. In 2020, Japan's Hayabusa2 spacecraft brought back samples from a near-Earth asteroid Ryugu. At the same time, NASA has awarded contracts to four companies to extract small amounts of lunar regolith by 2024, effectively beginning the era of commercial space mining.
Besides the United States, Luxembourg, and the United Arab Emirates are racing to develop space mining laws, hoping to attract investment to their entrepot nations with business-friendly legal frameworks. While China reportedly views space-resource development as a national priority, as part of a strategy to challenge the US economic and security primacy in space, Russia, Japan, India, and the European Space Agency harbor space-mining ambitions of their own.
The development of a global framework and the growing enthusiasm from the private sector, along with the advent of a feasible space mining technology and reduction in project costs, is expected to radically boost the space mining efforts of the countries, which would require mass production of landers and rovers to survey a mining site prior to setting up a mining rig on any celestial body.
On the other hand, the high costs associated with the space mining programs along with the technical and technological challenges in space mining might restrict the prospective investors, thereby affecting the growth of the space mining market.
[SS1]Market CAGR paragraph and Covid-19 impact is missing
[PP2]done
Earth & Space Mining Sensors Industry Segmentation
A sensor is a device that produces an output signal for the purpose of sensing a physical phenomenon. In the broadest definition, a sensor is a device, module, machine, or subsystem that detects events or changes in its environment and sends the information to other electronics, frequently a computer processor.
Modern mining is adopting advanced sensor-based technologies to effectively detect minerals. Sensors are used in each step of the mining operation, from mine exploration, surveying, and underground mapping to ore extraction, sorting, and mineral processing. Laser, Gas, and Gyroscope sensors for space mining applications, along with Gas, SONAR, and Magnetometer sensors for earth mining applications were considered for this market study.
The earth and space mining sensor market is segmented by Earth mining, by space mining and by Geography. By Earth mining, the market is segmented into Magnetometer, SONAR, Gas Sensor. By space mining, the market is segmented by Laser Sensors (Mineral Spectrometry), Gas Sensors (Element Analysis), and Gyroscope Sensors.
Earth mining | |
Magnetometer | |
SONAR | |
Gas Sensor |
By space mining | |
Laser Sensors (Mineral Spectrometry) | |
Gas Sensors (Element Analysis) | |
Gyroscope Sensors |
Geography | ||||||||
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Rest of the world |
Earth and Space Mining Sensors Market Size Summary
The Earth and Space Mining Sensors Market is poised for significant growth, driven by advancements in space mining technologies and supportive regulatory frameworks. The industry is gradually transitioning towards the commercialization of space mining activities, with countries like the United States, Luxembourg, and the United Arab Emirates leading the charge by developing business-friendly laws to attract investments. The geopolitical competition for space resources is intensifying, with nations such as China, Russia, Japan, India, and the European Space Agency also pursuing their own space mining ambitions. The development of a global framework, coupled with private sector enthusiasm and technological advancements, is expected to enhance space mining efforts, necessitating the mass production of landers and rovers for celestial body exploration.
Despite the promising outlook, the space mining industry faces challenges, including high program costs and technical hurdles, which may deter potential investors. The Outer Space Treaty of 1967 poses legal challenges by prohibiting national appropriation of celestial bodies, yet countries are working to establish the legitimacy of space mining through national laws. Innovations in reusable launch systems and In-Situ Resource Utilization (ISRU) practices are expected to reduce costs and facilitate resource extraction from celestial bodies. Key players in the earth and space mining sensor market, such as Honeywell International, Rockwell Automation, and Texas Instruments, are actively developing technologies to support these endeavors. Collaborative efforts, like those between Airbus and the Mexican Space Agency, highlight the industry's commitment to advancing lunar resource extraction technologies.
Earth and Space Mining Sensors Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain / Supply Chain Analysis
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1.5 Porters 5 Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Earth mining
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2.1.1 Magnetometer
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2.1.2 SONAR
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2.1.3 Gas Sensor
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2.2 By space mining
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2.2.1 Laser Sensors (Mineral Spectrometry)
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2.2.2 Gas Sensors (Element Analysis)
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2.2.3 Gyroscope Sensors
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2.3 Geography
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2.3.1 North America
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2.3.1.1 US
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of NA
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 UK
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Spain
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2.3.2.6 Rest of NA
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2.3.3 Asia Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 Rest of AP
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2.3.4 Rest of the world
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Earth and Space Mining Sensors Market Size FAQs
What is the current Earth and Space Mining Sensors Market size?
The Earth and Space Mining Sensors Market is projected to register a CAGR of greater than 18% during the forecast period (2024-2029)
Who are the key players in Earth and Space Mining Sensors Market?
Honeywell International , DENSO Corporation , Singapore Technologies Engineering Ltd, Rockwell Automation, Inc. and Texas Instruments Inc. are the major companies operating in the Earth and Space Mining Sensors Market.