Report Finds Space Mining Could Become a Means to Sustainable Travel on Earth and in Space
Providers of technology require public and private partnerships to mitigate prohibitive costs
A new report from Guidehouse Insights examines the economic drivers of space mining technology and the technical, economic, and regulatory challenges as well as recommendations for stakeholders in the space mining market.
Mining various resources beyond Earth is rapidly approaching both technological and economic viability. Electric vehicles (EVs), utility-scale electric production and storage, and the Internet of Things (IoT) are driving growth in the demand for rare earth elements (REEs). However, according to a new report from Guidehouse Insights, extreme barriers to entry in these markets require partnerships with government space agencies and large commercial players to offset otherwise prohibitive costs.
“Increasing supplies of REEs would facilitate the adoption of sustainable means of travel by driving down the high costs associated with distributed electricity storage and generation,” says Clay Killingsworth, research analyst with Guidehouse Insights. “However, providers of services and niche technology crucial to off-world mining must partner with both private and public entities that have launch capabilities to successfully transition from concepts to commercially viable products and services.”
To realize market potential, Guidehouse Insights recommends market players invest in capabilities that enable rapid realization and scaling of potential mining operations on the Moon and near-Earth asteroids as well as cultivate strategic partnerships with private enterprises and government bodies to mitigate costs.
The report, Space Mining Can Enable Sustainable Travel Both on and off Earth, describes the economic drivers of space mining technology and identifies technical, economic, and regulatory challenges to space mining and potential avenues for addressing them. The report also provides recommendations for market participants and discusses the ways in which market potential could be realized. An executive summary of the report is available for free download on the Guidehouse Insights website.
Contact:
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@guidehouse.com
*The information contained in this press release concerning the report, Space Mining Can Enable Sustainable Travel Both on and off Earth, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.