As
Space X launched Dragon on the 23rd Commercial Resupply Services mission from Launch Complex 39A at Kennedy Space Center, Florida, safely returning last week, we look at some of the benefits opening up space may hold.
There are numerous factors which have led to the growth of the global space industry with government projects and other visionaries driving substantial growth and private investment. Climate change, security and telecoms are among the key themes driving the boom in the space economy.
This year,
Blue Origin, founded by Amazon founder Jeff Bezos, became a pioneer by taking the first paying customer to space and SpaceX founded by Elon Musk has seen Falcon 9 rockets launched 126 times since 2010, completing 124 full mission successes.
The global space industry is growing with a current market value of US$423bn and is expected to reach US$1tn by 2040 as satellites and space-based technologies come in to use. The industry itself may feel like a billionaire’s sport, but it has a wide range of uses that are critical infrastructure in today’s world. These can be broken down into Internet (39%), Ground Equipment (19%), Government Projects (17%), Consumer TV (11%), Consumer Broadband (9%) and Other (5%).
The significant growth within the sector has impacted on various other key business industries.
Satellite Launch – Satellite launch companies focus on technology and infrastructure to send satellites to near space and low Earth orbit.
Satellite Internet – These companies focus on improved connectivity through Low Earth orbit satellites, wireless broadband, optical communications, and other technologies.
Deep Space Exploration – In this business, companies try to develop high-level missions to transport humans and cargo beyond the Earth’s atmosphere to the moon and potentially mars and beyond.
Lunar Landing – Companies plan the business around the lunar moon landing mission. They develop and build products as well as infrastructure for moon missions.
Earth Observation – Under this segment the primary focus for the business is towards developing imaging, tracking and analytics technology to monitor the weather, climate, maritime data, GPD technology etc.
Space debris – Here the focus is to track and analyse man-made objects orbiting in the atmosphere such as satellite or rocket launch debris which may collide with other satellites and spacecraft or fall to earth.
Space Tourism – Space Tourism is another potential business opportunity which provides access to space for private citizens, space explorers, space adventure programs etc.
Manufacturing – At present this subsector has been booming due to a spike in rocket launches. Manufacturing companies design and develop hardware, propulsion systems, engines and other technology required for launches.
With sustainable investing now a hot topic and an ever-present focus on environmental, societal and governance (ESG) factors from investors, the space industry plays a crucial role.
Satellite images taken from space can provide data on greenhouse gas emissions which help utilities optimise renewable energy infrastructure and mining data, while also boosting renewable energy production by discovering untapped locations that are ideal to support solar and wind farms.
The use of satellite imagery will also support in optimising agricultural yields and efficiency by combining the data with weather, temperature, and air pressure. Which in turn will improve traceability of products and support predictive models for food supply.
The opening of this final frontier provides exciting and unchartered prospects with benefits for all humankind. It may be a long haul, but as space opens up for business it will be a journey that many will be watching with a close eye.