Space has captured human imagination for centuries. What was once the domain of governments is now opening up to commercial interests. Private space companies are emerging as major players in global space economy. SpaceX, Blue Origin, Virgin Galactic are household names today like NASA was a few decades ago. These new space companies are making access to space more affordable through reusable launch vehicles and other innovations. Space tourism is set to take-off in coming years with Virgin Galactic planning to take their first passengers to suborbital space in 2022.
New Space Economy are Driving Entrepreneurial Activity
Growing commercial opportunities in areas like satellite manufacturing, satellite-based internet, space mining, in-orbit services etc are attracting entrepreneurs. Several startups are working on projects ranging from smallsat constellations to orbital transfer vehicles. Companies are raising billion-dollar valuations by addressing niche areas in new Space Economy like satellite servicing, space situational awareness etc. Emerging technologies like additive manufacturing are enabling new business models in space sector. Universities are actively engaging in commercial space projects through technology development and partnerships with private companies. Overall this is leading to increasing entrepreneurial energy in addressing both government and commercial space needs globally.
Satellites are Powering the Digital Revolution on Earth
Satellite technology has become integral to modern life whether it is GPS, satellite TV or satellite internet. Launch of mega constellations by companies like SpaceX, OneWeb, Amazon is set to transform global connectivity. Affordable access to space is making it possible to place thousands of small satellites in low earth orbit. These will deliver high-speed internet globally especially in remote areas not covered by terrestrial networks. Satellite imagery is also a huge market with wide ranging applications from defense to agriculture to urban planning. Expansion of satellite applications holds potential to bridge digital divides and speed up socio-economic progress worldwide.
Space Sector is Becoming Important For National Security and Geopolitics
Space assets have become critical infrastructure for countries. Hence protection of these assets and countering space threats is a rising concern. Developing anti-satellite warfare capabilities and securing space domain is part of national security strategy for major powers. Significantly increased investment in space programs by USA, China and newly India point to recognition of space power. International agreements like Artemis Accords show coordinated efforts to govern exploration and commercial utilization of cis-lunar space. Geopolitical space tensions and cooperation will influence how new space economy and resources are shaped globally in the coming decades.
Global Space Economy was Valued at $419 Billion in 2020
The new space economy has grown rapidly from a value of $348 billion in 2018 to $419 billion in 2020 according to a report by Space Foundation. It is estimated to reach $1 trillion by 2040. North America accounted for 52% share in 2020 followed by Asia-Pacific with 30% share. Revenue from satellite services including satellite TV and communications formed the largest segment at $147 billion followed by satellite manufacturing at $86 billion. Space economy has shown resilience during Covid-19 pandemic with technology demand increasing reliance on space-enabled capabilities across industries. Future market opportunities exist across areas of human spaceflight, in-orbit services and exploration which can drive accelerated growth in coming years.
Future Outlook Remains Positive Despite Near Term Challenges
The space sector witnessed some high profile failures like Starship tests and delays in some satellite missions in 2021 which led to skepticism about timelines. Supply chain issues due to Covid-19 pandemic also posed production challenges for space companies. Rising inflation and financial market volatility increased uncertainty. Geopolitical tensions around access to critical materials and technologies if unresolved can negatively impact partnerships. Regulation is catching up with pace of innovation in new areas like commercial space stations, space resources mining etc.
Long term outlook remains positive due to underlying strong technology and market trends driving new space economy. Continued decline in launch costs, advancement in high throughput satellite constellations and space based internet services are expected to be key growth drivers. Governments continue supporting research and development in critical technologies to ensure national competitiveness and strategic interests. Overall space economy looks set to build on current momentum and achieve projected potential over the coming decades.
What Are The Key Data Covered In This Global Space Economy M
arket Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Space Economy’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Space Economy and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Space Economy Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Space Economy vendors
FAQ’s
Q.1 What are the main factors influencing the Global Space Economy?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Space Economy companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Space Economy’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
Get more insights on this topic:Author Bio: https://www.dailyprbulletin.com/space-economy-the-surging-global-space-unprecedented-growth-and-opportunities/
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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