The New Space Economy
- [Satellite - NASA]
- Overview
The global space economy grew to $546 billion in 2022 and is expected to grow 41% over the next five years. Morgan Stanley's Space Team estimates that the global space industry could reach over $1 trillion by 2040. The new space economy has evolved in successive waves. Space-to-Earth activities make up most of the space economy.
Some technological advancements in space include:
- Positioning systems: The Global Positioning System (GPS) has significantly impacted shipping and trade.
- Remote sensing and telecommunications: These have enabled rapid response to natural disasters and better estimates of economic activity.
- Biomanufacturing: The microgravity environment can improve the growth and production of some biological systems.
- Consumer products: Research and development in space technology has benefited many consumer products, including wireless headsets, LED lighting, and memory foam.
The new space economy is considered to be an enabler of green economies and a catalyst for achieving the Sustainable Development Goals (SDG).
- The Commercialization of Space Technologies
The commercialization of space technologies can have many applications in daily life. For example, research and development in space technology has led to the development of consumer products like:
- Wireless headsets
- LED lighting
- Portable cordless vacuums
- Freeze-dried foods
- Memory foam
- Scratch-resistant eyeglass lenses
Space technology can also be used to:
- Explore space
- Keep astronauts healthy in zero gravity conditions
- Improve air transportation
- Better understand the environment
According to Morgan Stanley, commercial activity in space has tripled in the last 15 years, from $110 billion in 2005 to $357 billion in 2020. By 2040, it is projected to rise to $1.1 trillion.
[More to come ...]
