It may sound like science fiction to the uninitiated, but there is a booming space industry in 2022. According to a post on Harvard last year, the commercialization of space, dubbed as the “Commercial Space Age” is not just a concept anymore, but a very real and active industry in the present. If you wish to explore commercial opportunities centered around space exploration, travel, surveillance, and much more, read on to know how it’s all shaping up.
The Massive Boom
What changed everything for the space industry is commercialization. Corporate investments and billionaire entrepreneurs have truly taken over most aspects of space exploration in the United States for now. According to a recent post by CNBC, the Space Foundation has confirmed that the global space industry generated more than $424 billion in 2020. It further mentions that a 70% growth in revenue generation was observed as compared to 2010. The report went on to estimate that it will reach a total of $1 trillion by 2040, if not sooner.
Prior to 2010, the space exploration and surveillance business almost exclusively had just one primary customer across the globe: the government. That started to change drastically over a course of roughly 10 – 12 years. Whereas national governments exclusively held the right to launch spacecrafts and satellites for a long time, that is no longer how it works anymore. If you are interested in learning more about opportunities that the space industry may hold for you right now, visit Cie.spacefoundation.org.
The Space Industry is Older than You Think
The space trade is bigger, better, and more expansive today than it has ever been before, but that does not mean the idea itself is novel. After all, someone had to manufacture and put together the parts needed to create all those satellites, spacecrafts, rovers, and so much more that we cannot even properly exemplify due to their exclusive complexity. Spaceships have been around since the 1940s and the first satellite (Sputnik 1) was launched in 1957. Then there is the Large Hadron Collider underneath Jura Mountains to consider as well.
If we scale back by a few centuries, the space business was not entirely absent even then! That’s right, the James Webb Space Telescope might be all the rage right now, but the very first tools of space exploration were the earliest telescopes that originated centuries ago. Just like astronomy is the pioneer and forerunner of space exploration, astronomic telescopes became the first commercialized products of the global space industry. Telescopes were being sold as far back as the late 1700s.
Which are the Most Prospective Sectors in the Space Industry Today?
Over time, every business sector will be directly or indirectly connected to the commercialized cosmos. For now, the following segments are proving to be most beneficial.
- Smart robotics and nanotech
- Software solutions
- Aerospace engineering and manufacturing
- Ground based satellite and spacecraft launch services
- Space tourism
In the grand scale of the cosmos, our insignificance is probably infinite. However, that also means the business avenues that commercialization of space exploration will continue to open will also remain just as infinite to us. It’s the first market that cannot ever be saturated.
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