The Space Economy: A Gateway to Opportunities for Innovators

Key takeaways

Space - a boundless extension and humans are well capable of doing business anywhere in the universe.
By sharing surplus capacity on the platform, the third-party ground stations earn revenue.
That said, it’s time for firms to stay abreast with every space opportunity and find their sustainable business ground on earth.

Space - a boundless extension and humans are well capable of doing business anywhere in the universe. Space travel has been an exclusive province of astronauts and animals (as a specimen) for the past few decades. Thanks to visionaries and emerging technologies, mufti-planetary life is now a possibility — a breakthrough. What will you call an industry that is not limited to a state, country, continent, or even the planet? Rather than defining it as an industry, we can call it a medium of commerce where humans conduct business. Why wait? Take a look at the economy and initiatives to increase growth and opportunities for various industries.

What is Space Economy? #

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Morgan Stanley estimates that the space sector will reach $1 trillion in economic output by 2040. According to UBS (via CNBC), space tourism will be worth $3 billion in markets by 2030. That’s the stir the space economy is steaming up. So, how do you define a space economy?

The space economy is an ecosystem with which we are all intimately connected. Perhaps, the article you’re reading on your smartphone is via a satellite in space. In essence, the space economy is more than just space and surrounding asteroids. It combines all potential industries - manufacturing to telecommunications, energy to technology, health to academics, fashion to travel, and more. They all come under one roof to make seamless modern digital lives possible.

Let’s explore how various industries are gaming up their levels into the space economy with that buzz. With no spacesuit required, let’s fly high into that sky.

How Are Various Industries Taking a Plunge into Space? #

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Did anyone possibly ever imagine that a smartphone would probably replace a calculator, camera, music, and video player? Yes, it did, with advancement in technologies it was all possible.

Science and technology are ever-expanding, and there is no limit to it. Visionaries explore the next frontier and find ways to reach places we could only imagine. A space economy might be a budding medium of commerce. Still, it will soon play a vital role in the global economy, with every industry investing and innovating into that sector. Even though most of us won’t be flying to the International Space Station or visiting Mars with technology any sooner, we believe businesses can develop innovative ideas to support space-based business. So, what are those industries, and who are those businesses?

Health Industry #

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Astronauts face a myriad of challenges regarding healthcare, diagnostics, and fitness. The smart clothing manufacturer Hexoskin partnered with NASA astronauts to develop lunar and martian mission medical monitoring systems to address such challenges. In early June, a handheld ultrasound device called Butterfly IQ was shipped to the International Space Station (ISS) to facilitate health monitoring. However, despite Jeff Bezos’s suborbital trip in July 2021 and Melon Musk’s pursuit of immortality on Mars, we non-billionaires will have to stay on the ground; Earth, to be precise, for the time being. Parking that aside, find out how health-teach industries are launching various wearable to aid the healthcare of astronauts.

VisualDX used a machine learning algorithm and trained it with abundant clinical data. The algorithm supports even a non-healthcare professional to diagnose medical conditions. It needs a picture of the issue and answers to relevant questions; the software helps astronauts diagnose the problem. Their technical team is developing an offline mode for the app.
1Drop Diagnostics developed a portable device that provides point-of-care blood analysis. Space-friendly, the smaller version can test a range of blood profiles like heart, kidney, and liver profiles with just a few drops of blood.

Technology Startups #

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Entrepreneurs often look for new ways to solve problems. Solving the challenge of space travel by enabling the safe reentry of astronauts. Space-teach experts are designing more technologies for sustainable space farming. If we want to thrive in space, we’ll need more than potatoes and radishes. Are there any ways to grow leafy greens? In this area, NASA’s Vegetable Production System is already proving useful. And what about those fuel stations? Wouldn’t rockets need fuel to travel between colonies? Have a look at the emerging technology startups in the space economy.

Infostellar is a Japanese startup that provides Ground Segment-as-a-Service. Through a single application programming interface (API), StellarStation allows satellites to connect with ground stations worldwide. By sharing surplus capacity on the platform, the third-party ground stations earn revenue. This solution enhances space businesses’ services with 99.5% platform availability and security measures.
Mu Space specializes in satellite communication. It uses in-flight connectivity (IFC) and a self-stabilizing antenna to transmit and receive signals while an aircraft is in motion. With this technology, aircraft routes can be tracked via a network of satellites. Aside from satellite monitoring and remote access, the startup offers maritime connectivity and 5G wireless.

Academics #

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Universities worldwide offer programs in aerospace engineering. This curriculum teaches students about aeronautical and aerospace design and development. Nevertheless, what would astronauts do if they wanted to build a colony in space? The new age curriculum should keep the practical syllabus even before theories. That calls for a new curriculum that teaches students various practical difficulties in space. It can be building colonies on Mars or shipping them from the earth. Archinaut has already begun working on large structures in space.

Travel Platforms #

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Can a civilian make a trip to space? The answer is yes. We heard names like Make My Trip, Trip Advisor, and Expedia, which are for traveling around the globe. So are the firms like Blue Origin, SpaceX, and Virgin Galactic for humans to explore the boundless area for recreation and amusement. The ticket pricing would be a whopping million dollars, though. As per a report, the richest man on the planet earth, Jeff Bezos’s suborbital trip cost him $200,000 for a ride. Although, the price structure is not revealed by Blue Origin yet. The other firm, Brandon’s Virgin Galactic, announced its 600 reservations made at $250,000 per ride and is all set to take off the spaceflight in 2022. No wonder if these prices come down to a decent amount and civilians can plan vacations beyond earth in a few decades to reach.

Fashion #

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With the hope of commercial space flights taking off in the years to come, many fashion industries are racing up to make fashionable spacewear. Under Armour, in collaboration with Virgin Atlantic, is in a plan to design and create spacesuits. The apparel industry across countries is now planning to pitch in for creating trendy and comfortable spacesuits, footwear, and other accessories for space tourists. That means the fashion industry needs to integrate various technologies and design firms to bring a safe and commendable output. There is a lot of money to be made.

Media’s Aid in Buzz #

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Although there are no space reporters yet, we could see them soon. As more space-related companies and organizations emerge, more publications will devote a beat to space, and there will be an influx of journalists seeking to cover this industry. Therefore, creating the possibility for innovators to become experts in space economics.

Other Industries - Mining, Construction, and Energy #

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The next growth opportunity awaits companies in various industries, including transportation, exploration, energy, construction, and hospitality. The industries that drive our global economy are increasingly conducting business in space.

Energy - Globally, energy is the largest industry with an estimated $8.4 trillion market value and a cumulative yearly growth rate of 4.1%. Humans consume a great deal of energy, especially as more humans will travel to space; the energy required to live, work, and move such a large population in space will be substantial. Solar energy will be a useful source since there is no filtering atmosphere in space. Chemical rockets will be the primary mode of transportation to aid such conversions. Another attractive source of human existence in space: mining it.

Mining - Global mining has plunged from $1.6 trillion in 2010 to $714 billion in 2016, but this may change as soon as the space resource industry transforms the definition of mining. Celestial bodies can provide space resources, including asteroids and the moon. In a report published earlier this year, Goldman Sachs stated asteroid mining could be feasible at “traditional mining costs.” “Asteroid mining has a high psychological barrier, but it has far lower financial and technical obstacles.” adds the report.

Construction - The first orbital construction systems will be in place by the end of this decade. In addition to assembling large structures in orbit, these robotic vehicles will repair or refuel existing satellites. This technology can be used in conjunction with zero-gravity additive manufacturing technologies to create structures “printed” and erected in space. While there will be no similarities in construction in space to earth, the techniques and services will be equally applicable across space’s entire value chain.

End Note #

Finally, we are all innovators here on earth, and we can plan ahead and determine what kinds of innovations will take us into outer space. With every industry bearing torches for the way forward, the decade opens possibilities on commercial spaceflights. That gives a gateway to the industries that could make this spaceflight a successful venture, from designing spacesuits to building structures, a zillion ways to add a feather to the cape. That said, it’s time for firms to stay abreast with every space opportunity and find their sustainable business ground on earth.

Related reading

What will you call an industry that is not limited to a state, country, continent, or even the planet? #

Rather than defining it as an industry, we can call it a medium of commerce where humans conduct business.

Nevertheless, what would astronauts do if they wanted to build a colony in space? #

The new age curriculum should keep the practical syllabus even before theories. That calls for a new curriculum that teaches students various practical difficulties in space.

Can a civilian make a trip to space? #

We heard names like Make My Trip, Trip Advisor, and Expedia, which are for traveling around the globe. So are the firms like Blue Origin, SpaceX, and Virgin Galactic for humans to explore the boundless area for recreation and amusement.