Index Of The Blog
The Exponential Growth of a Trillion-Dollar Industry
Opportunities in outer space are no longer fiction as advancements in the space industry are making them a reality. With everything that has been happening in recent years, it is easy to see the space ecosystem will continue growing, and many businesses are taking note. With the industry now worth more than 400 billion dollars, it is time to start leveraging these opportunities. So, which of these opportunities are the most promising and which ones should you take advantage of?
Space exploration started as a government endeavor, but it has been driven by players in the private sector for the last decade or so. Some studies estimate that the industry will be worth more than a trillion dollars by 2040, making today a great time for businesses to start looking into it and taking an interest.
Most of this growth is driven by the need for satellite broadband services and the need for space data. Decision-makers now rely on reports like The Space Report to know what is happening in this ecosystem.
The report focuses on investment activity, workforce trends, technology advancements, the space economy, and more. You can find The Space Report at https://www.thespacereport.org/about-memberships/ and get access to the same data and information that major players, investors, and the media are using to get a better picture of the space ecosystem.
Space Data-as-a-service
The data collected in space by various instruments and platforms is used in climate change, environmental, and open space surveillance and by the military in different ways. It also has the potential to support technologies and industries like the Internet of Things (IoT) and the autonomous vehicle industry. As the technology used in gathering this data advances and grows and the cost of accessing space reduces, the amount and variety of space data will continue to grow.
Some businesses are also looking at potential uses of machine learning and artificial intelligence to transform their services. For example, some businesses are looking to leverage edge computing to process data faster, leading to better action-led results in a short period. Since this data can be used in a variety of industries, collecting and selling it and selling it under a data-as-a-service model will be highly lucrative for businesses that know how to leverage this opportunity.
Opportunities in Space Technology Startups
Investors who are realizing the opportunities in space are putting a lot of money into space technology startups. An article posted by The New York Times reported that investors had invested over $7 billion into these startups, and we can expect that this amount has increased since then.
These investments are also driven by the fact that technological advancements are making it easier and more affordable for private companies to develop space technology and launch their products into space.
With many more businesses being involved in the industry, there are also emerging opportunities for businesses that provide marketing services in the industry. These companies are helping space technology startups reach new and emerging markets. Established businesses can also leverage their services to keep growing.
In-space Manufacturing
Space provides an environment that is vastly different from the one we have on Earth and one that enables industrial production in outer space. For example, the microgravity and vacuum conditions of space are making it much easier to produce materials that would be difficult or impossible to manufacture on Earth.
The reason for this is that this environment isolates vibration, convection, and sedimentation that make manufacturing more challenging on earth’s surface. Eliminating these challenges is enabling businesses to study processes and make things much more easily in outer space.
A good example is metals growing in a microgravity environment. Scientists have been able to grow bigger and stronger metal crystals in space. These crystals make the metal better suited for certain manufacturing and construction processes.
The vacuum of space provides an environment with a very high degree of purity. Optical fibers and semiconductors that require such a manufacturing environment are examples of products being manufactured using processes that leverage a much cleaner and better environment.
Opportunities in Additive Manufacturing
Additive manufacturing involves building complex objects one layer at a time. The best example of additive manufacturing is 3D printing. It is revolutionizing how space-related components and hardware are being manufactured and has become an integral part of lowering the cost of going into and exploring space.
It does this by simplifying the manufacturing process while also reducing the need for specialized tooling. Additionally, 3D printing is being used to enable and simplify the development and testing of new technologies and hardware. For example, some companies are already using it to develop and test high-performance materials and propulsion systems.
There are also opportunities for businesses that want to test materials made using additive manufacturing. At this time, there is a push to ensure that these materials and products can survive the harsh environment of space, temperature variations, vacuum, radiation, and microgravity.
Lastly, there is a push for businesses to find ways to scale up 3D printing by making it faster. 3D printing is currently a very slow process, with printing times that range from hours to days.
Telecommunications
As mentioned above, there is a massive opportunity in space telecommunications. The most obvious opportunity to leverage is the provision of internet services. We have already seen companies like SpaceX leverage this opportunity, and we can expect more businesses to do the same as the cost of launching satellites falls.
The second opportunity is in the manufacture of satellites. Space telecommunications depend on a cluster of satellites working together to ensure internet access for those who have subscribed to a specific service. Businesses can either manufacture the satellites or the software they use to work as they do.
Lastly, businesses can provide a satellite launch service. As more businesses launch satellites, they will need launch platforms. If you are located in the right place on Earth, there is a massive opportunity to take advantage of here.
The space ecosystem provides businesses with numerous opportunities if they can learn how to leverage them. Businesses can either launch their own space services or partner with the other business to build and test the software and hardware they need to go to space.
