The Future of the Space Industry | Space

The widely discussed private space missions financed by billionaires like Elon Musk and Jeff Bezos are only part of a far larger development in the space industry, where the focus is shifting from government agencies to private companies. In April 2024, the World Economic Forum published a study forecasting that, “Lower costs and improved access to space-enabled technologies such as communications; positioning, navigation and timing; and Earth observation services could take the global space economy to US$1.8 trillion by 2035, up from US$630 billion in 2023.”  

In 2022, the global space economy was worth US$546 billion, of which the commercial sector accounted for around 78 percent or US$427.6 billion. Private companies like SpaceX, Blue Origin, Rocket Lab, and (soon) Stoke Space are playing an increasingly important role. Hundreds of companies are now active in the space sector, and the competition between rocket manufacturers to find the cheapest solutions for launching satellites has led to dramatic cost reductions. “Thanks to private space travel, the cost of a rocket launch is now only a fifth of what it was 15 years ago,” says space-travel expert Robert Zubrin.

The growing dominance of private companies in the space industry is remarkable because it contrasts so strikingly with more general global political and economic trends. Over the past 15…

Source quillette.com

We use income earning auto affiliate links. More on Sponsored links.
Ad Amazon : The reality of UFOs and extraterrestrials is here for those with the courage to examine it. We are not alone! We are only one of many different humanoids in a universe teeming with other intelligent life?

Ad Amazon : Books UFO
Ad Amazon : Binoculars
Ad Amazon : Telescopes

Related Posts

Is American Airlines Group Inc (NASDAQ:AAL) the Best Airline Stock to Buy for Long Term? | Airline Industry

Air Incheon Emerges as Preferred Bidder for Asiana Airlines’ Cargo Business | Airlines

Actura New Zealand collapse: Parents may have lost million of dollars after school space trip cancelled | Space

U.S. Navy Rescues Crew of Stricken Cargo Ship Attacked by Houthis | Aviation

Pentagon backs France’s supply of Mirage 2000s to Ukraine | Airlines

KLM Boeing 787 returns to Tokyo after windshield cracks | Airlines

Norwegian F-35 To Fly Using Biofuel By The End of The Year | Aviation

Women Are Better Than Men At One More Thing: Space Exploration | Space

Globetrotting NASA Research Model Increases Accuracy | Space

Eyes On Mediterranean And Black Sea: U.S. Navy MQ-4Cs Expand Operations In The 6th Fleet Area Of Responsibility | Aviation

Astroscale’s space junk inspection satellite snaps a close-up photo of a discarded rocket stage | Space

Investigating the origins of the crab nebula | Science & Technology

NASA Awards Contract for Neutral Buoyancy Laboratory Operations | Space

TechCrunch Space: A new era for human spaceflight research | Space

Planets Orbiting Burnt-Out Stars May Be Ideal Targets in the Search for Alien Life | UAP

Unveiling Extraterrestrial Encounters • Latest UFO Sightings | UAP

U.S. airlines keep losing money | Airline Industry

Week 25 2024: More to come on Southwest criticism? | Airline Business | Airlines

Archer signs deal to operate eVTOLs out of airports around the US | eVTOL

Expert: Boeing under Senate scrutiny amid airline industry turmoil | Newsroom | Airline Industry