Guests Peggy Hollinger, a Space Industry Editor, Professor Anna Moore from a prominent space research institute, and Ryan Brukardt, a consulting expert, dive into the booming space economy projected to hit $1.8 trillion. They discuss the construction of the Lunar Gateway and how advancements in satellite technology are revolutionizing agriculture and disaster response. The conversation also touches on the urgent need for regulations to manage space congestion and debris, as well as the geopolitical dynamics of revitalized lunar ambitions.
The global space economy is projected to triple in value to $1.8 trillion by 2035, driven by technological advancements and private investments.
The growth of the space economy presents significant benefits across industries, particularly in on-demand services and agricultural optimization through satellite technology.
Deep dives
The Growth of the Space Economy
The global space economy is currently valued at around $630 billion and is projected to triple to approximately $1.8 trillion by 2035, indicating significant growth potential. This economy is divided into two main parts: the 'backbone' consisting of traditional space activities, like rocket launches and satellite communications, and the 'reach', which includes applications reliant on that infrastructure. For instance, modern food delivery services utilize satellite positioning and communications, demonstrating how integrated space technology is with everyday services. The growth in this sector is supported by the decreasing costs of accessing space, advancements in technology, and an increase in private investments, which have collectively revolutionized the way businesses operate in and rely on space resources.
Transformative Applications of Space Technology
Several industries stand to benefit significantly from advancements in space technology, particularly in the area of on-demand services. Applications like ride-hailing and food delivery are expected to flourish due to improved satellite connectivity and positioning services, making operations more efficient. Moreover, agriculture could undergo a transformation with satellite imagery helping farmers monitor crop health, automate machinery, and conduct predictive maintenance, thereby optimizing yield and reducing losses. This intersection of space technology and practical applications illustrates how extensive the impact of the space economy could be on various vital sectors.
Challenges and Considerations in Space Governance
As the space economy expands, issues surrounding governance and regulation come to the forefront, particularly concerning the problem of space debris. With rapid increases in satellite launches from around the world, concerns regarding congestion and the sustainability of low-Earth orbit are critical, as debris poses a hazard to current and future satellites. Additionally, there is an urgent need for international agreements to regulate activities in space and establish clear operational standards to ensure safety and equitable access. The increasing participation of private enterprises and nation-states in space activities highlights the necessity for a collaborative regulatory framework to manage the growing complexity of the space environment.
During RN's Science Week we focus on the business of space and the new global race to put people on the Moon. The space economy is predicted to be worth $US1.8 trillion in ten years time and one of the first steps is the construction of a Lunar Gateway, serving as a pathway to Mars.
So what are the likely benefits for us on earth from this re-energised space race?
Peggy Hollinger, Space Industry Editor for the Financial Times
Professor Anna Moore, Director of the ANU's Institute for Space
Ryan Brukardt, Senior Partner in Global Management Consulting at McKinsey and Co
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