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Flying High for New Space Part I. Emerging Trends

In recent years, the new space industry has seen a significant increase in private companies entering the market, bringing new ideas and innovations that are transforming the industry. Software development transformed this trend into a new space race, one that is centered around the potential for economic growth and new opportunities. Aerospace engineering, ambition, and a drive to reach past the known final frontiers are in the orbit of those ambitious goals.

What is the New Space sector:

With a certain ring to it, the term new space conveys a disruptive way of thinking that represents a shift towards a more entrepreneurial, commercially driven approach in the space industry. New Space is the counterpart to the traditional model. What was once dominated by big corporations and governments is now known as Old Space. This new approach is characterized by a surge in private investment and competition, relying on innovation to drive progress.

Private companies can now develop and launch satellites and provide remote sensing, telecommunications, and Earth observation services. It has led to the development of new business models and revenue streams and has generated significant interest and investment in the space industry.

The new space industry has a different approach. Reusable rockets, miniaturized satellites, and advanced technologies are the norm. 2022 was a shining year for the space sector. One hundred eighty-six successful rocket launches, a number that was never registered before. Smaller satellites have broken records and are transforming in-space architectures, with 95% of spacecraft launched in 2022 being smallsats.

This can only mean one thing – a rapid transformation of the space sector.

New Space and satellite services

One of the key drivers of this new space race is the increasing demand for satellite services, including communication, imaging, and navigation. Private companies are stepping in to fill this demand, offering new satellite services that are more affordable and accessible than ever before.

An innovation-focused approach is how the new space sector thrives.

Deloitte published a report about the exponential growth in the space sector.

New Space Sectors

Delloite mentions that the top three segments that are likely to drive growth in the space sector for the next three years are:

Satellite integration
Components
Launch vehicles

Deloitte’s research suggests that the low-earth orbit (LEO) satellite market will experience significant growth over the next decade, with the number of broadband satellites in orbit increasing rapidly. Specifically, they anticipate that by the end of 2023, there will likely be over 5,000 broadband satellites in LEO that will provide high-speed internet to as many as one million subscribers across the globe. By 2030, the number of broadband satellites in LEO could increase to 40,000 and 50,000, serving over 10 million end-users worldwide.

The global satellite market size will grow from $25.68 billion in 2022 to $27.73 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The global satellite market size is expected to grow to $33.59 billion in 2027 at a CAGR of 4.9%.

The global satellite manufacturing and launch systems market size will grow from $22.69 billion in 2022 to $25.09 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The satellite manufacturing and launch systems market size is expected to grow to $35.12 billion in 2027 at a CAGR of 8.8%.

AROBS Engineering and space technology

When it comes to navigating the complexities of space, AROBS Engineering is a trusted ally with an impressive track record of delivering reliable and efficient solutions. Our expertise makes us an invaluable partner for any space project that aims to overcome intricate technical hurdles. As the New Space era continues to unfold, the key to its sustained success lies in reliable, innovative, and purpose-built software solutions.

Our strong partnership with ESA has enabled us to contribute to the development of groundbreaking solutions, including a cutting-edge ground-space communication system and a revolutionary multicore implementation for onboard image compression.

At AROBS Engineering, we proudly offer groundbreaking results that align with visionary aspirations of interstellar proportions. Choose to work with experts, work with us.

Stay tuned to read the second part of our article series. More valuable information is coming soon!