SpaceTech Opportunities for Businesses
From an era where spacetech was only open to government agencies, we have long entered a different stage. It’s time to gear up. Business growth ideas successfully reached LEO (low earth orbit). Even businesses not directly related to the space industry can benefit from it now. The key is leveraging the power of embedded software. Opportunities stretch as far as the eye can see – which is not very far. That’s why you will need SpaceTech and aerospace engineering.
The global space economy grew 8%, reaching $546 billion, and it’s projected to climb another 41% in the next five years, according to SpaceFoundation, a nonprofit organization. As businesses navigate this new era, two questions arise. What is spacetech, and how can it be useful to my business? Those are good questions to ask, even if you are a behemoth in the industry or just starting to explore options. For the second question, we will use Delloit’s xTech Futures: SpaceTech report to dive deeper into what’s possible. This industry is fast-paced, and new possibilities take off each quarter.
What is SpaceTech?
According to ESA’s 2022 SpaceTech Report, there are two types of spacetech uses:
Upstream SpaceTech: The segment encompasses companies operating in space or developing products for space: developing and operating satellites, launch vehicles, developing spacecraft payloads and components, innovative materials for use in space, etc.
Downstream SpaceTech: Downstream space sector encompasses technologies derived from space for use on Earth (e.g., materials and sensors initially developed for space but having found use in Earth-based applications) as well as technologies used in space with the primary goal of serving Earth-based applications (mainly satellites: Earth observation, communication, navigation). The segment also includes companies where space / space-derived tech is not their core tech. For example, companies mention using satellite data among multiple other data sources.
Orbiting Growth: The Satellite Revolution
Lower launch costs have sparked a space “gold rush,” with corporations venturing into Low Earth Orbit (LEO) for innovative services. The reduced cost per kilogram of upmass has facilitated a surge in satellite deployment, marking the inception of a satellite revolution. Satellites are now transforming industries by enabling applications such as smart farming, biotech research, and beyond. The commercialization of space has become a reality, offering businesses new avenues for growth and technological integration.
The accessibility of LEO has unlocked opportunities for businesses not traditionally associated with space exploration. As companies leverage satellite data for diverse applications, from monitoring agricultural trends to optimizing supply chains, the satellite revolution is proving to be a game-changer for many industries. Our company, with its expertise in Systems Software, is at the forefront of supporting businesses in navigating this new frontier.
Cosmic Labs: The Future of Innovation
Space’s unique conditions offer limitless possibilities for innovation. The potential applications are expansive, from bioprinting organs in microgravity to manufacturing silicon crystals under novel circumstances. The concept of Cosmic Labs encapsulates the idea that space is not just a destination but a laboratory for pioneering research and development. This shift towards leveraging space as a platform for experimentation is set to propel industries beyond Earth’s bounds, unlocking groundbreaking advancements in spacetech with implications for humanity’s future.
The advent of space as a research environment introduces a paradigm where scientific and technological breakthroughs can transcend the limitations imposed by our home planet. As we explore the potential of Cosmic Labs, the convergence of space technologies and xTech domains becomes apparent, creating an ecosystem where innovation knows no bounds.
Orbital Cleanup: Tackling Space Debris
The rapid growth in space activities comes with a consequential challenge—space debris. With over 25,000 pieces of debris orbiting the Earth, the risk of collisions poses a real threat to space infrastructure. In Low Earth Orbit, where business prospects are abundant, addressing the issue of space debris becomes imperative. Orbital cleanup efforts are emerging as a critical aspect of sustainable space exploration, presenting challenges and opportunities for businesses looking to contribute to a cleaner and safer orbital environment.
The demand for solutions to manage and mitigate space debris opens new avenues for spacetech and service providers. The business landscape in orbital cleanup is evolving from innovative tracking and monitoring systems to potential debris removal technologies. With its commitment to safety and reliability engineering, our company is well-positioned to contribute to developing solutions that ensure the sustainability of space activities.
Working with AROBS Engineering for SpaceTech
We have worked with ESA in aerospace engineering for over a decade. Whether it’s navigating the satellite revolution, unlocking innovations in Cosmic Labs, or addressing the challenges of orbital cleanup, our commitment to excellence in embedded engineering for the space industry remains strong. If you are looking for experts in embedded engineering for the space industry, contact us to explore how we can collaborate to shape the future of space technologies together.