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Diana Nedelcu
July 30, 2024
AROBS Transilvania – custom software development company
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The Space Economy: A New Frontier for Business
The space economy is in a transformative moment. Advances in software development, data analytics, and artificial intelligence propel this shift. Some technological innovations have changed the way we live and work on a global scale. It is now the right time for space technologies to usher in another revolution. No longer confined to government agencies and established aerospace giants, this space sector might become the new hand of the global economy.
As revolutionary technologies like the printing press and the internet reshaped society, space-based innovations are igniting a new era. The space sector promotes growth and innovation for non-traditional industries. According to McKinsey and the World Economic Forum, by 2035, the space industry is projected to soar to a staggering $1.8 trillion, dwarfing even the most optimistic predictions of just a few years ago. How and why this will be the case is the most interesting part of what we will one day call history. Let’s explore how the Space economy extends to more than just space exploration and established Space agencies.
From the Industrial Age to the Space Age
Steam power, electricity, and the internal combustion engine were the catalysts of the Industrial Revolution. Without them, we wouldn’t be able to imagine the world as we know it today. Building upon these advancements, the Information Age emerged, powered by computers, the internet, and microprocessors.
We are now on the verge of a new transformative period. AI, robotics, and renewable energy are everywhere, pointing to the coming change. Science fiction has long captivated us with visions of robotic companions and automated worlds, but its main focus was on another ubiquitous subject. A majority of the futuristic stories centre around Space. We may be far from inhabiting another planet or starting a space odyssey, but we are not so far from harnessing the power of Space to enrich life (and business) on Earth.
The Space Economy from Satellites, Straight to Earth
When we think of Space, images of satellites and rockets often come to mind. While these are undeniably crucial components, they represent only one side of the Space economy. As McKinsey calls it, this “backbone” infrastructure, including launch services and satellite operations, generated roughly half the global space economy in 2023.
However, Space’s true potential lies in its ability to empower industries on Earth. From weather forecasting to precision agriculture, space technologies are indispensable tools. This “reach” of the space economy is equally significant, contributing around $300 billion in 2023. For instance, without satellite navigation, the ride-sharing industry would not exist.
The rapid growth of the Space economy is driven by increasing global connectivity, mobility, and the demand for data-driven insights. As our world becomes more interconnected and reliant on technology, the space economy is positioned to become a major economic force.
“For decades, Earth observation satellites were a critical but narrowly used tool. Now, the cloud computing, data and AI revolutions are enabling EO data to be routinely used in countless day-to-day decisions in areas ranging from agriculture to ESG reporting.”
Agnieszka Lukaszczyk, V-P Government Affairs, EMEA, Planet Labs, excerpt taken from the Insight Report “Space: The $1.8 Trillion Opportunity for Global Economic Growth”
This shows that economies have underestimated Space’s power and potential for every business, not just those focused on space missions. But this is definitely changing.
How the Space Economy Can Change the World
The era we live in presents many challenges, some created by human hands, others exacerbated by unawareness. Yet, within these trials lies the potential for transformative solutions, particularly through the space economy.
Space technology is emerging as a powerful tool for addressing global challenges and driving economic growth. By leveraging satellites to monitor weather patterns and predict natural disasters, we can significantly reduce loss of life and property. Another critical application of Earth monitoring is supporting efforts to combat climate change. Satellites can track greenhouse gas emissions, deforestation, and other environmental changes in real time, providing valuable data to policymakers and researchers working to mitigate global warming.
Space-based solutions offer a unique perspective—quite literally. By harnessing satellite data, advanced analytics, and innovative technologies, we can create new opportunities for businesses and improve the lives of billions.
Unlocking Industry Potential with AROBS Engineering
The space economy offers unprecedented opportunities for innovation and growth. To fully capitalize on this potential, businesses need a partner with deep industry expertise and a proven track record. AROBS Engineering is that partner.
With years of experience working alongside the European Space Agency, we possess the knowledge and capabilities to help you navigate the complexities of the space industry. Our focus on cutting-edge technologies and software development enables us to deliver tailored solutions that drive your business forward.
Contact us today to explore how we can collaborate on your next space venture, even if you are a non-traditional player in the space industry.
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