The New Space Economy

- Overview

The new space economy is the rising commercialization of space exploration. Private investors, companies, and start-ups are investing and contributing to space exploration. 

The space economy is growing rapidly, and space technologies are having a significant impact on many industries:

• Economic growth: The global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2035. This growth is expected to be twice the rate of global GDP growth over the next decade.
• Applications: Space technologies are used in many applications, including:
• Satellites and launchers: Backbone applications that include broadcast television and GPS
• Smart gadgets: Technologies that enable smartwatches and other devices
• Transportation: Location data from satellites help direct taxis to riders
• Internet: Low Earth orbit hardware provides fast internet access
• Benefits: Space technologies benefit a wide range of industries.

- Space Technological Advancements

• Cameras: NASA's work on miniaturizing cameras for space led to the active pixel sensor, which is used in smartphones today.
  
• Memory foam: NASA developed memory foam for airplane seats in the 1960s, and it's now used in many other applications.
  
• Water filters: NASA scientists helped develop nano-fiber filters that are up to 300 times faster and 25 times longer lasting than other filters.
  
• Reusable rockets: SpaceX and Blue Origin have developed reusable rockets that have significantly reduced the cost of launching payloads into space.
  
• Scratch-resistant glasses: NASA's Ames Research Center created a coating that makes plastic lenses for glasses up to 10 times more scratch resistant.
  
• Smoke and carbon monoxide detectors: These devices were originally used to detect toxic fumes on the Skylab, but are now used in buildings to protect people from smoke and carbon monoxide.
  
• Infrared thermometers: These in-ear thermometers were originally developed to measure the temperature of stars, but are now used to check the temperature of people.

- Emerging Technologies in the New Space Economy

Emerging technologies in the New Space Economy include: space tourism, reusable launch vehicles, advanced satellite constellations for high-speed internet, 3D printing in space, artificial intelligence (AI) for data analysis, quantum computing, advanced propulsion systems, in-situ resource utilization (mining asteroids), and technologies for space sustainability; all contributing to increased accessibility and commercialization of space activities. 

Key areas about these emerging technologies:

• Space Tourism: Companies like Virgin Galactic and Blue Origin are pioneering commercial spaceflights for paying customers, offering suborbital experiences.
• Reusable Launch Vehicles: Rocket designs that can be reused multiple times, significantly reducing launch costs, exemplified by SpaceX's Falcon 9.
• Advanced Satellite Constellations: Networks of smaller satellites in low-earth orbit providing high-bandwidth internet access globally.
• 3D Printing in Space: Manufacturing components or structures in space using 3D printing technology, potentially for construction on the moon or other celestial bodies.
• AI for Data Analysis: Utilizing AI algorithms to process vast amounts of data collected from space-based sensors, enhancing applications like Earth observation and weather forecasting.
• Quantum Computing: Exploring the potential of quantum computing for complex space-related calculations and simulations.
• Advanced Propulsion Systems: Researching new propulsion technologies like ion propulsion or nuclear propulsion for deeper space exploration.
• In-situ Resource Utilization: Mining asteroids or other celestial bodies to access valuable resources like water and precious metals.

- AI Is Unlocking The Multitrillion-Dollar Space Economy

Artificial intelligence (AI) is instrumental in optimizing satellite constellations, managing data traffic, and providing real-time network optimization. This infrastructure will be critical for future applications on and off earth like the internet-of-things (IoT), augmented reality, and autonomous vehicle navigation.

AI is a key technology in the New Space Economy (NSE), which is a rapidly evolving space industry that uses AI to drive innovation. AI is helping to make space exploration more accessible and efficient, and is also being used to improve life on Earth. 

How AI is used in the New Space Economy: