The New Space Economy
- [Satellite - NASA]
- 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
The new space economy has evolved in successive waves. Space-to-Earth activities make up most of the space economy.
Some technological advancements in space include:
- Positioning systems: The Global Positioning System (GPS) has significantly impacted shipping and trade.
- Remote sensing and telecommunications: These have enabled rapid response to natural disasters and better estimates of economic activity.
- Biomanufacturing: The microgravity environment can improve the growth and production of some biological systems.
- Consumer products: Research and development in space technology has benefited many consumer products, including wireless headsets, LED lighting, and memory foam.
The new space economy is considered to be an enabler of green economies and a catalyst for achieving the Sustainable Development Goals (SDG).
The Commercialization of Space Technologies
The commercialization of space technologies can have many applications in daily life. Technological advancements in space have led to many innovations that benefit people on Earth.
For example, research and development in space technology has led to the development of consumer products, including:
- 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.
[More to come ...]
