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Space pioneers. In 2021, the space economy was valued at roughly $470 billion, according to the not-for-profit Space Foundation. The private sector generated a majority of that value, as technological advancements have lowered the barriers to space exploration. Several companies are at the forefront of the burgeoning space industry. One sustainable food company is growing cultivated steaks in space. Another company, an aerospace manufacturer, is 3-D printing rockets. [WEF]
New weather satellites. Europe has launched the first in a series of sophisticated new satellites aimed at predicting severe weather with enough time to warn and evacuate people. From their vantage point 36,000 kilometers above Earth, the satellites will beam down images of weather systems every two and a half minutes, allowing meteorologists to improve forecasting. The €4.3 billion satellite system is expected to generate 50 times more data than the current generation of satellites. [FT]
Space innovations. The space economy could soon transform how people live and work. With technological advances in manufacturing, propulsion, and launch making it easier and less costly to venture into space, the potential for innovative space applications is immense, says McKinsey senior partner Ryan Brukardt. Pharmaceutical companies might establish a lab on a space station to study cell growth, or semiconductor companies could manufacture chips in space to determine whether the space environment improves the process..
At a tipping point. Space enthusiasts have long discussed the potential for business activity in orbit. But now, with lower costs and technological advances, the space economy may finally be at a tipping point. The costs for heavy launches in low-Earth orbit (LEO) have fallen from $65,000 per kilogram to $1,500 per kilogram. Technologies like computer-aided design and 3-D printing are also helping to reduce costs. Discover how the space economy could benefit life down on Earth, including some of the most important space applications.
— Edited by Belinda Yu, Editor, Atlanta
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