Defining the New Space Economy
Over the last two decades, the #space industry has seen a monumental shift, with increased focus and capital infusion.
But, what and why is there renewed hype around the new space economy?
Space programs started in 1960s, when all missions and endeavours were largely nationalised and focused on communication infrastructure and exploration.
But, in the early 2000s, the private sector emerged to enter into the space industry, ushering the vision to commercialise space and make it more accessible.
Over the last two decades, this ecosystem has grown considerably with companies falling into two broad categories:
a) ‘Space for Earth’ services
b) ‘Space for Space’ services.
The ‘Space for Earth’ economy refers to businesses looking to build products for earth from space, with applications in telecommunication, internet, earth observation data across industries, and satellites for national security.
On the other hand, the ‘Space for Space’ economy deals with the exploration and accessibility of space for humankind. This includes space tourism, space manufacturing, and space mining amongst endless other use-cases that are being developed.
Going forward, we will break down each of these categories in depth.
#DeepTech101 #SpaceTech #Future #Technology
