June 21, 2024
Economic Frontier

Space: The Next Economic Frontier

The future of business is written in the stars. The space industry is set to explode over the next decade, and some of the world’s biggest businesses in the future will have a share of a growing orbital and lunar exploration market. The future of the space industry will be about more than just tourism; it will involve orbital manufacturing in zero-g vacuums and mining the Moon for precious minerals and rare metals that are abundant on its surface. Invest your future in space, and the sky is no longer the limit.

Economic Frontier

Communication Constellations

The fastest growing industry in space is constellations of small-scale satellites in very low Earth orbit that are getting ready to revolutionize global communications. SpaceX’s Starlink has been up and running since November 2020 when they opened up beta-level services to the public in limited numbers and areas. Now, the service is continuously growing. It is available across the globe, providing high-speed satellite internet access to places that struggled to get any type of service before and to mobile clients.

A small square dish is all it takes to connect to an orbiting network of over 4000 satellites, and soon they will have company. Project Kuiper is Amazon’s planned communication constellation and will use one of Jeff Bezos’ other businesses to start launching satellites. Launches are slated to begin in late 2023 to early 2024 on the inaugural ULA Vulcan launch, but Bezos’ Blue Origin space launch company will use its upcoming next-gen vehicle to complete the first phase of launches.

These systems are all going to create new business opportunities through faster and more secure communications. Stock and commodity traders are keeping a close eye on the development of data transfer speeds. Just like in the Apollo era, the commercialization of space is going to develop new technologies and opportunities for the people on the ground as well as in space.

Building the Future

The commercialization of space is going to have to involve in-orbit or lunar construction. The habitats and factories of the future will arrive in orbit of the Earth or the Moon, or on the lunar surface, in pieces and modules that need assembly. Humans are going to need to build things on the ground so that humans can construct our future in space. Engineers are going to be in high demand both down here and above.

The future looks promising for space industry jobs, and if you have always dreamed of walking in space, having experience in construction or engineering could get you there, and even further afield in the solar system. The lunar surface will be a hive of activity in the coming decades. Like the Yukon gold rush sent prospectors to the cold, hard climate of Northern Canada, this century will see a rush to the Moon for precious metals, rare ores, and unique manufacturing opportunities.

The exploration of the Moon will change the Earth’s economy and the human race forever. All the companies developing the technology that is going to get us there require services, supplies, and manpower to succeed. There will need to be an infrastructure in place to power this new race to space, creating opportunities for businesses, entrepreneurs, and space-focused startups.

Sleeping Amongst the Stars

Space tourism is going to propel the masses to space, for work and play. The early stages of space tourism are already behind us. Blue Origin’s New Shepard has been making sub-orbital sightseeing trips for explorers, scientists, and the wealthy, like Jeff Bezos himself, and Start Trek’s William Shatner in July 2021. Axiom Space has worked with NASA and SpaceX to complete commercial research and tourism expeditions to the International Space Station and has plans in place to build their own orbital station over the next few years.

They are not alone either. Vast Space is a private space company in California that has a plan to launch its own commercial space module for tourism and research expeditions, serviced by SpaceX. Their large module can house four crew members and will be used as a platform to develop artificial gravity technology for the company. There is a lot of money going into space, and the numbers are only going to get higher.

All this investment will create job opportunities and growth on the ground as well as in the orbit of the Earth. You do not have to have the right stuff to rocket yourself into space to play an important part in the next stage of space exploration and profit from it. Space is the new black gold, and the planet is swimming in an ocean of it.

Pratap Patil

Hi, I'm Pratap Patil and I am a Tech Blogger from India. I like to post about technology and product reviews to the readers of my blog. Apart from blogging love to travel and capturing random faces on street.

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