Since the 2010s, the private sector has been going to space, from SpaceX's venture to Mars to Blue Origin's space tourism services. And with that, an ever-expanding "space economy" has skyrocketed.
What is the space economy? We are in a golden age of space exploration, which has ushered in the potential to create a whole new economy. "Space technologies are delivering greater value to a more diverse set of stakeholders than ever before," said Sebastian Buckup, a member of the executive committee of the World Economic Forum. "As costs reduce and accessibility rises, these technologies could reshape whole industries and have as much impact on business and society as smartphones or cloud computing."
Areas including mineral mining, satellite creation and even space colonization are seeing a surge of interest from businesses, as more industries put their eyes on the skies. A report by McKinsey & Company and the World Economic Forum estimates that the global space economy will be worth $1.8 trillion by 2035, compared to $630 billion in 2023.
"What's really interesting about what's happening in space is the fundamental transformation of how it's being organized," Matthew Weinzierl, an associate dean at the Harvard Business School, said in an interview. "For a long time, when most people thought about what we do in space as humans, they thought of it as primarily a government-led activity." Now, businesses outside the government sphere are putting just as much research into space endeavors.
What can we expect? Not everyone is excited. A growing number of "thinkers and activists are concerned that this new wave of space activity is motivated by our worst impulses on the Earth's surface and could reproduce some of our biggest mistakes," said Politico. "Anti-war activists have protested the perceived militarization of space," while "academics worry that its limitless expanse could worsen the excesses of billionaire capitalism." Others "warn that we are in danger of ignoring decades of evidence about what we have already done to our own planet." |