FUTURE TECHNOLOGY IN SPACE REPORT

Writing the report for the 2nd ‘Future Technology Series’ for the London Technology Club (www.londontechnologyclub.com) we explained how space isnt just Capstones for billionaires. Space captures the imagination of so many – as well as affect our day to lives in so many more ways than people first think.

The full report can be uploaded from the LTC website CLICK HERE published in February 2020.  

SYNOPSIS

Many do not realise just how the space sector plays such an indispensable role in the global economy. The highest grossing economic sectors – agriculture, mining, transportation, information technology, finance, and insurance – all rely heavily on space systems. That reliance is about to increase with AI and the fourth industrial revolution, which will be fuelled by big data captured and transmitted via satellite constellations.

The public may think of billionaires – Musk, Bezos, Branson, Bigelow etc. – and their space passion projects as ego-driven. But each new advancement by private capital space projects, combined with their rapid evolution of technology, it’s becoming clearer just how important space will be for all of our futures and why these visionaries wanted to be the pioneers of a new space economy. The economics of space are now part of the market, not an ethereal government endeavour. This has reignited government interest, looking to partner with the private sector in space. Space agencies have stronger business cases for more new missions and investment in infrastructure. This has created a new space race. It is not which country will be the leader in space, but which companies.

Financial firms Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch have each conducted their own studies and found the space economy could reach between $1 trillion and $2.7 trillion by the 2040s. At $2.7 trillion dollars, the space economy would be roughly the size of today’s civil aviation sector. It would be larger than the 2017 gross domestic product of the UK or roughly half the size of the global car and automobile manufacturing industry.

In this report, we outline eight areas that could fuel the ‘Space economy’: Launch, communications, R&D, tourism, space structures, point-to-point travel, junk removal and asteroid mining. It is not just the ultra-wealthy entrepreneurs in the private sector that are taking space seriously. Governments are waking up to the urgency of securing their niches within the space economy lest they miss out on strategic assets that will provide key defence systems and protect future economies. Venture capital interest and investment is increasing and ecosystems and clusters are forming. It’s an incredibly exciting time for the sector with new space missions, innovations, investments and exits regularly hitting the mainstream and business press.

 In writing this report, I have found everyone has a reason to be captivated by space. LTC founder Konstantin Sidorov revealed to me that he’s admired space exploration since he was a child: “My father and I had many cosmonauts as friends who visited our apartment quite regularly. It is really a great and fascinating subject which I love.” Whether it is optimistic belief that one-day space will be accessible to all, the awe and wonder of rocket launches to explore the solar system or the chance to mine an asteroid for exponential returns… Space, it seems, has something for everyone, be they explorer or merchant…