Before we dive down into the potential of space economy in boosting technology development all over the world, we must understand what exactly is Space Economy. It refers to all kinds development involving space activites, including explorations and utilitazion. Reaching out to wider range of industries including information (satellite images), reasearch projects, space manufacturing and development, boosting communication, and also space mining. Companies like SpaceX which owned by Elon Musk, SES, OneWeb provides satellite-based communication service. These companies are one of the most established sector in Space Economy. Mainly, satellites are being used for broadcasting, telecommunications, weather forecasting, navigation, and other major activites that people use on daily basis. In recent news, companies like SpaceX and Virgin Galactic are currently making space tourism into reality. The possibilities of traveling to space is getting higher and quite a few people are actually willing to pay for that experience. Not only that, space exploration is one of the factors of Space Economy. Government organizations like NASA and Roscosmos have been studying planets and celestial bodies such as asteroids, Moon and Mars that are involving robots, astronauts, rover and other highly advanced technologies.
The downside part is, as the technology is enhancing and many developments being establised in space has caused the increasing number of spacecrafts and satellites which leads to high amount of space debris. Managing those debris should be put into attention since it is very crucial to ensure the safety and sustainability of the activities. For now, companies involved are starting to find solutions and strategies to minimize those risk and also tracking and mitigating the debris. Moving to space mining, it has become a feasible prospect since there are possibility of rare minerals and other sources being existed in space. Space manufacturing could also become a huge possibility. There could be possible sources in space that cannot be processed on earth, that is when space manufacturing jumps in. If we are looking at long term future, job opportunities in space would expand thus giving more people chance to both work and live in space. This means that Space Economy has a high chance in generate economic growth and drive innovation, could be a new hope in combating global challenges that we are facing now, such as climate change, natural resources scarcity, pollution, and also both natural and man-made disasters.
As World Economic Forum stated in their report, by 2035 the space economy is set to reach $1,8 trillion with averaging growth rate of 9% per annum which significantly above the growth rate of global GDP. All major factors that are included in Space Economy holds key drivers in shaping growth all over the world. As of now, without realizing it, many people have used space-based technologies, mostly installed in their smartphones and watches such as maps, weather forecasting, ride hailing apps, and etc. Those apps are highly dependant on space activities, moreover making Space Economy into crucial factor on daily basis. Not only mobile apps, the global chain of trade and transport, state defense system, major digital communications are also dependant on space activity. This could drive Space Economy to generate major development, tackling global challenges which leads to worldwide prosperity.
Space activity has made a tremendous development and starting to attract a broader set of investors, both state and individual actors. With the rapid change of climate, increasing pollution, deteriorating condition of agriculture and livestock, current geopolitical issue and etc, space-based activity in space economy could be one of the saviors. But, everything has its upside and downside, and space economy is no exception. Many people has been pessimistic towards space activity, which could lead to lack of investment while space economy rely on investments so much. All technology advancement could have risks, and maybe with a more developed satellites and other spacecraft would ease up conflicts or war that involves military equipment, namely nuclear weapons or missiles. This phenomenon is very intriguing to explore and studied more deeply. Therefore, people in charge and all apparatus should be more alert and sensible in making all technological developments and its implications for human life.
