Analytics firm GlobalData said the aerospace, defense, and security (ADS) industry had the second largest transaction value increase in the third quarter of 2021. The quarter's main subject was the space economy, expected to be worth more than $1 trillion by 2040.
Space systems technology, such as satellites, and subsystems, including radiofrequency systems, antenna design, synthetic aperture radar processing, radiation-hardened electronics, and mapping software, are all part of the space economy. Ground control, rocketry, and system integration are also included.
The future space economy, according to GlobalData, will comprise space trash, space mining, space exploration, space tourism, and space infrastructure manufacturing.
Satellites will account for up to 70% of the space economy's growth soon, aided mainly by the broad adoption of reusable launches in the SpaceX style. This rising industry will disrupt many businesses, from internet service to mining and construction.
Space Tourism
A report from Verdict said that commercial bodies will play an increasingly important role in space infrastructure in the next phase of the space economy. Blue Origin wants to establish a commercial space station following similar statements from Lockheed Martin and Voyager Space Holdings.
Another example of commercial players having a long-term presence in space is Axiom Space's allocation of exclusive access to a module of the International Space Station (ISS) through 2024. It will be the case in 2022 as well.
However, high costs will continue to hamper space tourism. Some have dubbed the present era of the space industry the "billionaires' space race" due to high-profile commercial trips. The launch of Richard Branson's Virgin Galactic and Jeff Bezos' Blue Origin flights, respectively, emphasized the possibilities for space tourism.
The cancellation of Space Adventures' Crew Dragon mission, on the other hand, revealed that price, scheduling, and the present experience are suffocating consumers' appetites. Although space tourism will be limited to a select few, new players such as Space Perspective will likely enter the market with lower-cost options.
The lifeblood of military operations is timely and accurate intelligence and communication, and space-based capabilities are critical, according to GlobalData.
The commercialization of space is a significant force in today's space systems business, with technical advancements enhancing satellite capabilities while also lowering prices across the supply chain.
It's conceivable that space will become more and more of a battleground for commercial rivals.
Internet Satellites
Hanwha Systems' equity acquisition in OneWeb and Virgin Orbit's merger with NextGen Acquisition Corp II were the top two deals in the space economy in Q3 2021.
Hanwha Systems, a South Korean defense electronics manufacturer, paid $300 million for an 8.8% share in UK-based OneWeb (Network Access Associates) in August. OneWeb is a satellite communications firm based in low-Earth orbit (LEO). The agreement will improve Hanwha Systems' communications capabilities in locations where fiber optic internet is unavailable.
Virgin Orbit, a space solutions firm, combined with NextGen Acquisition Corp II, a particular purpose acquisition firm, in August (SPAC). Virgin Orbit offers modest satellite launch services as well as "Satellites-as-a-Service." Virgin Orbit will become a publicly listed corporation due to the transaction. The transaction was valued at $483 million.
In 2022, more businesses will join the small-sat bandwagon, thanks to technological advancements and economies of scale that have allowed LEO constellations and fueled satellite internet ambitions.
SpaceX is the market leader in low-earth orbit satellites, with the Starlink constellation accounting for 51% of all commercial satellites. There will be at least 10,000 commercial satellites in orbit by 2030.
Inmarsat aims to launch a constellation that combines the features of LEO and higher altitude satellites to create a seamless network. At the same time, China's Geely plans to launch a satellite constellation to guide its self-driving cars.
China is rapidly experimenting with space technology and sees space as crucial. This spending will undoubtedly continue beyond 2022, with a greater emphasis on satellites for missile detection. According to Euroconsult, China has a good chance of capturing a significant portion of the growing mini-satellite market, which is expected to reach $15 billion in sales by 2027.
Space Debris
In 2022, the military industry will see increased investment as demand for satellite and space debris tracking technologies grows.
The problem of space pollution grows in tandem with the number of satellites launched. NASA believes that 6,000 tons of trash debris are now populating LEO in the 500-2,000km range. Meanwhile, according to the Union of Concerned Scientists (UCS) satellite database, 55 percent of the planet's operational satellites were launched during the previous two years.
Because of lower launch costs, the commercialization of space has led to an increase in LEO spacecraft, which currently account for 83 percent of all operating satellites.
Anti-satellite test debris has already strewn LEO, with up to 5,000 smaller, untraceable particles constituting a collision danger. Adding LEO satellite constellations will further exacerbate the problem, increasing the risk of many space accidents.
Thousands more LEO spacecraft are in the works for both SpaceX and its potential competitors. The unprecedented acceleration of satellite launches shows minor signs of slowing.
Strong regulation and the rapid development of space debris tracking and cleanup technologies will be essential if the space industry continues on its increasing trajectory.
In 2022, work will be done to solve the problem. SpaceX has experimented with various strategies, including painting satellites black and securing permission to deploy satellites in lower orbits to minimize deorbit periods and hence space debris.
The technology for removing space junk is already improving. In the United Kingdom Lumi Space has created a commercial satellite laser range (SLR) service that offers centimeter-level precision in tracking space debris.
Last summer, Japan's Astroscale successfully demonstrated how its dual satellite mission collects space debris and then combusts on re-entry using a system of magnets.
In November 2021, the firm secured $109 million in a Series F fundraising round, bringing its total cash to $300 million.
Meanwhile, according to the GlobalData transactions database, LeoLabs, a supplier of data services to detect space debris and avoid accidents in LEO, has secured $82 million in investment.
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