A long time ago in a faraway galaxy…. Okay, no, no, come back. We’re not talking about Star Wars. Think of it. What if we could make use of moon dust to power our technology? That’s why we have a whole USD 469 billion markets allotted for the space economy. A large amount of this money is from the private sector. Even Elon Musk is moving with the same vision.
The space Economy is about researching, exploring, understanding, managing, and utilizing space. According to the Space Foundation, the Space Economy will be worth around US $ 469 billion in 2021. It is an increase of 9% from 2020. Consider that it was only 63 years ago that we had our first man landing on the moon. Today around 90 countries are competing for the space economy. A lot of private companies have seen a profiting business from space.
But why? While the man tried to put himself in space, he learned many things he could use on earth.
Much of our development in telecommunications, meteorology, energy technology, compact packing technology, transport, and aviation has advanced mainly because of space exploration. “
And that’s how many private space companies have profited.
What I wish to explain is that space missions are costly. While it took only US $50 million to make Star Trek Series, it takes us around US $58 billion to send a manned mission to space. Not for the faint of pocket, but the rewards can be extremely high.
For example, because we invested so much into space, it brought us invaluable information about the surface of various planets. Now we know that the outer atmosphere of Venus is habitable. If we created a technology that can allow her to hover in the thick outer layer around 300km above the surface of Venus, we could make a home there. Yeah, no wonder we call Venus a sister planet. It looks so damn hospitable outside, but inside it is a pure demon.
Space Economy has a bright future ahead. The Space Economy in India has a budget of around US $ 9.8 billion as of 2020. It is estimated to grow to almost US $ 13 billion.
Listed below are some mind-blowing records about the space economy in India. munication.
So, a significant Space Technology means we can gain more money for the system. It is then followed by Indian maritime.
Though this is a great start, we need more space tech to develop it as a strong base. After all, we need all the money we can get to establish the Indian Space Economy.