Pavani Mantripragada
December 16, 2022. 1 minute Read
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.
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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.
Future Ahead
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.
But why is so much hype?
Listed below are some mind-blowing records about the space economy in India. munication.
- Because Space technology is profitable, India currently has around 100 space tech startups. All of this accounts for around US $ 48 million.
- Even the Government of India has taken the initiative to include the private sector and encouraged space tech startups.
- India has built almost 47 out of 100 startups around space in 2021.
- Other data suggest that India made 21 of the 100 space startups around space in 2020.
- It is safe to say that almost 70% of the total startups in space tech have grown in just the last three years.
- The Space Economy generates over 0.45% of India's GDP.
- 26% of the total usage of the Space Economy is in the Media and Entertainment Industry. They pay large amounts of money to use satellite telecommunication.
So, a significant Space Technology means we can gain more money for the system. It is then followed by Indian maritime.
Final Thoughts
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.
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