What could be more fascinating and breathtaking than space exploration? In the coming decade, space activities are anticipated to experience a remarkable surge. Unlike the space race of the past century, this time around, not just the dominant countries but also the less powerful nations, non-state entities, and the business sector will all play a crucial role.
The efficiency and effectiveness of human-crewed and unmanned space operations will be enhanced by innovative technologies. But there’s more. Commercial and national security will also get a piece of the pie in the form of collecting and managing data on human activity around the world thanks to cutting-edge technological advances.
The industry has changed significantly in recent years as the space market has become a hub of commercial and research activity and is experiencing unprecedented growth. The role of the private sector, including geospatial data analysis companies, in this industry is evolving. New clusters of space invention and productivity are emerging.
The Expanding Space Economy
The realm of the space economy has transcended its conventional limits and has evolved into a prosperous market in its own right. This market encompasses a variety of sectors, such as satellite communication, geospatial data analysis, satellite navigation, Earth observation, and deep space exploration. The financial benefits that arise from these sectors are astounding, with satellite services alone contributing substantially to the worldwide revenue. This surge in economic growth is fueled by the escalating need for connectivity, data, and knowledge obtained through space-based resources.
The costs of launching satellite and using innovative technologies for data analytics are falling. It is good news because this order of things enables even fewer developing countries to participate in space programs and operations. The commercial sector will increasingly offer space services, covering various tasks, including satellite repair and solar panel maintenance. Unlike other areas of the space economy, manned space missions are likely to be driven by geopolitical rivalries, with large countries using space deployments to highlight their technological superiority.
Factors Impacting Space Economy
The space industry has made strides in recent years. However, factors beyond technological advancements are shaping the industry’s trajectory. Technology remains pivotal in facilitating digitalization and capitalizing on digital disruptions. The space economy’s bedrock lies in the set of technological innovations widely implemented in the sector.
- Digital twins are becoming widespread in the data value chain. They can be applied to model change optimization strategies for IoT, AI and analytics.
- Mobile sensor platforms are expanding the ability to collect data from various sources, including UAVs and small satellites.
- Artificial intelligence and automation.
- Earth observation satellites enable low-cost acquisition of high-quality images with many repeat visits.
- Cloud computing and data storage.
- 5G promotes loT and speeds up data transfer.
- Additive manufacturing and SD printing are making it possible to create lighter, cheaper and more efficient components for different space exploration applications.
Revenues of companies in the optical satellite market are growing due to active government demand. Increased demand for hyperspectral and thermal data, coupled with advancements in optical Earth observation and geospatial intelligence, has resulted in a surge of government contracts for companies operating in this sector. These companies secure military and government contracts, driving revenue growth.
Radar satellites are a subject of interest to many countries. They provide information increasingly needed for diverse missions, from military defense to insurance. In addition, companies have begun developing monitoring and response systems for various natural disasters.
The agricultural sector enforces its sustainability thanks to satellites. EOS Data Analytics, a trusted provider of satellite imagery analytics for agriculture, which also developed the all-in-one precision agriculture platform EOSDA Crop Monitoring, launched its first ag-focused satellite in January.
EOS SAT-1 became the first satellite of a future constellation consisting of 7 space devices that will work for the benefit of the agricultural industry. EOS SAT will cover 100% of the countries with the most extensive farming lands to open the possibility for precision agriculture implementation. Sustainable practices and satellite data-based decisions will help growers worldwide to reduce CO2 emissions and energy consumption, manage water effectively, and more.
Future Applications of Space Opportunities
There are many potential and currently developing applications for space technologies and on the ground. Agriculture and insurance continue to receive more and more benefits of using geospatial data in analytics and other space-related solutions, but this is only part of the entire list of industries. This list also includes protection of the environment, VR, monitoring of oil and gas production, IoT and many more.
Investors and commodity merchants are also interested in using satellites to gain comprehensive insights and improve the sustainability of the financial sector. In tourism space solutions can be used for destination management and sustainable tourism, including assessing the impacts of climate change and biodiversity.
Space technologies and their applications on the surface of Earth are actively developing along with the market. The interest and demand for satellite-based insights and geospatial data analytics grows from various sectors of human activity. Such development will give us even more discoveries and valuable opportunities for a sustainable future.