INSUBCONTINENT EXCLUSIVE:
(Analysis) The space economy is rapidly evolving from a realm of scientific exploration to a booming commercial sector
In 2023, it reached a value of $630 billion and is projected to soar to $1.8 trillion by 2035.This growth outpaces global GDP, driven by
technological advancements, commercial activities, and public-private partnerships
Space tourism is becoming a reality, with companies like Virgin Galactic, SpaceX and Blue Origin offering suborbital and orbital
trips.Satellites form the backbone of this economy, powering global communications and data services
Companies are deploying low-Earth orbit satellites to provide worldwide internet coverage and support various industries.The International
Space Station already hosts commercial activities and research
In the coming years, commercial space stations and habitats in low Earth orbit (LEO) are expected to support both research and tourism,
missions to Mars may establish future economic hubs focused on mining, tourism, and scientific research on these celestial bodies.Beyond
Earth, firms are eyeing space resources
Asteroid and lunar mining could revolutionize space construction and reduce dependence on Earth-based materials
(Photo Internet reproduction)Government-private sector collaboration is accelerating industry growth
driving down the cost of launching payloads into space through reusable rockets and more frequent launches, making access to space cheaper
and more reliable.This trend is driving demand for spaceports and in-orbit services like satellite repair and debris removal.The Space
Economy: Projected to Reach $1.8 Trillion by 2035International treaties like the Outer Space Treaty (1967) govern the space economy,
prohibiting sovereignty claims over celestial bodies and ensuring peaceful space use.Policymakers must create new regulations to address
commercial activities, resource extraction, and private property rights in space
Increasing orbital traffic necessitates critical management of space debris and collision prevention.Developers are creating regulatory
frameworks to manage orbital traffic and mitigate debris, ensuring long-term sustainability of space operations.Visionaries like Elon Musk
and Jeff Bezos foresee a future where humans live and work in space
Space-based manufacturing could revolutionize industries on Earth, producing high-quality materials in zero-gravity environments.The space
economy stands at the brink of a monumental leap
Recent estimates suggest it could reach the trillion-dollar mark by 2030, seven years earlier than previously thought.This new frontier
offers untapped potential for economic expansion and scientific discovery
