Space Exploration: What is in Store for the Coming Years?

The coming years will see new trends in space exploration

Morgan Stanley's research forecasts that the global space industry could generate a revenue of USD1 trillion or more in 2040, compared to USD350 billion in 2020. On a similar note, Mordor Intelligence estimates that the Spacecraft Market would register a CAGR of more than 8% during 2021 and 2026. A recent report by Space Capital revealed that private investments in space companies reached a record-breaking height of USD8.9 billion in 2020. All of these data and forecasts are proof of the accelerated growth of the space industry and give a hint towards the future of space exploration and investment in space.

Manned low earth orbit missions, unmanned space explorations and launches used to power the human space exploration scenario. But now the technology advancement and escalated adoption of disruptive technologies like AI and robotics have redefined the space industry. With private funding and investments pouring into the industry, we can expect less expensive access into outer space and even orbital vacations becoming a thing in the future.

New Initiatives Popping Up

The startup ecosystem has drastically changed, with growing fundings and an increase in startups spanning all the industries. We witnessed many startups launching with a keen interest in the space industry and space technology. Last year NASA launched a certified commercial human spacecraft system by SpaceX. The SpaceX Falcon 9 rocket with the astronaut group from NASA propelled into orbit. NASA said that this initiative was a part of its efforts to provide safe, reliable, and cost-effective missions to the International Space Station.

Other than SpaceX, there are many other private companies that are committed to commercializing the space industry and powering private commercial missions. The Indian Government recently announced the inception of the Indian National Space Promotion and Authorization Centre (IN-SPACe), which is aimed at opening up ISRO's satellite data and facilities to private players so that they can use it to develop new technologies. The increasing public-sector interest in the space industry is also fuelling investments and growth.

NASA's Artemis Lunar Exploration Program declared that it will land the first woman and first person of color on the Moon by leveraging innovative technologies and collaborating with commercial and international partners, by 2024.

Reusable Rockets and More

Advanced technology has changed how the world functions. AI and robotics have had huge impacts on all industries like manufacturing, automotive, retail, and space. The evolution of reusable rockets is decreasing the cost of space exploration. Companies like SpaceX and Blue Origin are delivering reusable rockets that can deliver cargo, satellites, or astronauts into orbit. The advent of reusable rockets will increase the accessibility of space exploration towards a wider population rather than keeping that privilege with the richest nations. Elon Musk has revealed that it takes only half the amount of building new rockets. The goal to have manned landings and airplane-aided rocket launches in the future are all examples of the innovations opening new avenues for the space sector.

According to a Morgan Stanley report, satellite broadband will represent 50% of the projected growth of the global space economy by 2040. As the demand for data will grow exponentially in the coming years, satellite broadband constellations will reduce these costs and increase accessibility. Satellite-driven internet connectivity will be able to close the digital divide by increasing the accessibility to all the underdeveloped areas. It will lead to the mass production of satellites and fuel the concept of broadband satellite internet from space.

Another development is the widespread adoption of AI and robotics in space exploration to fast-track various developments and missions. Research reports suggest that the space robotics market is expected to reach USD4.36 billion by 2023. Autonomous location tracking, fault detection, image processing, creating intelligent astronaut assistants, satellite data processing, navigation, and map building are some of the use cases of AI and robotics in the space industry. Sending robots to space is not a nascent development and with new innovations, it becomes much easier.

With all these new developments and innovations, space has also been projected to be a tourist spot very soon. In the current space race, it might be soon possible to go on space vacations, and affordable and accessible space travels. The future of space exploration seems to be bright enough to support many new projects in the near future.