The space industry is projected to enjoy a huge boom in the next few years, according to analysts.
The final frontier is drawing closer. Over the past two months alone, NASA has pushed an asteroid off course using a rocket, researchers have proposed a method for using satellites to put out ads in orbit and there has even been talk about creating space hotels.
All these stories come off the back of billionaires like Elon Musk, Jeff Bezos and Richard Branson competing to become the richest man to ever go beyond Earth’s gravitational pull.
Although, an argument can be – and has been – made that none of these billionaires’ projects are truly as close to reaching their goals as their leaders may suggest.
Nevertheless, space industry watchers now believe that this is just a taste of what’s to come.
“In fact, GlobalData expects a space infrastructure boom by 2030,” Francesca Gregory, analyst at GlobalData, says in a new podcast from the research firm.
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So who will be driving this boom? Gregory expects a combination of companies and countries will play a role in this sector.
She says that smaller firms are already entering the industry, vying for a “first mover advantage in their respective sectors.”
Bezos’ Blue Origin and newcomer Sierra space are expected to launch their space stations in the upcoming years, Gregory notes.
At the same time, several countries will also play a huge part in this space as part of expanding their national interests “beyond the bounds of Earth.”
For instance, the United Arab Emirates announced an $817m fund to support the space sector earlier this year.
It’s this competition she expects will drive investment in space infrastructure with the “proliferation in the number of commercial and national space stations to be expected.”
GlobalData is the parent company of Verdict and its sister publications.