The Top 10 Business Opportunities in Space
The future of space business is obvious and will be a goldmine. Over the next decade or so, we expect to see tremendous growth in Space-related ventures, products, and services.
Already, new technologies are making it possible for private companies to set up shop in space for business. Ready to start doing business in space? Here are our top ten business opportunities in this fast-evolving industry.
Communications
Space plays a major role in communications. But, first, let’s break down how it works.
There must be a transmitter that sends out the electromagnetic waves and a receiver that collects and decodes the information. Then, Earth's Ground Communication Networks receive the data relayed from space.
The network comprises antennas, each tuning in at varying frequencies to make the process more efficient. Next, we have the relay satellites, which act as the middlemen between space and Earth communication. They make global communication possible.
Launch Service Provision
Launch service provision involves the launching of spacecraft into orbit. The industry is worth $31 billion, making it a highly profitable business opportunity. Launch services also deal with the assembly and manufacture of space vessels. In addition, various spacecraft, including rockets and satellites, are launched into space.
Remote Sensing
Remote sensing refers to the process of getting information from an object at a distance without coming into contact with it. Instead, it works by electromagnetic radiation from Earth's environment in order to monitor specific characteristics of an area.
Scientists use remote sensing to:
Scan and map out forest fires for better control and management
Predict weather patterns by monitoring clouds and volcanic activity
Map out archaeological remains like dinosaur fossils
Study and track the effects of global warming on glaciers
Earth Imaging and Observation
Earth observation is related to remote sensing in that it involves the gathering of information on the Earth’s chemical and structural composition. It helps in:
Rural planning and development
Ocean studies to monitor sea levels and the effects of global warming
Environmental conservation through land mapping.
Asteroid Mining
Although asteroid mining is still a pipedream at this point, there’s no doubt as to how potentially lucrative it may be for companies who choose this route. For example, an asteroid the size of a football field could yield as much as $50 billion worth of platinum.
There are two types of asteroids to watch out for, and this is based on a sample collected by Hayabusa, a Japanese asteroid explorer.
Achondrites
This category of asteroids is rich in platinum-based metals and is found deep in the cores of the planets they occur in. These include:
Ruthenium
Palladium
Rhodium.
Chondrites
These are rich in water, making them extremely valuable. The reason is that water is by astronauts for virtually everything; even feeding-their meals are dehydrated to save on space.
The technology to make asteroid mining possible is still underway. For example, scientists have yet to figure out how to set up mining stations or construct equipment for the crew. However, we might actualize this vision with continued research within the next few years.
Manufacturing in Space
In-Space manufacturing is another work-in-progress venture. It would help cut back on manufacturing costs, allow better precision, and increase the effectiveness of the equipment.
What’s more, in-space manufacturing takes place in microgravity. Without Earth’s gravity, buoyancy and sedimentation are removed from manufacturing processes, creating new and improved products.
One company making manufacturing in Space possible is Axiom Space. They are in the process of building the first commercial space station that will facilitate in-space manufacturing and microgravity research.
Satellite Servicing
Satellites generally aren’t meant to be serviced or maintained. Instead, they are designed to be hardy and durable, allowing them to last years out in space. In addition, scientists subject them to rigorous and intense training, often using simulated environments to test their resilience.
Unfortunately, despite all these measures, some satellites don’t withstand the wear and tear that comes from prolonged use. What’s more, broken and out-of-order satellites are left orbiting space, further worsening the growing space trash problem.
The good news, though, is that scientists are working on a way to make satellite servicing possible. Scientists and engineers are working on a robotics project aimed at rehabilitating satellites. The project involves an unmanned craft with a robotic arm that will be used to service and repair broken vessels.
Space Tourism
Space tourism might be the latest lucrative space venture. The idea of traveling to outer space is soon to become a reality after the launch of a series of commercial space flights in September 2021.
Research is underway to make possible suborbital, orbital, and lunar space flights. The space industry is worth roughly over $400 billion and is estimated to grow to a trillion by the end of the decade. If you’re interested in investing in space tourism, then this is a perfect time!
Robotics
Robotics is a branch of science that studies robots and their application in our daily lives. It’s also vital in space research and exploration, allowing scientists to gather information on regions that would be inaccessible to humans.
Examples of robots that have been used in space exploration include the Mars Rover. Scientists have used this robot to map out and explore Mars’ terrain. It’s also been used to observe and monitor weather patterns by placing itself directly in the Sun’s view.
Other examples of robots include:
Landers
Landers are different from rovers in that they travel to outer space and descend on the planets or terrestrial bodies. They may also use controlled descent as well as landing gear to make the descent possible.
Landers have been used to explore space bodies such as:
Venus
Mars
Mercury
Asteroids.
Orbiters
Orbiters are part of space vessels used to carry astronauts and various equipment into Earth’s orbit. Examples of orbiters include:
Challenger
Atlantis
Discovery
Mariner 9.
Alternative Energy Sources
The world may soon engineer its first space-based solar power station, thanks to the UK’s Net Zero Innovation Portfolio. The project is extremely ambitious and intends to harness the sun’s rays to power most, if not all our activities.
Here’s how it will work:
A satellite fitted with solar panels will be deployed to space. The panels will produce electricity after collecting and absorbing solar energy. The electricity is then transmitted to Earth via radio waves and collected by a ground antenna. The antenna in turn converts these waves to electricity that is then distributed to the public through the power grid.
One advantage of this venture is the sun’s availability. The satellite would collect solar energy 24 hours a day, allowing it to generate power nonstop.
Your Best Bet
Suppose you're looking for the ultimate business startup, a new and groundbreaking business venture that can bring potential riches. In that case, there are a great number of innovative opportunities available in the space industry.
If you would like to learn more about Space and how to tap into its economic potential, please visit our site to secure your tickets to the Vytah Space Industry Conference. You’ll get the chance to get insider information on the industry as well as interact with seasoned professionals.