These 5 industries will be first to do business in space
Companies around the world – in transportation, exploration, energy, construction or hospitality – are all looking upwards for the next growth opportunity. Space is quickly becoming a place where the industries that power our global economy will conduct business. What do we call an economic area like this, that is not limited to a single planet, and no longer has physical boundaries? We can’t call it an industry, when private industrial groups can generate revenue and profit not only from the Earth but from near-Earth asteroids (NEAs), the Moon and Mars and beyond. It is simply a medium in which humanity conducts commerce. Let’s take a look at the industry sectors that will be the first to take advantage of our expanded economic sphere, and some of the specific opportunities for growth. Energy Valued at over $8.4 trillion and growing at a 4.1% compound annual growth rate, energy is the largest industry on Earth. Humans are prolific energy consumers, and soon there will be more humans in space. Jeff Bezos, Founder and CEO of Amazon, anticipates “millions of people living and working in space” in the coming decades. Bezos is so confident of this outcome that he is investing more than $1 billion per year into his space transportation firm, Blue Origin. An in-space population of this magnitude will require enormous amounts of energy to live, work, and transit. This energy will come from solar power, which is more effective when gathered in space due to the lack of a filtering atmosphere; and chemical rockets, which will be the primary transportation mechanism for the foreseeable future. The most efficient chemical rocket propellants are composed of cryogenic liquid oxygen combined with liquid hydrogen or methane. Initially, the propellant needed to fuel the space economy will be launched from Earth, as both […]