Raj-Hindustani
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Hi Folks,
I would like to thank Pakistani, Chinese, and other friends from various nations that supported ISRO for the moon mission's successful launch. Yet, the journey is long, and the mission can be successful or fail, but I would add that we would not be too sad and will continue backing our space organization for future missions and sooner or later will surely get the success.Most saints know the importance of science and technology, this thread is especially for those who were criticizing India and ISRO for posting non-related posts and targeting them.
A brief reference is provided below to help them comprehend the significance of space technology in the future. You people were happy to criticise India, but did you ever imagine that you would only sob in 20 to 30 years when you would be unable to access this new markets throughout the world?
Twenty years ago, no one could have predicted that India would be exporting such a large amount of IT talent to the world and boosting its economy by billions. 30–40 years ago, no one could have predicted that Indian space agency will large enough to carry out such operations and transfer satellites to more than 100 nations in orbit.
People need to quit living in their dreams, work hard to achieve their goals, and at the very least, stop talking nonsense and criticizing others who are pursuing their goals.
Thank you.
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The space industry is on its way to reach $1 trillion in revenue by 2040, Citi says
- Citi expects the space industry to reach $1 trillion in annual revenue by 2040, with launch costs dropping 95% to unlock more services from orbit.
- The global space economy’s value reached $424 billion in 2020, having expanded 70% since 2010.
- Despite the optimistic outlook on the space economy’s future, Citi emphasized that much about the industry remains speculative.
Space Technology Market Size To Reach $731.8 Billion By 2030
June 2023 | Report Format: Electronic (PDF)Space Technology Market Growth & Trends
The global space technology market size is anticipated to reach USD 731.8 billion by 2030, exhibiting a CAGR of 7.5% over the forecast period, according to a new study published by Grand View Research Inc. The market has witnessed remarkable growth in the past few years, fueled by advancements in scientific research, technological breakthroughs, and the increasing participation of private companies. The market has experienced rapid growth due to several factors, including the decreasing cost of satellite launches and the emergence of private space companies like SpaceX, which has made space technology (SpaceTech) more accessible and affordable. This has paved the way for an influx of satellite deployments, leading to enhanced global connectivity, improved navigation systems, and expanded Earth’s observation capacities.Moreover, the increasing demand for satellite-based services, such as telecommunication, broadcasting, weather forecasting, and remote sensing, has driven the expansion of the market. Companies and governments are leveraging satellite technologies to gather valuable data, monitor climate change, manage disaster response, and provide internet connectivity to remote regions. There are numerous opportunities for innovation and commercialization; one promising area is space exploration. Governments and private entities invest in lunar missions to establish a sustainable human presence on the Moon. These efforts include resource utilization, construction of lunar habitats, and scientific research, offering opportunities for companies to develop novel technologies and services to support these missions.
Space tourism is another burgeoning application area in the global market for space technology (SpaceTech). Companies like Virgin Galactic and Blue Origin have pioneered commercial space travel, aiming to offer suborbital flights to tourists. This development of the space tourism sector has presented numerous opportunities for companies to develop spacecraft, infrastructure, and supporting services for space tourism. Additionally, the market is witnessing an upsurge in demand for small satellites, also known as CubeSats. These miniature satellites offer cost-effective solutions for various applications, including Earth observation, communication networks, and scientific research. Startups and established players are capitalizing on this trend by developing advanced small satellite technologies, opening new avenues for growth and entrepreneurship.
Technological advancements are further propelling the market’s growth. For instance, the development of more efficient propulsion systems, such as ion thrusters and reusable rockets, has significantly reduced the cost of space missions. This has spurred increased investment and participation from the public and private sectors. On the other hand, advancements in miniaturization, sensors, and data processing capabilities have led to the proliferation of nanosatellites and microsatellites. These smaller satellites offer enhanced maneuverability, cost-effectiveness, and rapid deployment options, making them ideal for specific applications.
Advancements in propulsion systems, spacecraft design, and robotics are anticipated to facilitate deep space exploration missions. Such endeavors include crewed missions to Mars, asteroid mining, and robotic exploration of distant celestial bodies. Developing advanced life support systems, radiation shielding, and long-duration space travel technologies is crucial for ambitious missions. Companies like SpaceX, OneWeb, and Amazon’s Project Kuiper deploy mega-constellations of thousands of small satellites to provide global broadband internet coverage.
The satellite will continue to evolve, becoming more capable, versatile, and cost-effective; high-resolution imaging, hyperspectral sensors, and advanced communication systems will enhance Earth’s observation capabilities. Additionally, the integration of artificial intelligence and machine learning algorithms into satellite data analysis is projected to enable real-time insights and predictive analytics in the space technology (SpaceTech) industry.
Space-based solar power involves capturing sunlight in space and transmitting it to Earth via microwaves or lasers. This technology could provide a virtually limitless and clean energy source. Future space missions will utilize resources available on celestial bodies, such as the Moon or Mars, to sustain human presence and exploration. ISRU techniques, including extracting water, oxygen, and other essential resources from regolith or ice, will be crucial for establishing long-term off-world habitats and reducing reliance on Earth for supplies.
The microgravity environment of space offers unique opportunities for manufacturing processes that are not possible on Earth. Additive manufacturing in space has already demonstrated its potential for producing complex structures and materials; in the future space-based manufacturing cloud will lead to advancements in pharmaceuticals, advanced materials, and even the construction of large-scale structures in space.
As space exploration expands and missions venture farther into the solar systems, reliable and efficient interplanetary communication will become paramount. Developing an interplanetary internet infrastructure using laser communications, deep space networks, and autonomous communication protocols will enable seamless data exchange and coordination across vast distances. With the growing number of satellites and space debris, there will be an increasing need for effective debris mitigation and removal strategies. Advanced technologies such as active debris removal systems, robotic spacecraft, and orbital cleanup missions will play a vital role in maintaining a sustainable space environment.
Space Technology Market Report Highlights
- The space vehicles segment is anticipated to witness a significant CAGR of over 7.0% during the forecast period, due to the advancement in technology, increased private sector participation, and government initiatives
- The commercial agency type segment is expected to register the fastest CAGR from 2023 to 2030. The growth is attributed due to the growth of commercialization in the market such as the deployment of large constellations of satellites to provide global broadband internet coverage
- North America is anticipated to register the highest CAGR over the forecast period, due to the emergence of private space companies such as SpaceX, Blue Origin, and Virgin Galactic which has contributed toward the growth of the market
- The major companies operating in the market are Boeing, SpaceX, Virgin Galactic, Blue Origin LLC, and Lockheed Martin Corporation
Space Technology Market Segmentation
Grand View Research has segmented the global space technology (SpaceTech) market based on type, end-use, application, and region:Space Technology (SpaceTech) Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Space Vehicles
- Spacecraft
- Flyby Spacecraft
- Orbiter Spacecraft
- Atmospheric Spacecraft
- Lander Spacecraft
- Rover Spacecraft
- Others (Observatory Spacecraft, Penetrator Spacecraft, etc.)
- Satellites
- Weather Satellite
- Communication Satellite
- Navigation Satellites
- Earth Observation Satellite
- Astronomical Satellites
- Miniaturized Satellites
- Space Stations
- Orbital Launch Vehicles
- Spacecraft
- Deep-space communication
- In-space Propulsion
- Others (Support Infrastructure, Procedures, etc.)
- Government
- Military
- Commercial
- Navigation & Mapping
- Meteorology
- Disaster Management
- Satellite Communication
- Satellite Television
- Remote Sensing
- Science & Engineering
- Earth Observation
- Military and National Security
- Data & Analytics
- Information Technology
- Internet Services
- Manufacturing
- Others (Space Medicine, Tele-Education, etc.)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- Airbus SE
- Astra Space Inc.
- Ball Corporation
- Beijing Commsat Technology Development Co. Ltd.
- Blue Origin LLC
- Boeing
- China Aerospace Science and Technology Corporation
- General Dynamics Corporation
- Hedron
- Hindustan Aeronautics Limited
- Honeywell International Inc.
- ICEYE
- Lockheed Martin Corporation
- Maxar Technologies
- Northrop Grumman Corporation
- OHB System AG
- Rocket Lab USA
- Safran S.A.
- Sierra Nevada Corporation
- SpaceX
- Thales Group
- Virgin Galactic
- National Aeronautics and Space Administration (NASA)
- European Space Agency
- China National Space Administration
- Indian Space Research Organization
- Japan Aerospace Exploration Agency
- Canadian Space Agency
- Italian Space Agency
- National Centre for Space Studies – France
- United Kingdom Space Agency
- Israel Space Agency
- German Aerospace Center
Space Technology Market Size To Reach $731.8Bn By 2030
The global space technology market size is anticipated to reach USD 731.8 billion by 2030, exhibiting a CAGR of 7.5% over the forecast period, according to a new study published by Grand View Research Inc
