Is the space industry the next boom in 2023

The space industry is a rapidly growing field that encompasses a wide range of activities, from satellite launches and space tourism to the development of new technologies and the exploration of our solar system and beyond.

One of the most significant trends in the space industry in recent years has been the growth of private companies, such as SpaceX and Blue Origin, which have developed reusable rockets and spacecraft to reduce the cost of access to space. This has led to a new era of space commercialization, with companies launching satellites for a variety of applications, such as telecommunications, earth observation, and GPS navigation.

"The emergence of private companies in the space industry is a game changer," said Jeff Bezos, founder of Blue Origin. "It has the potential to open up a whole new frontier for human civilization and create new opportunities for innovation and growth."

Another area of growth in the space industry is space tourism. A number of companies, such as Virgin Galactic and Blue Origin, are working to develop vehicles that can take paying customers on suborbital flights for a brief experience of weightlessness and a view of the earth from space.

In addition to these commercial ventures, there is also a growing focus on space exploration and the search for life beyond our planet. NASA's Mars 2020 mission, which landed the Perseverance rover on the surface of Mars in February 2021, is searching for signs of past microbial life and collecting samples for future return to Earth.

The European Space Agency's Rosalind Franklin rover, set to land on Mars in 2023, will also look for signs of past life and pave the way for future manned missions to the red planet.

The global space industry is expected to reach $1.2 trillion by 2030, according to a report by Morgan Stanley. This growth is driven by a number of factors, including increased demand for satellite-based services, such as telecommunications and earth observation, as well as the development of new technologies and the expansion of space exploration and commercialization.

One of the key drivers of growth in the space industry is the increasing use of satellites for a wide range of applications. According to the Satellite Industry Association, the global satellite industry generated $277 billion in revenue in 2019, with the majority of this revenue coming from satellite-based communications services, such as television and internet.

The earth observation market is also growing rapidly, with satellite data being used for a wide range of applications, from agriculture and natural resource management to urban planning and disaster response.

"The space industry is one of the most dynamic and rapidly evolving sectors of the global economy," said Morgan Stanley analyst Adam Jonas. "The use of satellite-based technology is becoming increasingly ubiquitous, and this is driving growth in a wide range of applications and services."

The Japanese space industry is also a major player in the global market, with a focus on satellite technology and the development of advanced propulsion systems.

Japan's space agency, JAXA, has a wide range of activities, including satellite launches, space science research, and the development of advanced technologies, such as electric propulsion and artificial intelligence.

Japanese companies such as Mitsubishi Electric, IHI and NEC are also actively involved in the space industry, working on the development of satellites and other space-related technologies.

Electric Propulsion as the next significant technology

Another significant technology is electric propulsion, which uses electric and magnetic fields to accelerate ions and create thrust, allowing for more efficient use of fuel and longer missions.

It has been widely recognized as one of the most promising technologies in the space industry, due to its potential to significantly reduce the cost and increase the capabilities of space missions.

EP systems can achieve specific impulses (a measure of the efficiency of a propulsion system) of up to 10,000 seconds, compared to around 450 seconds for chemical propulsion systems.

One of the main advantages of EP is its high efficiency, which allows for longer missions with less fuel. This is particularly useful for deep space missions, such as interplanetary travel, where traditional chemical propulsion systems would require large amounts of fuel, making the missions impractical.

EP systems are also useful for station-keeping and attitude control on satellites, as they can provide small amounts of thrust over long periods of time.

EP is also expected to play a key role in the development of in-space transportation systems. The use of electric propulsion in space tugs and transfer vehicles can enable more efficient and cost-effective transport of payloads between low Earth orbit and other destinations in the solar system.

Many space agencies and private companies are currently working on the development of EP systems. NASA has been testing EP systems for several decades, and is currently working on the development of the Solar Electric Propulsion (SEP) system for future missions, such as the Gateway lunar habitat and the Asteroid Redirect Mission. European Space Agency (ESA) and Japan Aerospace Exploration Agency (JAXA) also have their own EP technology developments.

Private companies such as Airbus and Boeing are also investing in EP technology for their satellite servicing and propulsion systems.

According to a report by MarketsandMarkets, the electric propulsion market size is expected to grow from $1.6 billion in 2020 to $2.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. The increasing demand for electric propulsion systems in the telecommunications and earth observation segments is a major driver of this growth.

Additionally, the increasing use of electric propulsion systems in small satellites and CubeSats is also expected to drive the market growth. According to a report by ResearchAndMarkets, the small satellite propulsion market size is expected to grow from $465 million in 2020 to $939 million by 2025, at a CAGR of 15.5% during the forecast period.

How is the African space industry doing?

The African space industry is a growing field, with a number of countries, such as South Africa, Nigeria, and Egypt, investing in the development of their own space programs.

South Africa's space agency, the South African National Space Agency (SANSA), is involved in a wide range of activities, including satellite development, earth observation, and space science research.

Nigeria also has a space agency, the National Space Research and Development Agency (NASRDA), which focuses on the development of satellite technology and applications for disaster management, weather forecasting, and telecommunications.

The African Union has also established the African Space Policy and Strategy, which aims to promote the use of space technology for socio-economic development and cooperation among African countries.

In addition to these national efforts, there are also a number of private companies in Africa that are working on satellite technology and other space-related applications.

"The African space industry is still in its infancy but has a great potential to contribute to the continent's development," said Dr. Mazlan Othman, Director of the United Nations Office for Outer Space Affairs. "It can provide important services, such as telecommunications, weather forecasting, and disaster management, as well as support for economic development."

In conclusion, the space industry is a rapidly growing field that encompasses a wide range of activities, from satellite launches and space tourism to the development of new technologies and the exploration of our solar system and beyond. The space industry is a driving innovation in a range of technologies, from materials science and propulsion systems to artificial intelligence and robotics. These technologies have a wide range of applications on Earth, from improving transportation and communication systems to advancing our understanding of the planet and its climate. With private companies entering the industry and new technologies being developed, the space industry is expected to continue its growth in the coming years.