The commercial space industry – a field that industry players refer to as New Space – has expanded more than 70% in the past decade. Space Foundation, a US non-profit advocate for the global space industry, estimates its current value at more than US$425 billion. By 2040, it could be a US$1.5 trillion industry, a recent Morgan Stanley study estimates.
One indicator of the rapid growth curve in New Space: at the beginning of 2020, dozens of companies were manufacturing “smallsats”— satellites about the size of large kitchen refrigerators — with hundreds of additional startups exploring opportunities across the multifaceted domain.
“Although entrepreneurs, strategic partnerships and venture capitalists have been leading the charge on funding, the long-term success of the space economy will require a self-sufficient ecosystem,” said Adam Jones, Global Head of Auto and Shared Mobility at Morgan Stanley.
To illustrate the trend, Compass has charted a visual, virtual journey through the New Space universe. All aboard! Liftoff!