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!
Click here to discover solutions for accelerating and improving developments in New Space.
Tony Velocci is former Editor-in-Chief of Aviation Week & Space Technology magazine and Editorial Director, Aviation Week Group. He launched his Aviation Week career in 1989, first as senior business editor, and later became Northeast Bureau Chief, based in New York City. He was appointed chief editor in 2003 and retired from The McGraw-Hill Companies, Aviation Week’s parent company, at the end of 2012. He remains deeply engaged in the aerospace industry as a speaker, a consultant and writing for various publications. While at Aviation Week Velocci received various awards, including the distinguished McGraw-Hill Corporate Achievement Award for Editorial Excellence and the Royal Aeronautical Society's Aerospace Journalist of the Year award in multiple categories (2006 and 2002). As bureau chief and later chief editor, he led or co-chaired various international forums on innovation and competitiveness, Industry 4.0, cross-border collaboration, and co-chaired annual aerospace executive summits on critical challenges facing the industry. Velocci is a member of the Board of Directors of the National Aeronautic Association and a member of the Industry Advisory Board of Embry-Riddle Aeronautical University.