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The incredible power in rocket boosters is magnificent when they are safely in the sky, but basic laws of physics are problematic closer to the ground, with every action creating an equal and concrete-shredding reaction. Now, with the Moon and Mars in NASA’s sights, engineers are working to overcome the dangers rocket thrust could bring when landing and taking off without the safety of a launchpad.
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Global commercial space revenue continues to grow, reaching $427.6 billion in 2022, up 7.9% from a revised $396.2 billion in 2021. Commercial space activity includes efforts undertaken by private industry with little or no government investment, as well as products and services sold to private customers. About two-thirds of commercial space revenue in 2022, $288 billion, came from space products and services. The remaining third, $139.6 billion, was generated by space infrastructure and support industries.
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Last year was a tumultuous time for the global economy. High inflation, fluctuating exchange rates, and constricting markets caused trouble across most industries, and space was no exception. The global space economy totaled $546 billion in 2022, 8% higher than the previous year, according to Space Foundation analysis. Government and commercial spending cooled year-over-year, but 2022 still exceeded the five-year growth average.
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Satellites have played a pivotal role in search and rescue efforts for more than 40 years. Visionaries from around the world applied space technology to search and rescue efforts on Earth and built an enduring global humanitarian program. Satellite tracking has saved more than 57,000 people worldwide, since the system’s first rescue in 1982. With new equipment in the marketplace, its role keeps growing.
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Government space spending in 2022 totaled nearly $119 billion, 8% higher than a revised total of $110 billion in 2021. Annual growth slowed significantly from the previous year, although 2021’s decade-high growth was primarily due to many nations rebounding from spending cuts in 2020 caused by the COVID-19 pandemic. Initial indications from enacted budget for 2023.
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Government space budgets appeared poised for large increases in March as a new Congress expressed zeal for exploration and national security space programs. By July, jeopardy loomed, with deep cuts in domestic spending that threaten NASA spending in the House and an automatic cut that could drive down the Pentagon budget on tap if lawmakers can’t reach a timely accord.
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Transaction activity in the space and satellite sector echoed broader market trends during the second quarter, with fairly steady deal volumes as compared to the prior quarter. Volatility in the markets has subsided somewhat over the past year
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Well before the Euclid telescope was on its way to join the James Webb Space Telescope nearly a million miles from Earth, engineers and scientists were deep into planning how the advancements and knowledge gained from Euclid and Webb will aid in building even more advanced telescopes to probe the next unknowns in the universe. The work is redefining science and delivering new technology for wider use on Earth.
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There may be diamonds in the sky. The James Webb Space Telescope’s spectrometry gear identified carbon molecules in dust that formed during the universe’s infancy, but debate rages over just what they could be, the European Space Agency said in July.
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