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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 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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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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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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Artificial Intelligence (AI) will play key roles for the military, from helping humans parse through oceans of Earth observation data to maneuvering satellites as constellations grow ever larger, Space Force Lt. Gen. John Shaw predicted during an online discussion with America’s Future Series.
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June 16 marks the 60th anniversary of Valentina Tereshkova’s historic launch to orbit, where she became the first woman to reach space. She orbited Earth 48 times during the three-day Vostok 6 mission.
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