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Over the past five years, commercial R&D spending within the space sector has risen by 22 percent annually—while the share of US government funding has declined rapidly since 2010.
Soaring interest
Space tourism is just the start. Future forays could expand from a “space for Earth” economy to a “space for space” economy.
The future of the space economy
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Celestial ambitions
Such initiatives could shift focus from “space for Earth” services (such as telecommunications) to “space for space” transactions: economic activity between objects in space (such as in-orbit refueling services).
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Shooting for the moon
Private space funding has shifted to satellite-related and other ventures in the low-Earth orbit. The next shift may be “lunar and beyond” initiatives, with applications in propulsion, mining, and robotics.
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Beyond the lab
Space has the potential to be the new frontier
for R&D, too. Unique characteristics of this environment could allow for new-product discovery and shorter timelines, among
other benefits.
Responding to the great acceleration requires companies to experiment with and invest in new digital technologies.
Space for experimenting
Some industries could benefit greatly in the space economy. For example, space’s higher radiation levels accelerate aging and could help test the efficacy of skin care products.
R&D for space: Who is actually funding it?
Article
Dive deeper
Space: Investment shifts from GEO to LEO and now beyond
Article
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Lockheed Martin’s Joe Landon on the emerging space economy
Interview
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The potential of microgravity
Article
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R&D for space: Who is actually funding it?
Article
Space: Investment shifts from GEO to LEO and now beyond
Article
Microgravity—or the weaker levels of gravity in Earth’s orbit—reduces sedimentation rate and the impact of buoyancy, making it easier to combine different substances.
Bosses consistently underestimate how their actions affect and will be interpreted
by others.
Higher levels of radiation in space—15 to 650 times stronger than on Earth—might alter gene expression and growth patterns and could yield new insights for predicting diseases.
Space’s partial-vacuum state could facilitate innovative thin-layering techniques for semiconductor manufacturing by reducing or eliminating gases during production.
Microgravity
Radiation
Near vacuum
Median growth of companies investing at top-quartile level, by number of intangible categories, 2019–20, %
Number of categories
0
1
2
3
4
5
4.0
4.0
5.0
7.0
6.5
10.0
2.5×
The potential of microgravity
Article
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US government
2010
2020
6
4
90
32
3
65
New space companies
Share of space-related R&D expenditures, by source, %
Traditional aerospace and defense companies
Lunar and beyond
Suborbital
Low-Earth orbit
Medium-Earth orbit
and geosynchronous
equatorial orbit
2005
2010
2015
2020
0
20
40
60
80
100
Share of private funding for space-related companies,
by orbital-regime focus, %
Food and nutrients
Semiconductors
Beauty and personal care
Pharmaceuticals
2.8–4.2
0.6–1.0
0.4–0.6
0.4–0.6
Forecasted annual revenue at maturity of selected industries if they collaborate with space companies,
billion $
Clearing the clutter
However, the uptick in activity will likely lead to more space debris, increasing the risk of collisions in space—and making debris mitigation a priority.
Look out below: What will happen to the space debris
in orbit?
Article
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2022
(as of May 10)
31,156
2016
18,485
Number of objects in Earth’s orbit
The amount of space debris has increased by nearly 70% over the past ~6 years.
Source: European Space Agency (ESA) annual space environment reports, 2017–22
Lockheed Martin’s Joe Landon on the emerging space economy
Interview
The potential of microgravity: How companies across sectors can venture into space
Article
Look out below: What will happen to the space debris in orbit?
Article
