We have already entered into the most interesting era of space exploration. This has created thousands of opportunities for private companies to invest and finally fulfil dreams in reaching space. The commercialisation of space exploration has connected the world, opened the doors for deeper look into scientific topics and understanding of the universe, as well as created a huge bubble planet of economic sector which is expected to have exponential growth of 9.1 % annually, reaching between 1.1 and 1.8 trillion by 2030, possibly even overreaching this number.
Some of the sectors that are best positioned among companies are satellite manufacturing, in-space service, commercial human flights, in-flight connectivity and low-earth-orbit transportation. Commercial space flights are made available by exactly two companies currently. Taking the lessons from what we’ve had on Earth, it is really is vital for our future in Space, to implement what will be good for humanity in long future - commercializing exclusive spacesystem that will inspire species.
Some of the main factors that has enabled the booming of the space economy, generator of exactly $469 billion in 2022, are the made possible space exploration by private companies, increase in number of flights, reusability of the rockets, decrease of cost associated per flight, scientific curiosity and private investors in Space benefiting human life.
More exiting, the near years also propel human possible asteroid mining which is lawfully available since 2015 when U. S. law was passed allowing usage of resources from solar system moons and asteroids. Why those are so importantly highly priced is their richness in key elements and minerals that will provide raw materials for sustaining human life in space.
Precious are metals, such as platinum, gold and palladium, as well as various minerals and elements like iron, nickel, and cobalt. Their utulization is within the vastly needed in-space construction of spacecraft. Further, asteroid elements can be used to supply technological needs as there are rare earth elements found in the asteroid bodies, which are essential parts in electronics and renewable energy technologies.
One metallic asteroid, called Psyche is about 200 km wide and contains metal that will be enough for millions of years of production. These asteroid resources are estimated to be worth 100,000 times the size of the Earth’s GDP according to sources.
The Main asteroids Belt is energetically very difficult to reach from Earth - the belt between the orbits of Mars and Jupiter. Moreover, water, the elixir of life, is one of the most valuable resources that asteroids and the Moon can provide. Many asteroids contain significant amounts of water ice. This water can be extracted and used for sustaining human life during future deep space colonies. Although the potential of these is estimated as giantly, the long distance from Earth makes it hard to reach.
CfA astronomers Martin Elvis, Jonathan McDowell, and past Harvard undergraduate Anthony Taylor have shown that Main Belt asteroid mining could be made more profitable if spacecraft were deployed from a station in an orbit of Mars. For instance, the Martian moon Phobos, orbits Mars from about six thousand kilometers. The astronomers' research suggests significant reductions of the costs of exploration.
Closer than the Mars-Jupiter asteroid ring, the space industry is further exploring and interested in the Moon’s water resources that exist in form of ice and are believed to be able to cover all future lunar missions. Once separated in oxygen and hydrogen, those can be further used for rocket fuel and space travel.
Colonizing other planetary objects and deeper in solar system rings exploration, low-orbit space flights and satelites launches, connect the dots of the Space Economy encyclopaedia that has opened thousends of new jobs opportunities for engineers and dreamers, expotentially growing the importance of investing time and bringing space closer.
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