New Space, the start of the commercial space age, has been developing for a while. The space industry is now open to private companies as well, and it is growing faster than ever.
Private organisations are driving the commercial space industry, which is making significant strides in satellite technology, space exploration, and space tourism. Startups and small-to-medium-sized businesses are upending the market and grabbing the attention of investors.
To meet market demand, innovation must happen quickly, must be done correctly the first time and must be up to the task of meeting the trends facing the landscape head on.
So, what trends are changing the space industry?
Technological and environmental leaps are reshaping the industry. Below are the trends that are emerging and how they are likely to affect business.
Three-quarters of the revenue from space operations are generated by satellites, the primary element of the space economy engine. They have contributed significantly to the advancement of society and will continue to do so as constellations of small satellites with radically new capabilities are deployed as a result of the rapid advancement of technology.
Small satellites, often known as smallsats, make up an increasing percentage of this revenue. Within the next few decades, new constellations of tiny satellites in Low Earth Orbit (LEO) are predicted to add some 40,000 additional satellites to Earth orbit.
Due to this enormous increase, New Space actors are being forced to develop increasingly sophisticated satellites, reusable launch vehicles, and deorbitation strategies quickly.
Along with lowering the cost of space travel, hundreds of private businesses and startups are stoking public interest in space exploration, asteroid mining, and planet colonisation.
Both venture capitalists and government investing in private space enterprises have been on an upward trajectory year after year since SpaceX conducted its first successful flight in 2009. The following expedition would be to return to the Moon and then to investigate Mars now that suborbital flights are a reality.
These successes will keep the space industry moving forward in terms of investment and expansion.
Geospatial Data Analytics
New, high-tech satellites are being launched by private companies that are prepared to visualise, gather, and analyse the data needed to produce insights that will improve decision-making processes.
Geospatial technology is increasingly employed in a variety of fields, including resource and supply chain management, mapping, and urban planning and development, in addition to its traditional applications.
Scientists are now able to use detailed measurements of ocean currents, soil moisture, air quality, and hundreds of other phenomena to forecast climate changes thanks to space-based GIS technologies and data-collection methods. Governments working to create policy and monitor adherence to international climate pacts must have access to such easily available data.
3DEXPERIENCE on the cloud
To build solutions and equipment while testing hundreds of technical hypotheses in virtual environments, 3DEXPERIENCE offers the opportunity to utilise digital simulation and virtual twins. Not only this but engineers can also access strong and flexible solutions for innovation. Serving as both a tool and an integral part of the ecology that New Space players need to succeed, 3DEXPERIENCE offers the very real chance to make enormous strides in the space race.
Get in touch to find out how the 3DEXPERIENCE platform on the cloud is revolutionizing space engineering, helping startups accelerate innovation and bring products to market faster.