Traditionally Space has always held a barrier to entry of small firms as satellites were typically used for television, weather services, etc. As per the director of Deloitte Ventures, only about 7 of the market firms constitute 75% of the industry. The space industry is worth about $ 380 Billion, and 60% of it is part of the commercial business. Virtually most investments in this sector used to be from the governments' side as building and launching a satellite was a costly affair. The satellites that were built weighed up to 6 tonnes and has the size of a bus.
However, this market has changed its outlook entirely in recent decades. In the year 2011, space-related firms in the United Kingdom accounted for 234, which rose to 948 by 2018. The Satellite Manufacturing and Launch Market are even expected to continue to have a reasonable growth rate. Moreover, it is not only restricted to the satellite market that may see a boost but also the businesses surrounding it. As more satellites go into orbit, more data would be received. Several types of companies can benefit from this data. Also, once data is transmitted, people would be needed to process it. Hence, experts believe there would be an explosion of jobs around the satellite market in the future.
Today, the satellite market has evolved to great lengths. Now, a nanosat that weights just 25 – 50 kg can be sent up into low-Earth orbit for about $100,000 to $1 Million. Prices undertaken to launch a satellite have considerably decreased. This is because tech firms are driving demands as they need to launch their own satellites for space internet networks which are thousands in number. This helps in driving down the cost of launch and storage for everyone involved.
The market has also opened to several small firms, and these firms have been projected to launch 2500 satellites in the next four years. One of them, referred to as NanoAvionics, announced its plans to create 400 new jobs in the UK and saw its revenues soared up to 300% last year.
Space gives you the ability to amalgamate different infrastructure together, and then with the use of Artificial Intelligence, and companies can gain better insights at things that were not previously connected together. Ground stations that receive data from satellites also have great potential that IT giants can tap into.
In the old days, one satellite used to get launched with a lot of sensors on it. Today, hundreds of satellites can be found that have the same one sensor, with the only difference that there are cheaper ways to send them up now. This enables companies to repeatedly send satellites with more consistent data. Today, the nanosat market is worth about 1.8 Billion, but experts project its annual growth to be in double digits.
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