The Year of Space Opportunity

As we welcome a new year, the remarkable achievements of 2024 in space exploration and the growing prominence of the space economy demand our attention.

Space is no longer the exclusive domain of governments and scientists; it has transformed into a dynamic marketplace dominated by private enterprises. The World Economic Forum (WEF) and McKinsey predict that the space economy, currently booming, could be worth a staggering $1.8 trillion by 2035. Private companies have been at the forefront of this surge, with ambitious ventures and technological advancements reshaping the low-Earth orbit (LEO) landscape. Starlink, a subsidiary of SpaceX, epitomizes this revolution, having launched over 2,000 satellites in 2024 alone. Its mega-constellation of 6,000 satellites now ensures internet connectivity across more than 100 countries, underscoring the increasing commercialization of space-based services. Human activities in LEO also reached unprecedented levels, with 280 individuals visiting the International Space Station (ISS) last year, signaling a growing human presence in orbit. As space evolves into a vital economic and scientific domain, it holds the promise of redefining global dynamics.