The Space Industry: The booming opportunity of the near future

The Space Industry: The booming opportunity of the near future

When we look up at the night sky, some might think of the wonders of space exploration or the mysteries of the universe. But for others, space represents opportunity. Over the past few decades, space has become a battleground for competition among private companies globally, not just a race between superpowers. This includes businesses in satellite launch services, high-speed satellite internet, space tourism, and even lunar and asteroid mining industries.

Looking back at 2010, the space industry was valued at around $276 billion. By 2023, it skyrocketed to $660 billion, with projections indicating it could reach $1.8 trillion by 2035. This reflects an annual growth rate of 9%, according to the World Economic Forum, positioning the space industry to potentially rival the semiconductor industry in the near future.

One of the key factors driving this rapid growth is the development of reusable rockets, led by SpaceX in 2015. This innovation has drastically reduced the cost of sending cargo and satellites into space, from approximately $18,500 per kilogram between 1970 and 2000, to $2,720, with estimations that it could drop to as low as $500 per kilogram within the next decade.

As transportation costs drop, businesses see more potential in high-speed satellite internet because this sector relies on deploying hundreds or even thousands of satellites in low Earth orbit. It has become the largest sector in the space industry, driven by growing internet demand in developing countries and the rise of unlimited in-flight internet services. Thailand's Mu Space has also secured the rights to distribute satellite internet signals through the OneWeb satellite network, based in the UK. This growth in the satellite internet sector contributed to the presence of 7,560 satellites orbiting Earth in 2023, compared to just 958 satellites in 2010.

Earth observation satellites, which monitor changes on the ground and in weather patterns, also play a significant role. Initially used for tasks like resource exploration and military surveillance, the introduction of AI has enabled faster data processing, allowing these satellites to support industries like agriculture with precise weather forecasts.

Beyond satellite and transportation services, space tourism, which might seem like science fiction, has grown into a verge of $20 billion industry. In the 2020s alone, more than 40 ordinary people have traveled to space through companies like Blue Origin and Virgin Galactic. 

These developments not only showcase advanced space technology but also highlight humanity's innate curiosity and determination to explore space. In the coming years, The World Economic Forum also says that industries like lunar and asteroid mining, as well as off-world infrastructure development, are expected to emerge, paving the way for long-term lunar settlements, a goal shared by many leading space technology nations.

Thailand has emerged as a key player in the global space industry through its collaboration with China and other partner nations on the development of the International Lunar Research Station (ILRS), which began in April 2024. This partnership aims to advance knowledge and foster new innovations in space exploration.

Simultaneously, Thailand has invested in domestic satellite production, such as the THEOS-2A satellite components, developed by engineers from the Geo-Informatics and Space Technology Development Agency (GISTDA). The country is also laying the groundwork for a satellite testing center capable of providing services to other nations. Additionally, Thailand is promoting the development of a skilled workforce to support the growing space economy and related industries, ensuring it is well-positioned to benefit from the ongoing expansion of the global space sector.