Space technology is driving a movement that promises to transform life on Earth and beyond. Technology companies, large and small, are poised to play key roles in a wide range of space technologies.
Helen Weedon, managing director of the satellite industry group Satcoms Innovation Group, said in an email interview that the space industry requires a wide range of innovative technologies. “Technology companies entering this space need to be dynamic and flexible enough to adapt to changing needs,” she explains. “We also need to listen to as many companies and experts as possible to truly understand the market and customer needs.”
The space field is rapidly evolving. “We're seeing smaller satellite launches in lower orbits that require a completely different approach than traditional satellites,” Weedon said. “At the same time, space is important for a variety of applications, from collecting Earth observation images to enabling connectivity and powering next-generation services.”
business chance
Technology companies looking to enter the space market can take advantage of a wide range of business opportunities. Elisebeth Varghese, partner and principal in her People in Space team at Deloitte, said: “I can concentrate.” Email. The large amount of data generated by satellites and sensors provides another lucrative avenue for technology companies that specialize in data processing and analysis, which is valuable for industries such as energy, finance, and insurance.
The opportunities for technology companies are as limitless as the universe itself. “Exploring new uses for space resources using robotics, 3D printing and AI could lead to the creation of building materials, fuel and infrastructure in orbit,” he says Varghese. . “Technology companies can also provide support such as: [planned] Microgravity-based settlements through technologies such as life support systems, closed-loop agriculture, and radiation shielding will create new markets in construction, logistics, and space travel. ”
Even cybersecurity providers have a role to play in the space market, Varghese said, customizing solutions that protect against satellite hacking while ensuring the safety and integrity of critical data. “The space market is a promising frontier for technology companies with the right expertise and innovative solutions.”
market direction
The best way for technology companies to enter the space market is to leverage existing expertise and resources to meet the space industry's emerging needs, Varghese said. “Identifying synergies between current business capabilities and space industry requirements will help you gain foothold,” she explains. Varghese adds that establishing partnerships with experienced space companies, government agencies, and other technology companies is critical to filling gaps in expertise and resources. “Space is highly regulated, so technology companies need to ensure their business models and technologies comply with relevant policies.”
Deloitte March 2023 Report; Riding the rapid growth of the universehighlights the changing landscape of the space market due to falling costs and technological advances. The report noted that rocket launches have soared, with 186 successful missions in 2022, an increase of 41 from the previous year. “With these more affordable launches and an influx of investment capital, the space ecosystem is being reshaped,” Varghese said. “As a result, we are seeing a surge in new entrants to this market, particularly space startups and the venture capital firms that support them.”
But space-focused companies looking for investors may be disappointed, warns Kelly Kedis Ogborn, vice president of space commerce and entrepreneurship at the Space Foundation, in an email interview. “Beyond government funding priorities, the capital environment is a bit tough at the moment,” she points out. “Company valuations will be lower, the amount of funding will be reduced, and it will take longer to raise funds.”
Ogborn believes there is a growing sense of urgency on the investor side to fund quick-win business cases. “It’s no longer just about great new technology; you need to find a way to quickly win by demonstrating that you have a customer base, the ability to scale, and a profitable path,” she advises. Masu. “There is now a growing interest in companies with proven capabilities and companies with a mature and clear product-market fit. [in areas] These include satellites, space hardware, and infrastructure. ”
final thoughts
Looking to the future, Varghese predicts that almost every technology company will become a space company at some point. “The growth of a space economy rooted in national defense and satellite communications presents many opportunities,” she says. “The world's top companies are already harnessing the power of space innovation, and this will have a major impact on the space economy and, in turn, the broader technology economy.”
It's an exciting time to join the space industry, says Weeden. “Innovation will be key,” she points out. “But innovation alone is not enough. [and] Finding the right way to reach your audience is the key to success. ”
