Space Industry Predictions 2024
18th January 2024
With 2024 underway, the global space community is gearing up for a year of growth, innovation and partnership across the industry.
Space is projected to climb 41% over the next five years, and with multiple UK firms planning launches, new technology in the works and global agencies collaborating, the industry will be at the forefront of global headlines.
The Space-Comm Expo team has been unearthing the most exciting plans the industry has to offer, and here is a round-up of the biggest predictions for space over the next year:
Private Space Exploration: Private companies like SpaceX, Virgin Galactic, and others will continue to play an increasingly significant role in space exploration, including crewed missions, satellite launches, and even plans for space tourism.
Satellite Mega-Constellations: Companies will continue to invest and deploy large constellations of small satellites to provide global internet coverage. If all the missions planned by 350 commercial and government constellations analysed by Quilty Space, a research and consulting firm, reached orbit, an incredible 478,000 total satellites would be in space by 2030.
Advancements in Rocket Technology: Innovations in reusable rocket technology will continue to change the economics of space travel. We are set to see more companies investing in developing reusable rockets to reduce the cost of launching payloads into space.
International Collaboration: There are positive signs that international partnerships in space exploration and research will grow. The collaboration between NASA and the European Space Agency (ESA) has been particularly fruitful. Together, they have embarked on numerous joint missions, such as the Hubble Space Telescope and the Cassini-Huygens mission to Saturn. Projects involving space agencies from different countries will increase, fostering collaboration on missions, research, and technology development.
More Lunar Exploration: Several countries and private entities have already mobilised their plans for lunar exploration, with the launch of the private Peregrine lunar lander mission on 8 January 2024 kicking off this year’s planned events.
However, the year of ‘Lunar Exploration’ it isn’t going to be smooth sailing. NASA’s first crewed Artemis mission, a flight to send four astronauts on a voyage around the moon and back, is already being delayed from its original timing of late 2024 to at least September 2025.
Advancements in Space Technology: Ongoing advancements in technology, including generative AI, robotics, and advanced materials, will contribute to the development of more sophisticated and capable spacecraft and new sustainable rocket fuels.
The trends, projects and predictions will be discussed and on show at the upcoming Space-Comm Expo, taking place 6-7 March 2024 at Farnborough International Exhibition & Conference Centre.
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