The potential for innovative space applications is immense, especially if established aerospace companies form partnerships with businesses that traditionally haven’t ventured into orbit. The technological improvements have also intrigued investors, resulting in a surge of space funding over the past five years. Lower costs have opened the door to new start-ups and encouraged established aerospace companies to explore novel opportunities that once seemed too expensive or difficult. These activities, once primarily the domain of government agencies, are now possible in the private sector because recent technological advances in manufacturing, propulsion, and launch have made it much easier and less expensive to venture into space and conduct missions. Some hints of the coming changes are apparent, including the frequent headlines about SpaceX, Blue Origin, and other private companies launching their own rockets and deploying satellite constellations. And today, few people understand that the space economy-broadly defined as activities in orbit or on other planets that benefit human beings-could soon transform how they live and work. The passengers who boarded commercial flights just after World War II didn’t know that air travel would begin to soar over the next decade, nor did the masses who first logged onto the internet in the 1990s realize that computers would one day provide much of their news, entertainment, and social life.
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