What Happened
New Space Economy Emerges With Practical Applications
The space industry is undergoing a significant transformation, with satellites and space infrastructure playing a crucial role in unlocking a potential trillion-dollar market. According to a report by the World Economic Forum and McKinsey, the global space economy could grow to $1.8 trillion by 2035. This growth is driven by the increasing use of satellite services in various industries, including communications, transportation, and agriculture. As reported by Unknown Source, the space economy is becoming a significant economic sector, with commercial activity accounting for most of the total.