Space Exploration and Colonization Demands Renewable Energy and Other Resources
- Jan 7, 2021 4:22 pm GMT
This item is part of the Special Issue - 2021-01 - Predictions and Trends, click here for more
Space exploration is rapidly catapulting into a new era of commercialization that is largely driven by the private sector. A perfect storm which is extremely bullish for business expansion in numerous sectors is brewing in the "Space space."
Morgan Stanley suggests that this global industry's revenues will climb from today's level of $350 billion annually to over $1.1 trillion by 2040.
According to University of Pennsylvania's Wharton School, technology innovation is working its magic on driving down costs. Initiatives that further the practice and use of reusable rockets and boosters have a significant impact on cost reductions. Also, intrepid visionary Elon Musk recently noted that he believes SpaceX's reusable 100-passenger Starship will only cost $2 million per flight to operate in space. Musk additionally stated that "the costs include $900,000 in propellant to get into the Earth's orbit and an additional $1.1 million in operational costs." SpaceX's analytical insight tells us that rocket fuel is almost 50% of the operational cost that is just needed to "get the show on the road." Perhaps even more critically, propellant is acutely vital to get explorers home from the likes of Mars. Making fuel for return journeys from the Red Planet is a prime focus of mission planning.
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