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| • | Space spending. The US spent nearly $200 billion on space in 2019, creating upward of 350,000 jobs. Many sectors are reaping double-digit growth from increasing investments in space-related activities. Yet despite being a burgeoning industry, space remains a small fraction of the overall economy. “We only spend half a percent of the economy on space and look what we have from it,” says one economist. Opportunities for innovation abound as manufacturing advances, technologies improve, and more companies build rockets and satellites. [Quartz] | | | | • | Back to Earth. The number of satellites in space has increased astronomically in recent years. The images they provide are crucial to how we understand the climate crisis. Nearly 50 years’ worth of satellite data provide the long-term view, and newer satellites have sharper imaging capabilities that allow researchers to monitor the world’s changing atmosphere all the way down to the community level. These enhanced tools can help identify early indicators for extreme weather events and improve environmental monitoring. [Space.com] | | | | • | Complications in the cosmos. As companies and governments continue to explore the cosmos, people on Earth are likely to benefit. Someday, you might be able to connect to the internet from anywhere or travel on a rocket from New York to Paris in 30 minutes. However, these exciting advances also come with challenges. With costs decreasing for rocket launches, tens of thousands of new satellites could soon be sent into space. Satellites that aren’t deorbited could remain in orbit for centuries, leading to more space debris and potential collisions. | | | | • | Tomorrow’s space economy. The space industry has come a long way, but where is it going in the next ten to 15 years? This edition of The Next Normal explores the space economy’s next decade through the perspectives of three McKinsey aerospace experts and four leading aerospace-industry executives. It also collates other takes on the sector, including topics such as R&D funding, space tourism, and commercial satellites. In the words of one expert, “If you don’t think you’re going fast enough, you’re not.” | | | | — Edited by Dana Sand | | This email contains information about McKinsey’s research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. | | You received this email because you subscribed to the On Point newsletter. | | | | Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007 | | | |
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