Where will the opportunities be in the future space economy?

Satellites, space junk, and staffing  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

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The future of space In the news • Talent search. The space industry’s toughest challenge is a shortage of talent to execute its lofty goals, top executives shared at a recent satellite conference. Leaders said that until space companies can attract more diverse talent, they will have to keep competing for the same people. One COO noted the problem of inflated salaries. “How can we all afford all of these people?” mused the executive. Others shared that the allure of “cooler tech” in other fields, along with the COVID-19 pandemic, were obstacles to recruitment. [Space News] • Saving satellites. Most of the satellites now orbiting the Earth will turn into space junk once they break. That’s because—outside of sending astronauts to do the work—there’s no way to routinely refuel or repair those satellites. But human spaceflight is costly, so the public and private sectors are turning to robots to manage the tasks. Researchers are developing robots with mechanical arms that can service satellites from high above the planet. These efforts could enable companies to produce better and more affordable satellites. [Smithsonian] “There are a number of new fellowships designed to help make the aerospace industry a more diverse and dynamic environment, and the individuals who become alumni of these fellowships are going to change the world.” On McKinsey.com • Building trust. Companies hoping to succeed in the future space industry will need to build trust alongside the proper technologies, says Airbus U.S.’s Debra Facktor in an interview with McKinsey. Thousands of additional satellites will be circling the Earth in 2030, making it likely that servicing them in orbit will be a new opportunity. “Today, if your car breaks down on the side of the road at midnight, you can call a service you trust,” says Facktor. “The same thing can happen in space.” • Artists in space. Making the space economy work will take all kinds of people. Along with math, science, and technical talent, we will also need people who communicate well, people who can draw up contracts, experts in political science and in the arts, says Facktor. “The space sector needs to invest in talent and encourage young people—especially women and underrepresented minorities—to go into fields like aerospace.” Read the full interview for how government and industry leaders can develop the space economy, plus the biggest ways that companies can stand out. — Edited by Belinda Yu    Go beyond Was this forwarded to you? Sign up here. Or send us feedback — we’d love to hear from you. Follow our thinking 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. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007