Introduction.
I had written a similar article in 2014, got it misplaced
somehow. So, here's a new detailed one.
Space is humanity's final frontier.
As my Role Model says "Earth is the cradle of Humanity,
we cannot stay in the cradle forever. It is time to go fourth, be out there
among the stars, expand the scope and scale of human exploration". We all
know by now that Space tourism is gaining popularity and going to space is more
economical. Effective satellite launches, space research and observations via
[ISS], Effective communications, weather monitoring etc. But that is hardly 1% of what the Space
Economy actually is.
What is Space Economy
Space economy is the full range of activities and the use of
resources that create value and benefits to humanity in the course of
exploring, researching, understanding, managing, and utilizing space. It
includes all public and private factors involved in developing, providing and
using space-related outputs, space derived products and services and the
scientific knowledge arisen from space research.
It goes beyond tourism and into the areas of production,
trade, and commerce for goods and services both familiar and brand-new taking
place between the Karman line (approximately 100 kilometers overhead) and
Cislunar space (the volume between geostationary Earth orbit and the Moon’s
orbit) creating another world of possibilities for humanity.
How to build/contribute to the Space Economy
Not many are interested in it and the entire concept is way
too technical, hence I will make the explanation a bit simpler.
Let’s start with the basics. Just like any new country that has formed,
economic structuring requires few important factors like; Industries,
Trade/Commerce, Resources, Financial systems and transactions, settlements and
more.
Human activities which generate income and facilitate trade
are known as economic activities. Economic
activities are broadly grouped into primary, secondary, tertiary activities. Let’s
look into these activities and the implications, modifications made in a
general way to create/sustain a Space Economy.
1. Primary activities are directly dependent on the
utilization of earth’s resources such as land, water, vegetation, building
materials and minerals. It, thus includes hunting and gathering, pastoral
activities, fishing, forestry, agriculture, and mining and quarrying. [These
would need to be modified keeping in mind that we cannot rely on earth’s
resources]
Hence Asteroid mining, artificial agriculture, 3D Printing,
etc have been extensively researched upon.
2. Secondary activities add value to resources by
transforming raw materials into valuable products. Secondary activities,
therefore, are concerned with manufacturing, processing and construction (Space
infrastructure) industries.
Virtual Space industries, orbital stations, mega structures
and more will be required.
3. Tertiary activities include both production and exchange.
The production involves the ‘provision’ of services that are ‘consumed.
Exchange involves trade, transport and communication facilities that are used
to overcome distance. These can be easily facilitated using cryptocurrency. We
also need a central governing Federation that has representative from multiple
countries who form policies, regulate rules and lay foundation to the Space
Economy.
4. Quaternary activities are specialized tertiary activities
in the ‘Knowledge Sector’. There has been a very high growth in demand for and
consumption of information-based services from mutual fund managers to tax
consultants, software developers and statisticians. Personnel working in office
buildings, elementary schools and university classrooms, hospitals and doctors’
offices, theatres, accounting and brokerage firms all belong to this category
of services. These will have to modified the most as Quaternary activities is
the later stage in space economy sustainability.
Ultimately, when we are discussing The Space Economy what we
are truly discussing is the Fifth
Industrial Revolution.
Four broad areas of the Fourth Industrial Revolution are:
Yellow, Pearl, Long, and Black. Yellow, emblematic of gold, represents the area
of advancement in fin-tech, digital assets, and new forms of financial and
economic structures. Pearl is the area of advancement in robotics, AI, Big
Tech, and big data. Long is for longevity and the numerous leaps forward in the
field of health and wellness to include progress in genetics but also
tele-health and the potential for customized medicine. Last, Black is for the
energy revolution that is pushing ahead with new technology in nuclear, solar
and advanced batteries. For each of these four pillars of the Fourth Industrial
Revolution pathways forward into permanent habitation and expanded exploration
of space become not just easier but logical outgrowths of these advancements.
And the most interesting leaps forward in technology we can anticipate to occur
at the intersection of categories where convergence is likely to lead to
unimaginable new products and services.
The space sector is lately attracting much more attention
worldwide, as public and private investors look for new sources of economic
growth and innovation, and space economy has become a relevant domain for
high-tech innovation, commercial opportunities and strategic purposes.
Different kinds of activities, inputs and processes contribute to shape the
global space value chain.
Conclusion
This was a relatively small brief for the enormous concept
of Space Economy. There is a lot more to it than we think we know and there are
technologies available today that was considered science fiction in the 2000’s. I have
been tracking, researching and studying this topic since the 1st
successful launch of SpaceX in 2010. Elon made me believe that humanity can
become a Space faring civilization. I will definitely be a part of this. Have
some crazy Business Ideas too. Whenever I discuss this topic with people around
me, most of them feel uncomfortable. I’m not sure why. But that won’t stop me
from achieving my ambitions. I have made it my mission to be a part of the
space economy and today at the age of 25, I’m confident that there are many
others around the world working hard for the same cause. The explosion in new age technology, advance engineering,
biotech, alternative energy and more, will help us achieve targets before this
century ends. Our ability to communicate and build is what made us intellectually
powerful compared to our forefathers. We need to become a Multi-Planetary
Species to ensure the expansion and survivability of the human race. Let’s work
together and create history.
I am always available to connect, collaborate and
discuss this topic with like minded people.
“I
find the future to be incredibly exciting, that makes me glad to be alive. I
hope you feel the same way” -Yohhan Abraham
For those of you who want to know more and read technical
articles:
McKinsey: https://www.mckinsey.com/featured-insights/the-next-normal/space
Harvard business Review: https://hbr.org/2021/02/the-commercial-space-age-is-here
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