Space is no longer the exclusive domain of government agencies and private space companies, per a new report from Deloitte Consulting, which claims that organizations across a wide range of industries—transportation, finance, manufacturing, pharmaceutical, research and communications, among others—that have never been viewed as space pioneers are teed up for opportunities and disruption.
Just within low Earth orbit (LEO) alone they predict an eightfold increase in today’s economic value by 2035 with the right investment and incentivization, according to Deloitte research. In the same way that information technology has powered business growth for decades, space technology and other xTech domains promise to propel the next generation of business value, per Deloitte, which adds that billions have been made by pioneers who helped their customers realize value from InfoTech, and that pioneers in this space will help their customers realize trillions in value from xTech.
Deloitte’s SpaceTech report is the inaugural issue of its “xTech Futures” series, which focuses on new and exponential technologies. The report spotlights the untapped potential for companies in all industries to play a role in the space economy, while cautioning that ethics must be a core tenet of innovation to avoid the exploration pitfalls of Earth’s past.
“The space industry is entering a renaissance," said Mike Bechtel, chief futurist and managing director, Deloitte Consulting LLP. "Space has never been more accessible, and the potential for breakthrough discoveries has never been greater. As exploration gives way to economics, it will be important for companies in all sectors — not just those traditionally associated with space — to begin planning for their role in what figures to be the ultimate emerging market.”
Added Brett Loubert, space leader and principal, Deloitte Consulting LLP, "Throughout history, space has captured the human imagination. And as space becomes more accessible to more types of businesses than ever before, we’re at the cusp of a profound transformation — one that promises businesses in all industries an extraordinary market opportunity.”
