Global space economy projected to hit $1.8 trillion by 2035 as startups surge
The global space economy is set to reach a staggering $1.8 trillion by 2035, according to projections. This growth is being driven by an influx of major investments into the sector, which has opened up due to falling launch costs and improved satellite data processing.
Space infrastructure startup Mantis Space raises $15 million
Mantis Space, a space infrastructure startup, recently secured $15 million in funding. The company’s CEO, Eric Truitt, attributes this success to cheaper access to orbit, driven by reusable rockets like SpaceX’s Falcon 9, which has reduced launch costs to about $7,000 per kilogram.
New focus on orbital power distribution network
Mantis Space is developing the first orbital power distribution network. The system would use laser-based transmission to beam energy between satellites in medium Earth orbit, reducing reliance on onboard batteries and sunlight availability. This shift was made necessary by physics constraints that made beaming solar energy directly to Earth less viable.
Geopolitical demand for space-based defence capabilities
Investors are also attracted to the growing geopolitical demand for space-based defence capabilities. The commercial success of companies like ICEYE in the satellite data market, alongside rising defence spending, is a major growth driver for the sector.
Challenges remain despite growth and investment
Despite the surge in investments and growth, industry leaders warn that startups face challenges such as securing stable long-term contracts and operating complex satellite systems reliably at scale. Additionally, launch capacity remains a constraint, with firms often needing to book rocket rides well in advance.