In the realm of space exploration, a paradigm shift is underway. No longer solely focused on outward journeys, today’s space revolution revolves around inward Earth observation and sensing by satellites. This silent transformation heralds not just technological advancements but also profound strategic opportunities and risks.
The growing volumes of intricate Earth data captured by satellites offer a treasure trove of opportunities for innovation and collaboration. Yet, they also unveil unprecedented operational transparency, exposing stakeholders worldwide to new challenges and complexities. Harnessing this data effectively has emerged as a pivotal driver of value across industries.
However, the increasing congestion in Earth’s orbit poses commercial complications and collision risks, underscoring the urgent need for long-term sustainability measures. Privacy concerns loom large as space-based observation becomes more pervasive.
Space serves as a strategic vantage point, providing a wealth of actionable data amid Earth’s exponential changes. At EY, global experts in the space industry convene to dissect its evolution and the challenges it must confront.
Here are five key areas shaping the space industry’s trajectory:
1. New capabilities and ecosystems
Advancements in satellite technology, coupled with enabling technologies like cloud-based applications, machine learning, and Edge AI, are unlocking novel capabilities. This expanding ecosystem fosters innovation and collaboration on a global scale, with connectivity playing a pivotal role.
2. New use cases and business opportunities
The democratization of Earth observation data spurs a universe of new possibilities, from reshaping industries like agriculture, fisheries, and mining to fueling commercial ventures and solutions.
3. Sustainability on earth
Satellite imagery emerges as a potent tool in achieving sustainability objectives, aiding companies in assessing, reporting, and improving their environmental performance. The growing ecosystem around space data fosters partnerships and accountability, driving corporate action on sustainability.
4. Managing the global commons
The escalating collision risk in Earth’s orbit underscores the need for effective management of this global commons. With no central coordination in place, commercial space operators face mounting challenges, necessitating long-term thinking and governance solutions.
5. Economic challenge
Unprecedented access to space data presents enterprises with an economic imperative. As they vie to unlock value from this data trove, strategic actions include acquiring skills, piloting initiatives, and considering partnership opportunities.
The race for data in space is on, with winners being those who act decisively and strategically. Established actors must adapt to remain competitive, while newcomers seek integration and partnerships for survival. The sector’s boom around 2030 beckons, but success lies in starting early and navigating the challenges ahead.
As industry leaders gather to share insights and experiences, they illuminate the path forward, offering invaluable lessons and foresight for the journey ahead. In the ever-expanding cosmos of space exploration, the possibilities are limitless, awaiting those bold enough to seize them.
Article written by Gabriel De Maigret, EY Luxembourg Audit Assurance Partner, PPD Leader and Frédéric Munch, EY Luxembourg Assurance Audit Senior Manager.
