{"id":41352,"date":"2023-12-28T09:00:30","date_gmt":"2023-12-28T09:00:30","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=41352"},"modified":"2023-12-20T15:01:53","modified_gmt":"2023-12-20T15:01:53","slug":"looking-to-the-future-space-tech-forecast-for-2024","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/looking-to-the-future-space-tech-forecast-for-2024\/41352\/","title":{"rendered":"Looking to the future: Space tech forecast for 2024"},"content":{"rendered":"

2023 was a pivotal year for investments in space tech, with around $4.8bn being invested worldwide.<\/h2>\n

Historic events in the space tech sector also occurred, such as India\u2019s Chandrayaan-3 moon landing<\/a>, the advancements of SpaceX\u2019s Starship, and mergers and acquisitions from companies such as Maxar, Viasat, and Inmarsat.<\/p>\n

Countries worldwide realised that investments in the space sector were of critical importance, with national and economic security depending on space systems.<\/p>\n

The emergence of a new global space race has also evoked interest and competition.<\/p>\n

With the space race well and truly thriving, what space tech advancements could happen in 2024?<\/p>\n

Space tech: A developing frontier of innovation<\/h3>\n

In today\u2019s world, countries depend more on space as a mission-critical and developing frontier for information sharing and surveillance.<\/p>\n

Many networks are now switching from terrestrial (land-based) communications to cloud-based communications, utilising satellites to transfer data across long international distances.<\/p>\n

Space tech plays a crucial role in national security by observing adversarial threats and geopolitical moves in the form of satellites.<\/p>\n

Due to our increasing reliance on space, and particularly satellites, for communications, security, intelligence, and business, satellites and space tech are becoming increasingly important in 2024.<\/p>\n

What can we expect to see in 2024?<\/h3>\n

More strategic space tech partnerships<\/strong><\/p>\n

2023 saw a huge increase in strategic partnerships within the space tech sector.<\/p>\n

One example was the UK Space Agency\u2019s \u00a320 million International Bilateral Fund<\/a>, which linked UK organisations with the US, Canada, Australia, Japan, India, Singapore, South Africa and more to form collaborations that will progress space research and catalyse investment in new technologies.<\/p>\n

The satcoms sector is poised for further consolidation as operators proactively fortify their defences against the looming threats posed by the \u2018mega-constellations\u2019 of Starlink, OneWeb, and Amazon Kuiper.<\/p>\n

Expectations of consolidation extend into the Earth observation sector, driven by dual forces.<\/p>\n

Upscaling the Earth observation market<\/strong><\/p>\n

In the face of increasingly extreme weather events that are disrupting lives globally, accurate Earth observation has never been more critical.<\/p>\n

\"space
\u00a9 shutterstock\/Artsiom P<\/figcaption><\/figure>\n

Satellite technology development is facilitating a revolutionary era of space tech with data and analytics. Satellites are pivotal in monitoring and mitigating climate change<\/a> and help us understand our planet better.<\/p>\n

As governments and regulatory bodies intensify their focus on environmental transparency and sustainability reporting, businesses and organisations must adopt data from advanced Earth observation satellites.<\/p>\n

Consequently, this regulatory momentum is expected to ignite unprecedented growth in the space tech market, fostering the development and deployment of cutting-edge technologies that facilitate more accurate, independent, globally comparable metrics for monitoring our planet\u2019s vital signs.<\/p>\n

Countries will attempt missions to the Moon<\/strong><\/p>\n

2024 is set to be the year when countries and space tech organisations take a huge leap into the commercial lunar market.<\/p>\n

\"space
\u00a9 shutterstock\/Artsiom P<\/figcaption><\/figure>\n

Japan will be the leader in 2024 with its Artemis II mission<\/a>, with NASA astronauts circling the Moon but not landing on the lunar south pole until 2025.<\/p>\n

The Artemis programme is a government-funded, commercially driven mission with NASA awarding contracts with established industry players like Lockheed Martin and NewSpace giants like SpaceX, Blue Origin, and Firefly.<\/p>\n","protected":false},"excerpt":{"rendered":"

The emergence of a new global space race has also evoked interest and competition in space tech. What advancements will happen in 2024?<\/p>\n","protected":false},"author":22,"featured_media":41353,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[771],"tags":[809],"acf":[],"yoast_head":"\nLooking to the future: Space tech forecast for 2024<\/title>\n<meta name=\"description\" content=\"The emergence of a new global space race has also evoked interest and competition in space tech. 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