This story requires our BI Prime membership. To read the full article,Space tech is a booming sector of the market for private funding with companies tackling some of the most pressing issues on this world and beyond.
The market for space related enterprises is currently worth around $350 billion and could be as much as $1 trillion by 2040,Since 2009, $22 billion has been spent in VC funding on some 476 space tech and space-related companies, according to Space Angels Network data.From re-usable rockets to advanced imaging, space tech encompasses a variety of incredible new use cases for businesses.
Space is now being taken seriously as a sector. The market for space related enterprises is currently worth around $350 billion and could be as much as $1 trillion by 2040,The applications vary from solving climate change and improving weather data to enabling cheaper rocket launches, greater mapping of space debris, as well as longer-term projects like space colonization and off-world heavy industry.