INDUSTRY VIEWS A NEW SPACE ECONOMY, A NEW SPACE RACE HASLINAWATI BESAR SA’AID LECTURER/RESEARCHER AEROSPACE SECTION UNIVERSITI KUALA LUMPUR – MALAYSIAN INSTITUTE OF AVIATION TECHNOLOGY
Historically, space was dominated by government agencies and huge aerospace corporations, with activities focused largely on national security and scientific research. However, in recent years, there has been a considerable movement in the space sector towards a new space economy, which is an emerging trend in the new space race. This new space economy refers to the increasing commercialisation of space, with governments all over the world investing in cutting-edge technology and research to push the boundaries of space exploration. Private enterprises, too, are entering the industry, bringing with them new sources of finance to fund space-related pursuits. As private enterprises and entrepreneurs become more active in space, new technologies and discoveries are expected to emerge, generating new opportunities and markets. Thus, space is now becoming a hotbed of innovation and entrepreneurship, with corporations developing new technology, launching new missions, and generating new products and services. Companies are no longer satisfied with simply building and launching satellites; instead, they are inventing new technologies, such as reusable rockets and 3D printing, that can significantly lower the cost of space access and enable new business models.
This race also holds potential for addressing global concerns like climate change, food security, and disaster relief through space- based operations. For instance, satellite technology may be used to track agricultural and forest health, anticipate the weather better, and reduce the effects of natural disasters. By delivering new tools and technology for agricultural monitoring and management, the new space economy has the potential to contribute to global food security. With a growing global population and increasing constraints on natural resources such as land, water, and energy, finding new strategies to improve agricultural production and sustainability is critical. Precision agriculture, which employs data-driven tools and techniques to optimise crop output while reducing inputs such as water, fertiliser, and pesticides, is being driven by the new space economy. This involves using drones and other unmanned aerial vehicles (UAVs) to collect high-resolution data on crop health and nutrient levels, as well as machine learning algorithms to analyse this data and give recommendations for optimal crop management. It also helps to build sustainable agriculture practices that prioritise environmental stewardship and social responsibility. Organic agricultural methods, agroforestry, and other approaches that improve soil health, biodiversity, and ecosystem services are examples of this.
Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry 112
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