Following on the topic, new avenues for economic growth and job creation are introduced. Private space businesses like SpaceX, Blue Origin, and Virgin Galactic are investing billions of dollars on space infrastructure, spacecraft, and launch vehicles, creating new employment and boosting economic growth in regions all over the world. The emerging space industry is also pushing innovation in space tourism and entertainment, opening up new avenues for people to travel to space and learn about the universe. While space tourism is still in its infancy, commercial companies are already booking suborbital flights and planning orbital space tourism missions for the next few years. This market has the potential to become a significant source of revenue for the space industry. In addition to these businesses, there are many additional companies and sectors active in the new space economy, such as propulsion systems, space trash clean-up, and space situational awareness. Resources and deep space industries are developing technology to mine resources from asteroids and other celestial bodies. This has the potential to supply a new source of important resources, such as rare metals and water, to support human operations in space. We can expect the establishment of new enterprises and sectors focused on creating and commercialising new space technology and uses as the new space economy evolves. In fact, many of the materials, propulsion systems, and communication technologies developed in space are currently used in a range of industries on Earth, including healthcare, energy, transportation, and telecommunications. Mars exploration has further inspired new technology and stimulated interest in space exploration, resulting in the formation of new industries and commercialisation potential. The creation of new spacecraft and technology has been one of the key implications of Mars exploration on the emerging space economy. Because of the specific problems faced by a Mars trip, including the long journey time and hostile climate, new propulsion systems, life support systems, and advanced robotics have been developed. Beyond Mars exploration, several of these technologies have been applied in other space missions and commercial uses. Mars exploration has also aided the growth of the space sector by encouraging new entrants and opening up business prospects in space tourism and mining. It has piqued public and private sector interest in space exploration and technology, resulting in greater financing for space programmes and the development of the space industry.
Southeast Asian nations have developed a significant interest in the space economy due to its potential, with Malaysia among the front-runners. Malaysia is well- positioned to benefit from the new prospects brought by space research and exploitation thanks to its strategic location, booming aerospace industry, and expanding scientific skills. For example, Malaysia has launched Space Industry Strategic Plan 2030 (SISP), with 12 new strategies and 24 initiatives. Among them are initiatives like the launching of the country’s high resolution remote sensing satellite at the end of 2025 and the drafting of a national spaceport. In addition, the Langkawi International Space Forum (LISF) was organised, under the theme of ‘Catalysing Asia’s Space Ecosystem.’ The forum brings one objective, which is to support collaboration and teamwork in space science, technology, and innovation.
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Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry
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