Bank of America forecasted this week that the market for goods and services related to space will expand to become worth $1.4 trillion in the next decade. This figure represents a more than tripling of the current size of the space economy. The space economy has continued to expand, mostly thanks to a record era of private investment and chances for new investors in companies involved in spaceflight, satellites, and other areas of the space industry. Epstein stated that there will be “more to come” even though Bank of America only monitors 14 publicly traded stocks that have exposure to the space industry.
Bank of America forecasts that the revenue generated by the industry would increase by 230%, from around $424 billion in 2019 to over $1.4 trillion in 2030, assuming a compound annual growth rate of 10.6%, which is the average growth rate over the past two years. That would bring the economics of space travel up to a level comparable to that of the worldwide tourist industry, which, according to Bank of America, is a $1.5 trillion business.
Orbital Space Technology
Orbital Space Technology is in the process of developing and designing the building that will serve as both the company’s headquarters and the building in which it will carry out its facility operations. This process is presently underway. This structure will be developed in the next months and will have its location determined to be in the United Kingdom. This building will serve two distinct functions: the first will be to house the company’s administrative offices, and the second will be to house the company’s manufacturing operations.
Both of these functions will be housed within the same building. These two activities are going to be carried out within the same structure. During this period of transition, the company is putting the finishing touches on its projects in order to get ready for the process of submitting applications for financial assistance. These applications will be submitted in order to prepare for the shift. Because of this, the business will be able to advance to the subsequent stage much more rapidly. This process will be carried out once the company has successfully navigated through this phase of the change.
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