A Rocket Fueled Economy

In the early 1960’s, President John F. Kennedy set the ambitious goal of landing on the moon before the decade concluded. Nearly six decades later, a new goal of landing on Mars has surfaced. The only problem? Space travel leaves behind a substantial bill. It was only until recently that the founder of SpaceX, Elon Musk, along with help of NASA, has significantly cut the costs associated with space travel.

The importance of Space Travel

According to a CNN business article, Space is our new economic frontier. The U.S. can’t afford to lose out. It becomes clear that Space travel is an essential factor in driving our economy through trade, job openings, and technological advancements in the coming decades. An industry that was worth $158 billion in 2018, is now valued at $400 billion in 2020, as reported from the Federal Aviation Administration. As for the future of this industry, Morgan Stanley predicts a value of over $1 Trillion by 2040. As the US continues to be dominant in this fast-growing industry, future discoveries and innovations will prove to have impactful, positive effects on the entire economy.

Exploration at a cheaper cost

In order for the US to continue leading in the space industry, it is essential that associated costs are cut significantly. The Next Economic Revolution Just (re)Launched touches on some important ways that Elon Musk and NASA have successfully reduced costs of spaceflight. The most recent breakthrough being the reusability of a rocket’s boosters and fairings. Together these pieces combine for approximately $43 million or 70% of the cost to build and launch a rocket. Additionally, parts used for these rockets are being built in-house as compared to competitors who have no choice but to purchase them.  The ability to develop a completely reusable rocket is the first and most important step of creating a space empire, and we are nearly there.

Commercial Flights

Leaving Earth’s atmosphere could soon be a popular traveler’s destination idea. Companies like Virgin Galactic and Blue Origin have made it their mission to open up the space frontier to anybody that desires to go. Over 600 customers currently have deposited a down payment for this experience without a defined launch date. Ticket prices previously ran at about $250,000 according to Virgin Galactic. A hefty price to pay, but that won’t hold anyone back from pursuing their dreams. With new discoveries, these companies hope to drastically drop ticket prices in the future, expecting to drive the demand through the atmosphere.

Takeaways

Space exploration has always been something human kind wanted to advance, but we either never had the means or the money to do so. Today, we are closer than ever to making spaceflights and long-term expeditions easily accessible for just a fraction of historic costs. The space program will continue to prove its importance, shape society, enrich global economies, and advance the human race. We rely on space travel more than we know, through satellite communications, location services, etc. Space has played a very significant part in going about our day-to-day lives. Becoming a multi-planetary species is within our reach and it is important that the U.S. is the driver of this movement.