Commercial use of space

Commercial use of space is the provision of goods or services of commercial value by using equipment sent into Earth orbit or outer space. This phenomenon – aka Space Economy (or New Space Economy) – is accelerating cross-sector innovation processes combining the most advanced space and digital technologies to develop a broad portfolio of space-based services. The use of space technologies and of the data they collect, combined with the most advanced enabling digital technologies is generating a multitude of business opportunities that include the development of new products and services all the way to the creation of new business models, and the reconfiguration of value networks and relationships between companies. If well leveraged such technology and business opportunities can contribute to the creation of tangible and intangible value, through new forms and sources of revenue, operating efficiency and the start of new projects leading to multidimensional (e.g. society, environment) positive impact. Examples of the commercial use of space include satellite navigation, satellite television and commercial . Operators of such services typically contract the manufacturing of satellites and their launch to private or public companies, which form an integral part of the space economy. Some commercial ventures have long-term plans to exploit natural resources originating outside Earth, for example asteroid mining. Space tourism, currently an exceptional activity, could also be an area of future growth, as new businesses strive to reduce the costs and risks of human spaceflight. The first commercial use of outer space occurred in 1962, when the Telstar 1 satellite was launched to transmit television signals over the Atlantic Ocean. By 2004, global investment in all space sectors was estimated to be US$50.8 billion. As of 2010, 31% of all space launches were commercial. Timeline of private spaceflight The first commercial use of satellites may have been the Telstar 1 satellite, launched in 1962, which was the first privately sponsored space launch, funded by AT&T and Bell Telephone Laboratories.