The Moon holds the promise for a robust lunar marketplace and economic growth.
Moon, the only satellite of our planet Earth, has been a key research interest since ancient times. Even after research over centuries, we probably know a tiny bit about the universe. Thus, scientists are becoming more focused on space research especially our nearby objects including moon. Since first landing of man in 1969 to Chandrayaan-3 in Lunar south pole, every step is equivalent to a huge leap for humanity’s future. On this International Moon Day, we will discuss about the potential of lunar economy in upcoming days.
Before we go into, let's understand why this day was selected for celebrating the Moon day. Meanwhile, 20th July marks the date of landing on the lunar surface for the first time in 1969. To honour that, scientific community choose this day to celebrate International Moon Day to raise awareness about importance of space exploration.
(Credit - @LunarOutpostInc X handle)
Just like the earth, moon itself holds its huge economic potential, even in absence of humans. Let's understand how.
Ownership of Space: Ever wondered who actually owns the space? Well, the answer is not nobody! Various governments, billionaires, and private companies have shown tremendous interest for commercial exploitation of the space. It's mostly focused on space-based services, launching capabilities, as well as space tourism.
Astronomical Opportunities: You might be wondering how scientists and policy makers are planning to extract money from a barren land! Let's understand how.
It's a great opportunity for mining industry to precisely locate and extract natural resources like water. It's impossible to take everything from the earth build the base on lunar surface. Thus, accurate prediction of oxygen, hydrogen, mining materials are crucial for human base set up.
Utility companies can plan for remote management of power generation, distribution, storage, and other infrastructure development on lunar surface.
At FUTURA @itsFutura we are working to expand infrastructure in space and become multiplanetary species.
— Cielo Lavergne (@cieloinspace) June 14, 2024
We bet the lunar economy is going to be the key of the next 100 years and we want to contribute in the making of it.
A sustainable future awaits on the Moon! pic.twitter.com/7p7aA7M9LM
(Credit - @cieloinspace X handle)
Data is the most important resource nowadays, thus, database management companies can possibly use, store, and analyse satellite data.
For entertainment industry, there is huge potential to create video games, movies, or even virtual leisure activities on lunar surface.
The logistics sector has the opportunity to transport life support systems, agricultural equipment, and essential medicines to the moon.
“Having a long-term robotic or human presence on the Moon could require innovative services that exploit Moonlight’s capabilities,” according to European Space Agency (ESA).
Successful creation of these businesses will boost lunar economy.
Space Tourism: “Chand pe hai apun (Currently, I'm on the moon),” the famous quote from Netflix webseries “Sacred Games” might possibly become reality soon with the boost in space tourism. Of course, the recent space tourism ventures are focused on low-orbit travels, but, rapid growth, new technologies, as well as discovery of cave beneath the moon surface might open the door for next-level of space tourism.
Economic Growth Potential: Currently valued around $518.48 billion, the space economy is predicted to touch $1,110.84 billion by 2030. India's space sector is not far behind. As per recent estimation, it is set to touch worth $13 billion by 2025.
Hundreds of moon missions are scheduled for launching in coming years. Alongside commercializing the space, the economic potential is creating new actors like SpaceX and Blue Origin.
Currently, European Space Agency (ESA) and National Aeronautics and Space Administration (NASA) are calling for innovative ideas for lunar business.
