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Space no longer domain of aerospace companies, McKinsey

Thanks to lower costs and greater access, space is no longer the sole domain of large aerospace companies or public agencies with vast budgets. It’s a place that can deliver many benefits—both on Earth and in orbit—to almost any business sector. Across industries, from pharmaceuticals to semiconductors, some companies are already expanding their space capabilities, exploring new use cases, or piloting innovative applications. In a few years, industry leaders may compare these early movers to businesses that recognized the internet’s potential in the early 1990s and moved quickly to establish an online presence. The challenges ahead—both technological and financial—can’t be understated, but the potential of space is also immense. Companies that ignore it, either because they are bogged down in current challenges or underestimate the opportunities ahead, might eventually find themselves scrambling to catch up to the early leaders.

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