Space – The Growing Frontiers
Space is a major growth area with many worldwide initiatives underway across both the defence and civil domains.The Space Foundation reports that the sector has grown at 5.1% CAGR from 2013 to 2020 and is projected to be worth up to $1 trillion by 2040. Commercially, there is a vast array of new space technology applications, and these will provide immense opportunity for traditional players and new entrants. Globally the space domain is being explored by more nations. The United States Space Priorities Framework describes space activities as essential to our way of life and defines their need to maintain leadership. However, by 2049, China aims to match or surpass U.S. global influence and power. It has already become the third nation behind the U.S. and Russia to launch humans into space. The U.S. sees Russia as a continual key space competitor with the weaponry and command-and-control systems to quickly identify, track, and target U.S. satellites during a conflict, with growing anti-satellite (ASAT) and electronic warfare system capabilities.
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