Offline capacity in Gulf of Mexico supports prices
energy4 hours ago
Jeff Bezos may not have gone where no man has gone before, but in successfully landing its New Shephard rocket back on Earth, his rocket company Blue Origins has pipped ahead of rivals in the race to make space commercially viable. It's a significant coup in the latest incarnation of the space race. And it may have given pause to Elon Musk, the founder of rival SpaceX.
Even though New Shepard's suborbital landing is simpler than landing a rocket back from Earth orbit, as is SpaceX's goal, it is still a significant feat. At present, all rockets being launched into space are either destroyed or abandoned after take-off. So the race to make them reusable is the next crucial step toward making space flight commercially viable and routine.
Today's space race is far different from the days when Neil Armstrong landed on the moon.
The emergence of Blue Origin and SpaceX is as much a reflection of a less regulated space industry as the conviction and vision of the individuals who are investing billions in pursuit of bigger objectives. Originally spurred by government seed funding from Nasa, space exploration has become big business - and commercial space activity is expected to double over the next decade from today's US$250 billion.
An amazon in space travel?
Space flight company Blue Origins, owned by Amazon founder Jeff Bezos, successfully landed its reusable rocket New Shephard at a launch site in west Texas. The vehicle reached an altitude of 100km before returning to its booster landing position. The rocket's unique top ring fin helped control re-entry. In addition, eight drag brakes were deployed to reduce the terminal speed of 623km/h and small hydraulically actuated thrusters steered the vehicle through high altitude crosswinds to a location precisely aligned with the landing pad.
Joint effort
What's more, today's space race is less of a competition with only one possible winner. This is a race of consortia that often includes both private entities and multiple government agencies. It brings together commercial, scientific and military interests.
In many ways it is driven by a perceived need to expand the human presence beyond a single planet - not just commercial interests. The next step is journeying to Mars.
Thus, the ultimate goal of the space race 2.0 is couched in existential ideas of survival. And, while we develop the capability to travel and settle on other planets, there will be several winners along the way.
The pattern of success will resemble commercial competition, with its ebbs and flows and changes in fortunes, rather than a duel between two superpowers with a clear symbolic goalpost.
So Bezos might have the limelight right now, but Musk will likely regain it soon; undoubtedly followed by others who enter the race.
The winners along the way will be the states and companies with the foresight and finance to develop the commercial applications of space activities.
Democratising space exploration
The space exploration industry is morphing. It used to be a traditional hierarchical model where commercial entities were suppliers to state agencies that conceived of, led and carried out missions.
In recent years it has been moving toward a network model where collaboration across commercial as well as state entities is crucial. And, as we are increasingly seeing, commercial entities can launch their own missions.
In particular it is the low-orbit missions that are being given over to companies. Once-dominant government space agencies are now focusing their resources on the bigger prize of deep space exploration such as Nasa's planned mission to Mars.
The emergence of companies such as SpaceX, Blue Origin and Orbital ATK for example has been spurred by government seed funding awarded through Nasa to ferry supplies and astronauts to the International Space Station, which also reduces Nasa's reliance on Russia in this regard.
The commercial space sector stands on the shoulders of giants. There is no doubt of the debt that is due to original state investments, which developed the technology, infrastructure and human capital that is now drawn on by commercial space companies. There is also no doubt that regulation, while overbearing and constraining at times, has been there for good reason. Recent accidents such as those suffered by SpaceX and Orbital are reminders that space travel is difficult, dangerous and unpredictable.
Yet, there is no substitute for the entrepreneurial spark, energy and ambition that drives commercial space companies.
The spoils of space
The space industry's shift from a tightly regulated domain with high barriers to entry and a select few competitors towards a more deregulated, easier to enter and hotly contested field is ultimately good for humanity.
This shift applies evolutionary principles (variation, selection and retention within a competitive context as the most efficient way to select winners and allocate resources) to an industry that some, including Stephen Hawking, have called a "life insurance" for the survival of the human race.
The benefits do not just relate to profit and species survival. Space exploration feeds the human spirit. Nothing has captured the world's imagination more than the original space race, when humans set foot on the moon.
Space feeds that human propensity to push frontiers and go beyond what had previously seemed possible. It is partly for this reason that critiques and pessimism regarding the commercial viability of this industry miss the point.
In the longer term, the commercial benefits will likely accrue, particularly when the puzzle of how to safely and reliably re-use launch rockets from Earth's orbit is solved. Asteroid mining, space tourism, faster cross-continent earth transport, more efficient and expanded scientific, entertainment and military applications, and all sorts of services yet to emerge, will become possible and commercially viable. And business is increasingly leading the way.
Snap fact: Only 551 humans have travelled above Earth's atmosphere and into space
Others in the race
Richard Branson (Net worth $5 billion)
Virgin Galactic
Virgin Galactic is comprised of hundreds of dedicated and passionate professionals - including rocket scientists, engineers, and designers from around the world - united in creating something new and lasting: the world's first commercial spaceline. A spaceline for Earth.
VG is exploring this concept in a giant body: a retired 747-400 commercial jet aircraft, previously operated by Virgin Atlantic under the nickname 'Cosmic Girl,' will provide a dedicated launch platform for the LauncherOne orbital vehicle. The launch system is capable of launching over 400kg of payload to other orbits.
Elon Musk (Net worth $12.5 billion)
SpaceX
SpaceX designs, manufactures, and launches the world's most advanced rockets and spacecraft. The company was founded in 2002 by Elon Musk to revolutionise space transportation, with the ultimate goal of enabling people to live on other planets. Today, SpaceX is advancing the boundaries of space technology through its Falcon launch vehicles and Dragon spacecraft. The company is working toward a reusable rocket and the ultimate goal of putting a human on Mars.
Currently under development is the Falcon Heavy, which will be the world's most powerful rocket. All the while, SpaceX continues to work toward one of its key goals - developing reusable rockets.
Loizos Heracleous is Professor of Strategy, University of Warwick
Thewire.in
Offline capacity in Gulf of Mexico supports prices
energy4 hours ago
Course offers training in English language, interviewing skills, resume writing, and job search tips
business4 hours ago
Beloved to tourists as well as residents, these spots not only fulfil your food and shopping cravings, but also provide experiences in nature
uae4 hours ago
It means that residents are within a quarter-hour walk or bike ride from everything they need to a lead a good life
world5 hours ago
The Minister of Youth shared some exercises — from walking to fitness and balance training — integral to his reconditioning programme
uae5 hours ago
Pezeshkian's remarks came as the Islamic republic marked the anniversary of the September 2022 death of 22-year-old Iranian Kurd Mahsa Amini in police custody
world5 hours ago
Agents opened fire on a gunman who was spotted with an assault-style rifle hiding in bushes at one of Trump's Florida golf courses
americas6 hours ago
The superfans stumping for Kamala Harris are not formally affiliated with the artist who unites them
world6 hours ago