Commerce Undersecretary Sees Space Industry As $83 Billion Market Growing At 16 Percent A Year

Communications Today, Nov 8, 2001

The commercial potential of the U.S. space industry is poised for "new applications, new markets and renewed growth" in the coming decade, Under Secretary of Commerce for Technology, Phil Bond, said Wednesday at a conference focused on market opportunities in space.

Bond cited the economic importance and potential of the space industry, which today is an $83 billion dollar market worldwide and growing at an annual rate of 16 percent.

"The federal government plays a pivotal role in creating a climate to support the private sector's efforts in the space industry market, and today's conference illustrates one way government and industry can work together to strengthen our nation's economy," said Commerce Secretary Don Evans.

The Office of Space Commercialization, overseen by Bond as part of the Commerce Department's Technology Administration, is seeking to assist and accelerate the development and application of a wide variety of technologies in space that include information technology, biotechnology and nano-technology.

Bond asserted that business opportunities exist now in a wide range of industry sectors that include cargo delivery, passenger travel, pharmaceuticals, materials development and power generation.

"Not only can these opportunities become billion dollar industries in space, development of these technologies can enhance our national security by enabling such advances as reusable launch vehicles for military space missions and orbiting pharmaceutical labs for countering bio-terrorism," Bond said.

The conference, "Market Opportunities in Space: The Near-Term Roadmap," brought together business, academia and government leaders to discuss the necessary conditions, as well as barriers, for market growth. >TK