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Categories: 2016, Government Science and Communication

The Increased Liability of New Launch Markets

The next generation space race prize is the integration of space-dependent technology reliably in modern society.  This paper is offered as an examination of an expanding diverse space launch industry as well as the necessity for increased capacity of resources in the underwriting space.  Consumers are already space application dependent. There are 1 billion GPS receivers already deployed and expected to grow to 7 billion by 2022.  As an example, satellites transformed 800 analog channels in 1991 to more than 25,000 digital channels today. Without GPS, money isn’t accessible from an ATM. Space plays a greater role in day-to-day life and liability coverage will become more important. If a satellite fails, for example, businesses relying on satellite services to function may want to claim for lost income or expenses incurred. Growth of space business has been characterized by a shift away from the military and the public over to the private sector. Space activity was largely funded through government bodies such as NASA, the European Space Agency or the Japanese Space Agency. With recent estimates by the Satellite Industry Association placing cumulative satellite industry revenues at over $195.2 billion, a number of private companies are successfully entering the space industry and space application world. Governments and space agencies, which were ordering and building space hardware themselves, are now shifting towards buying services from private companies. Additional operators are close to adding to the number of launch providers which again, will mean new opportunities and underwriting challenges.

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Author: Robert Williams
Topic: Government, Science and Communication