The continued growth in the space and satellite sector is creating opportunities for new businesses, while supporting the development of new services from well-established ones. The technologies found within the sector underpin and catalyse growth in several critical areas such as energy, telecommunication and transportation. But as businesses are no doubt aware, there are multiple stages to go through before services can be launched and maintained.
Getting off the ground
The space and satellite economy is growing rapidly. By 2040, it is expected to be worth approximately $1 trillion USD by 2040, according to The Space Foundation. However, it can be hard to get a foothold in the sector – space technologies are capital intensive, and for most businesses to build a suitable portfolio to establish themselves, they will need to raise a large amount of funding.
This isn’t always easy, especially in recent times. 2023 proved a difficult year for growing space companies and start-ups when it came to raising capital; private businesses raised $17.9 billion USD last year. This may seem like an eye-watering figure, but it actually represents a 25% reduction from 2022, and is the lowest amount raised in ten years.
Our client Space Leasing International (SLI) is one company looking to address this challenge, offering customers an alternative to financing the purchase of capital-intensive assets. Through end-to-end leasing options, manufacturers and operators of assets will have additional options when it comes to growing at scale and managing innovator risk. The aim is to open up greater opportunities for businesses looking to be active in the sector.
Rules and regulations
While many new businesses have a strong idea for innovative services or products, they may not have the workforce, budget or expertise in spectrum regulation and market access to successfully launch them. On the other hand, well-established operators may have the financing and know-how, but lack the bandwidth to cover all areas required to advance their dynamic new offerings. This expertise in spectrum regulation is vital, as companies need to ensure their operations align with complex international rules and guidelines to actualise new services and technologies.
At the recent World Radiocommunication Conference in Dubai alone, there were 43 new regulatory resolutions approved, and 56 existing ones revised. Responding to these rapid changes within the space and satellite sector can be tricky, which is why consultancy firms such as our client River Advisers are vital to the industry. When time and resources are constrained, consultancy firms provide expertise and relationships with regulators to offer key insights to businesses and lend them creditability to get their operations off the ground.
Protecting your assets
Once up and running, companies using satellite technologies will be in a better position to meet the rising demand for digital connectivity, whether it’s applications such as military surveillance and intelligence gathering, to broadcasting, navigation and more.
However, these businesses need to implement the latest security measures to make sure their assets aren’t affected by hacks or attacks. A recent academic paper from researchers from the Ruhr University and the Cispa Helmholtz Center for Information Security identified a number of vulnerabilities in existing satellite infrastructure, where a lack of basic security principles were evident. These included ‘unprotected telecommand interfaces’ which operators use to communicate with their technologies in orbit.
Securing these communications is critical. Thankfully, as satellite technology continues to advance, so too have the solutions available to secure them. Choosing the right architectures, specifications and technologies can quickly reduce the severity of cyberattacks, and standards organisations such as our client the Trusted Computing Group (TCG) are playing a crucial role in making these readily available. Widely available specifications such as CyRes can ensure a first line of defence against persistent malware, and better protect essential codes and data. They can also restore satellite technology to a trusted state if the infrastructure is successfully hacked.
An agency you can trust
The satellite industry isn't a simple sector – it has its own rules, own verticals and a complex ecosystem which can be hard to navigate. At any stage of your business plan, whether its funding, launching, or maintaining operations, you need an agency that understands the unique requirements of the sector. Representing clients from across the space and satellite landscape, Proactive PR understands the unique aspects of the industry, and can deliver tailored PR and marketing campaigns to promote your products and services.
Interested in finding out how Proactive PR can elevate your existing brand communications within the space and satellite sector? Secure a meeting with our Marketing Director Jade Hush at SATELLITE in Washington D.C. to discuss further.