Once in a time the stars in the sky,the sun and the moon exploring outer space capture the imagination of people.Such an exploration was viewed with pride and satisfaction.Today it has become new normal and outer space no longer captures our mind space.Why,because major countries of the world are opening new avenues to the private firms and countries which were once not active like UAE are engaging in activity of outer space.Earlier space was forte of government body,But today it has private organization like Space X ,Blue Origin,Virgin Galactia which has pioneered in outer space exploration.Countries like China are also starting there programs like Beidou,which happens to be satellite navigation system and Russia recently conducted a non destructive test of space based anti Satellite weapon.See, what we are witnessing right now is that the government organization are not only the one,it is the private organization and countries which were earlier not active have also involved in space exploration.Let's talk about reasons-
*Space mining-Man has everything in the planet,but man's greed is so much that infact Mahatma Gandhi went on to saying there is everything for a man's need but not for man's greed.One such theory about space exploration is there are some metals and some minerals which we can explore in outer space.
One such example is according to USA,asteroid named 16 psyche has some heavy metals which is worth around 10,000 quadrillion dollar.This is the amount of heavy metal which is present in outer space only with respect to one asteroid.So,extraction of valuable mineral has lead to what is called space mining as an objective and this is the primary reason why countries are exploring the outer space. There are many agency who are now studying about asteroids that includes NASA,European space Agency,that is because they want to know how how asteroids have impacted earth previously and in case there is threat emanating from these asteroid we would be able to control them if there is possibility.The asteroid impact is about 3800 times more energetic then a magnitude 8 of earthquake.So,we would be able to control its impact,and this is why countries are investing in asteroid study.
Erstwhile the cost of reaching Low Earth orbit was extremely huge,the prices were too high,but this has been reduced,has been declined by a factor of 20 times in less than a decade.All the stats reveal that more and more countries exploring outer space has lead to decline in cost of space exploration.Today,if we look back at the space market according to bank of America it is about 350 billion dollar worth industry and it will touch about 2.7 trillion dollar by the year 2050.It can lead to creation of jobs,investment and we will have more satellite which are minuscule and small in nature and ultimately all these industries will provide internet connectivity to rural areas as well.