SPACE ECONOMY: BOON FOR SOCIO-ECONOMIC-NATURE DEVELOPMENT FORFUTURE MANKIND

Abstract

According to scientific theory, demolition of earth is an inevitability. The human mission to Mars is our destiny and the future is human colonization of the cosmos. Space science promotes social, economic and ecological sustainable development. This is Exploratory research. Perspectives, Meta- analysis, Vision and Economic analysis of research has been done. Data collected from Bryce Space and Technology, OECD, NASA, ESA, JAXA, IREA, and UNOOSA. The current study found that contribution of total global space economy was $366 Billion in 2019. United States, China, Russia, France and Japan allocated the highest budget on space. Revenue contributed to space economy fromthe satellite industry was more than Government Space Budgets and Commercial Human Spaceflight. Space investment provided benefits highly for environmental management, transport and urban planning, and R & D. Broadcasting activities help in social, educational and economic development. UNOOSA works to advance planetary defence mechanisms to increase the resilience of Earth to threats such as asteroid impacts. Solar powered satellites provide solution for global warming and easy energy generation using solar energy. Asia and Europe contributed the highest renewable energy in the world. Globally, China, Japan, United States, Germany and India have been generating higher solar energy. Applications of geospatial technology in the precision agriculture can make the crop production safer and reduce their detrimental impacts on nature and make agriculture sustainable. Space tourism activities are being advanced predominantly in North America and Europe, with zero-gravity/ parabolic flights, orbital space travel and sub-orbital flights provided to private customers. United States, Europe, India, Russia, China, Korea and Japan have been launchingmany satellites to collect information on weather parameters. NOAA operated Geostationary Operational Environmental Satellites for short range warnings, forecasts and observations and polar-orbiting satellites for longer-term forecasting, warnings, forecasts and observations and polar-orbiting satellites for longer-term forecasting. The study suggests that as space economy contribution more than spending for the development of socio-economic-nature planet development, the global countries, UNOOSA, space agencies, private industries, Philanthropic institutes cooperate, collaborate in all areas and invest for the space development.