The colonization of space can only begin once it makes economic sense. While the general science of how to create and sustain a successful ship or base has been explored and heavily researched, there is no monetary incentive to begin execution and testing of these plans. Luckily further exploration into space provides plenty of opportunities for privatized industry. Those that colonize space will control larger amounts of land and resources than can even be conceivable here on earth. These resources can include mining, solar energy, and hugely lucrative tourism industries.

Orbital colonies will have easy access to asteroids and comets and planet based colonies will of course have even easier access to the planet around them. Asteroids, comets, and planets are previously untouched sources of every kind of elemental resource such as cobalt, nickel, iron, and platinum-group metals. This makes celestial bodies incredibly valuable, some asteroids being valued at $300 billion all the way to an extraordinary $5.4 trillion. Access to these bodies will be made easy while already in orbit or on planet, and metals can potentially be processed on site and even create fuel for the return trip if the resource is being mined for an orbital colony or to take back to Earth.

Another potential industry is solar power satellites. Planetary colonies will not have the same advantages as orbital colonies in this area, but the benefit is so great it is still necessary to mention. In free space there is no night and day and as a result there is constant exposure to solar rays. Currently the International Space Station generates around 80 kilowatts continuously from just an acre of solar panels. Free floating settlements will be able to build much larger satellite fields and as a result will be able to generate far greater amounts of power. This power will of course be used to power the settlement itself but excess power can be sold back to Earth or other planetary colonies. Another benefit of this will be the production of power with zero greenhouse gas emissions, which will significantly reduce pollution on Earth.

A last example of how moving towards colonizing space will be profitable is the possibilities for tourism. Currently the world of orbital and suborbital tourism is almost non-existent. The first tourists have already gone up but at roughly $20 million a trip it is unreasonable to expect a booming industry. That being said, there is a huge market for trips into orbit if the price was right. If predictions are correct we can expect to see affordable orbital tourism within our lifetime. Reasonably priced launches would not only pave the way for the space tourism field but also ensure lower costs for sending satellites into orbit and transporting people into orbital colonies.

The types of industry that can be expected from non Earth settlements will rely heavily on the type of settlement, either free floating or planet based. Next week’s post will cover the benefits of life in a free floating colony.