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For decades, relatively easy access to space and the big profits to go with it have dangled elusively just over the horizon. With a little more R&D money and a few more advances in the technology, the thinking went, space would be ours.

Are we there yet? More than a few signs are pointing in the direction of a robust, varied space age of viable commercialization — as well as more audacious goals than we’ve seen in generations.

On the practical side, advances in reusable rockets, lowered per-launch costs and miniaturization of satellites are opening up business opportunities well beyond aerospace and defense, and into IT hardware and telecom, according to Morgan Stanley. The global space industry is expected to generate revenue of $1.1 trillion or more in 2040, up from the current $350 billion, according to a recent report by the firm.

One indication that big business is taking space more seriously is that interest has moved from the fringe to the mainstream, says Wharton management professor Anoop Menon. While space retains an undeniably speculative aspect, especially around development of business models, a number of factors are coming together now to suggest that big business’s foray into space is here.

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