Space industry rebounds from pandemic
Despite dire predictions just six months ago, space companies in general, and start-ups in particular, have survived the pandemic and its economic fallout in relatively good shape. In sessions at the three-day Satellite Innovation 2020 conference that concluded Oct. 8, executives and other industry observers concluded that the industry fared better than expected in the spring, when the pandemic caused a sharp drop in overall economic activity. “Despite my worst fears, we seemed to have rolled through this whole COVID thing with not nearly the amount of damage I thought we could have sustained,” said Chris Quilty, president of Quilty Analytics, during an Oct. 6 panel. He credited an economy that, at least in some sectors, rebounded faster than expected in the last several months. There has been some “roadkill” in the form of companies that filed for bankruptcy or laid off employees, he acknowledged, “but much less than I would have expected.”
Others noted that many companies in the space industry in the United States were classified as “critical infrastructure” by the federal government and could remain open during stay-at-home orders. Many also relied on the government as customers, which offered a stability not found in other sectors of the economy. “Many companies in space have not had to shut down completely for a long time during this terrible year that, overall, globally everybody has had, which has been helping a lot in having a very positive outlook right now,” said Marco Villa, president and chief operating officer of Tyvak Nano-Satellite Systems. He noted there have been supply chain issues because some suppliers did shut down, “but they’re picking up again.”