Space offers a unique environment for research and development because its higher levels of radiation, microgravity and near vacuum-less state allow companies to come up with new manufacturing methods or materials that are not possible on Earth. It's a fledgling market that analysts and several startups are predicting will take off. The market for materials manufactured in space could reach $10 billion by 2030, according to estimates from McKinsey & Co. In-space manufacturing is not entirely new. The International Space Station has hosted several experiments from academics, government agencies and commercial customers for things such as growing human tissue, making purer semiconductors and developing new or better drugs. But access to the ISS has always been competitive and interest continues to grow. A number of space startups see an opportunity to fill this gap for in-space manufacturing demand using compact space factories.

CNBC spoke with two such companies, California-based Varda Space Industries and UK-based Space Forge, to see how the startups hope to make manufacturing in space a profitable business.

Chapters:
00:00 — Introduction
02:23 — Varda Space Industries
08:20 — Space Forge
12:45 — What's next?

Produced, Shot and Edited by: Magdalena Petrova
Camera: Andrew Evers
Animation: Jason Reginato
Supervising Producer: Jeniece Pettitt
Additional Footage: Getty Images, NASA, Varda Space Industries,
Space Forge, Rocket Lab

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How Space Factories Are Becoming A Reality