Five years ago, the world’s space industry was going through a boom.

Companies such as Iridium and Globalstar were ordering whole fleets of communications satellites.

This was in preparation for what they confidently predicted would be a surge in demand for satellite phones from people frustrated by the lack of coverage from land-based mobile networks.

But the promised demand didn’t happen, and now the space business is in a rut, with lots of rockets that nobody needs. More here.