The Space Economy: Review of the Current Status and Future Prospects

Abstract

This chapter examines the evolution of the space economy from government-led institutional exploration to a more market-driven, vital part of global infrastructure. Our findings highlight its growing importance in modern life and the need for sustainable and responsible utilization of space in the future, as well as the need to understand the economic implications and linkages of the space domain specifically. We have conducted a systematic literature review of publications from 2018 to 2022 across various databases to explore the economic activities within the space sector and to gain a better understanding of the macro-level linkages between the different segments of the space economy and their relevance to the broader, global economy. We approach this question through OECD’s classification of space activities, incorporating three additional segments such legal aspects, to offer a more nuanced understanding of the space economy, differentiating the economic activities happening in space on a suitable level of granularity. Ultimately, we wish to contribute by creating a structured framework for policymakers and stakeholders to better understand the nuances of the space economy, enhancing informed decision-making for responsible management and sustainable growth in the space sector.