Evolution of the Space Economy

The private space sector is expanding beyond its initial focus on sending satellites and experiments to low-Earth orbit, leading to the growth of a more diverse and formalized space economy. As defined by the Organization for Economic Co-operation and Development (OECD), thespace economyencompasses a wide array of activities and resource utilization that delivers value and benefits through space exploration, understanding, management, and use. Currently, the global space industry is valued at approximately$500 billion. With the broadening of uses and applications in space, analysts project that this industry could potentially exceed $1 trillion by 2040.