FROM EARTH TO SPACE AND FROM SPACE TO EARTH

Having explored the meaning of New Space Economy as the rising commercialisation of space exploration, in this article we will dive into the several applications and consequential benefits of space economy on Earth. Space and Earth are closer than anyone might think and the benefits that Space can have on Earth are endless and invaluable. Space economy has been growing over the past few years, playing a significant role in economic development by enhancing the economic well-being and the overall standard of living.

The world reached a significant milestone as the global population hit 8 billion people in 2022 and is projected to reach 9 billion people by 2037 (UNOOSA). The unique opportunities deriving from the rising population, however, come at a cost. Inequalities are growing, the pressures on natural resources mount and urbanisation poses the risk of intensifying emission, waste generation and pollution.?

Most surprisingly, technologies developed for space exploration often find transformative applications on Earth. This process, known as technology transfer, has contributed to improving everyday life through the development of several products and services. Think about satellite technology, developed for space exploration in a first moment, which is fundamental to weather forecasting, global navigation satellite systems (GNSS), and Earth observation. Navigation, climate monitoring, agriculture and disaster response are some of the main applications of satellite technology. The advanced sensors of satellites orbiting our planet allow us to collect data on atmospheric conditions, land and ocean temperatures. Accurate data and analysis can be crucial for forecasting and minimising the effects of food shortages and famines and predicting a region’s agricultural output (United Nations Conference on Trade and Development, 2021). NASA’s Earth Observing System (EOS) and ESA’s Copernicus Program are leading environmental monitoring at the global level. Space economy facilitates long-distance communication, internet access in remote areas and broadcasting.

Space economy has also made the labour sector flourish, by boosting job creation, calling for people specialised in a wide spectrum of subjects, not just in aerospace, but also in economics, physics, IT, logistics, engineering, manufacturing and biology. Space economy also contributes to education, by inspiring learning in science, technology, engineering and mathematics (STEM) fields.

Numbers are thrilling: global space economy, valued at over $400 billion today, is expected to surpass $1 trillion in the next two decades, due to high investments in space infrastructure, such as space stations and satellite constellations and the emergence of new sectors, such as lunar and Martian exploration and economy, space mining and space-based solar power.