Space technology can change the global economy in many ways.

According to the OECD, the space economy is expanding and becoming increasingly global, driven by the development of ever-more governmental space programmes around the world,

The Space Report 2022 estimates that the space economy was worth $469 billion in 2021 – a 9% increase from a year earlier.

This growth in the global space sector is creating opportunities for new players and new offerings for incumbent ones

Yes, space technology can change the global economy in many ways. The Organization for Economic Co-operation and Development envisions the space sector to expand and become increasingly global, thanks to the development of government space programs around the world. According to the 2022 Space Report, the global space economy is estimated to reach $469 billion in 2021, representing a 9% increase over the previous year. This growth opens up new opportunities for entry-level players and enhances the offerings available to existing players in the space sector. Potential opportunities include space technology development, space resource exploration, communications and remote monitoring applications, and many more.

Governments have been investing in space technology for decades. It has brought some spectacular successes but has not fundamentally affected the world economy.

This will happen when the private sector will figure out how to make space attractive to the masses through tourism for example.

This has started and we are now at an inflexion point. There is therefore great potential for the space industry in the future.