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The Space Economy: A New Frontier for Economic Growth and Innovation

Year 2025, Volume: 7 Issue: 1, 15 - 31

Aras Yolusever

https://doi.org/10.47899/ijss.1654411

Abstract

The space economy encompasses a wide range of activities and resource utilization related to outer space, increasingly establishing itself as a transformative sector with profound implications for global markets, technological advancement, and international policy frameworks. The growing involvement of private enterprises, coupled with declining costs associated with accessing space, has sparked a remarkable surge in both investment and innovation across various areas, including satellite services, space tourism, asteroid mining, and in-orbit manufacturing. This article explores the complex dynamics of the space economy, analyzing its key sectors, economic viability, and the regulatory, sustainability, and equity challenges that lie ahead. In the initial section of this study, a comprehensive definition of the space economy will be provided, followed by an in-depth examination of its fundamental components. Subsequently, a review of the existing literature pertaining to the space economy will be presented. The final sections will examine the economic impacts of developments in the space economy, as well as future risks and opportunities.

Keywords

Space Economy Economic Growth Innovation Space Tourism

References

  • Allied Market Research. (2023, November). Sharing Economy Market Expected to Reach $827.1 Billion by 2032. Retrieved from https://www.alliedmarketresearch.com/sharing-economy-market-A230672
  • Astroscale. (2024, August 20). Astroscale Japan Secures Contract for Phase II of JAXA’s Commercial Removal of Debris Demonstration Program. Retrieved from https://astroscale.com/astroscale-japan-secures-contract-for-phase-ii-of-jaxas-commercial-removal-of-debris-demonstration-program/
  • Axiom Space. (n.d.). Axiom Station. Retrieved from https://www.axiomspace.com/axiom-station
  • Bhattacharjee, N. (2024, December). Global push for cooperation as space traffic crowds Earth orbit. Retrieved from https://www.reuters.com/science/global-push-cooperation-space-traffic-crowds-earth-orbit-2024-12-02/
  • Blue Origin. (n.d.). New Shepard. Retrieved from https://www.blueorigin.com/new-shepard
  • Colvin, T. J., & Locke, J. (2024, May 6). Exploring the Use of a Ground-Based Laser System to Deorbit Small Orbital Debris. Retrieved from https://ntrs.nasa.gov/citations/20240005687
  • Corrado, L., Cropper, M., & Rao, A. (2023). Space exploration and economic growth: New issues and horizons. Proc Natl Acad Sci, 120(43).
  • Davidian, K. (2024). Understanding How Change Happens: Process Research and the New Space Economy. Mary Ann Liebert, 12(4), 231-232.
  • dearMoon Project. (n.d.). dearMoon Project. Retrieved from https://dearmoon.earth
  • ESA. (2023a, November 2). In Orbit Servicing Mission RISE. Retrieved from https://earth.esa.int/eogateway/news/aeolus-data-and-lessons-learned-what-happens-next-for-esa-s-wind-mission-
  • ESA. (2023b, August 17). Off-Earth manufacturing: using local resources to build a new home. Retrieved from https://www.esa.int/Enabling_Support/Preparing_for_the_Future/Discovery_and_Preparation/Off-Earth_manufacturing_using_local_resources_to_build_a_new_home
  • ESA. (2024a, October 14). ESA to build first in-orbit servicing mission with D-Orbit. Retrieved from https://www.esa.int/Space_Safety/ESA_to_build_first_in-orbit_servicing_mission_with_D-Orbit
  • ESA. (2024b, September 20). Space Debris by the Numbers. Retrieved from https://www.esa.int/Space_Safety/Space_Debris/Space_debris_by_the_numbers
  • Froehlich, A. (2018). Overview. In: Froehlich, A. (Eds.), Space Resource Utilization: A View from an Emerging Space Faring Nation. Springer: Cham.
  • Grand View Research. (2023). Satellite Communication Market Size, Share & Trends Analysis Report By Component, By Satellite Constellations, By Frequency Band, By Application, By Vertical, By Region, And Segment Forecasts, 2024 - 2030. Retrieved from https://www.grandviewresearch.com/industry-analysis/satellite-communication-market
  • Irish Astronomy. (n.d.). Asteroid Mining : Unlocking the Cosmic Treasure Troves. Retrieved from https://stargazingireland.com/asteroid-mining-unlocking-the-cosmic-treasure-troves/
  • JAXA. (n.d.). Space Debris Removal Project Underway. Retrieved from https://global.jaxa.jp/activity/pr/jaxas/no092/03.html
  • Kessler, D. J., & Cour-Palais, B. G. (1978). Collision Frequency of Artificial Satellites: The Creation of a Debris Belt. Journal of Geophysical Research, 83(A6), 2637–2646.
  • Khlystov, N., & Markovitz, G. (2024, April 8). Space is Booming. Here's How to Embrace the $1.8 Trillion Opportunity. Retrieved from https://www.weforum.org/stories/2024/04/space-economy-technology-invest-rocket-opportunity/
  • Kohnstamm, T. (2024, November 11). Everything you need to know about Project Kuiper, Amazon’s satellite broadband network. Retrieved from https://www.aboutamazon.com/news/innovation-at-amazon/what-is-amazon-project-kuiper
  • Kongsberg NanoAvionics, (2023, May). How Many Satellites are in Space?. Retrieved from https://nanoavionics.com/blog/how-many-satellites-are-in-space/
  • Leolabs. (2024, December 10). LeoLabs Enhances Ability To Discover And Respond To Adversarial Space Activities With Next-Gen Radar In Arizona. Retrieved from https://leolabs.space/article/uhf-radar-arizona-operational/
  • Leon, A. M. (2018). Mining for Meaning: An Examination of the Legality of Property Rights in Space Resources. Virginia Law Review, 104 (3), 497-546.
  • Liou, J. C. (2024). Orbital Debris and the NASA Orbital Debris Program Office. TRISMAC 2024, Rome.
  • Marks & Clerk. (2025, January). 2024 launch statistics show an active space industry. Retrieved from https://www.lexology.com/library/detail.aspx?g=7d158459-5c1d-4a58-943c-5051e83b5eec#:~:text=Over%2095%25%20of%20US%20launches,midair%20using%20%22chopsticks%22
  • Maximize Market Research. (2024, March). Space Technology (SpaceTech) Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Sports, Categories, and Region. Retrieved from https://www.maximizemarketresearch.com/market-report/space-technology-spacetech-market/215567/
  • McKinsey & Company. (2024, April 8). Space: The $1.8 Trillion Opportunity for Global Economic Growth. Retrieved from https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/space-the-1-point-8-trillion-dollar-opportunity-for-global-economic-growth
  • Morgan Stanley. (2022, May 19). 5 Key Themes in The New Space Economy. Retrieved from https://www.morganstanley.com/ideas/space-economy-investment-themes
  • NASA. (2023a, October 13). The Psyche Mission: Mission to a Metal-Rich World. Retrieved from https://science.nasa.gov/mission/psyche/
  • NASA. (2023b, Jun 12). Gateway Space Station. Retrieved from https://www.nasa.gov/reference/gateway-about/
  • National Space Society. (2016, August 9). Deep Space Industries Announces First Commercial Interplanetary Mining Mission. Retrieved from https://nss.org/deep-space-industries-announces-first-commercial-interplanetary-mining-mission/
  • OECD. (2023, December 15). The Space Economy in Figures: Responding the Global Challenges. Retrieved from https://www.oecd.org/en/publications/the-space-economy-in-figures_fa5494aa-en.html
  • Pelton, J. N. (2019). Space 2.0: Revolutionary Advances in the Space Industry. Springer Praxis Book. Planet Labs. (n.d.). Satellite Imaging and Daily Earth Insights to Take Action. Retrieved from https://www.planet.com
  • Punnala, M., Punnala, S., Ojala, A., & Kuusniemi, H. (2024). The Space Economy: Review of the Current Status and Future Prospects. In: Ojala, A., Baber, W.W. (Eds.), Space Business. Palgrave Macmillan.
  • Redwire. (2024, October 4). Redwire’s Innovative Manufacturing Technology Could Pave the Way for NASA’s Moon Missions. Retrieved from https://redwirespace.com/newsroom/redwires-innovative-construction-technology-could-pave-the-way-for-nasas-moon-missions/
  • Simberg, R. (2012). Property Rights in Space. The New Atlantis, 37, 20-31.
  • Sirieys, E. (2022, May). Environmental Impact of Space Launches and Societal Response (Master Thesis, MIT, USA). Retrieved from https://dspace.mit.edu/bitstream/handle/1721.1/144846/Sirieys-elwyn-MS-AeroAstro-2022-thesis.pdf?sequence=1&isAllowed=y
  • Space Foundation. (2024, October). The Space Report 2024 Q3 Shows Significant Private Workforce Growth in Europe, a Push for Commercial Space Stations, and Space Force Surpassing Guardian Recruiting Goals. Retrieved from https://www.spacefoundation.org/2024/10/22/the-space-report-2024-q3/
  • SpaceX. (n.d.). Mars & Beyond. Retrieved from https://www.spacex.com/humanspaceflight/mars/
  • TransAstra. (n.d.). Sutter Telescope Technology. Retrieved from https://transastra.com/capabilities/ U.S. Department of Defense. (2023). Cyberstrategy of The Department of Defense. Retrieved from https://media.defense.gov/2023/Sep/12/2003299076/-1/-1/1/2023_DOD_Cyber_Strategy_Summary.PDF
  • UBS. (2021, July 20). Future of Space Tourism: Lifting off? Or has COVID-19 stunted adoption?. Retrieved from https://www.ubs.com/global/en/investment-bank/insights-and-data/2021/space-tourism.html
  • UNOOSA. (n.d.). Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies. Retrieved from https://www.unoosa.org/oosa/en/ourwork/spacelaw/treaties/introouterspacetreaty.html
  • Virgin Galactic. (n.d.). Go Beyond Zero-Gravity. Retrieved from https://www.virgingalactic.com/spaceflight-experience
  • Zhao, L. (2023, November 28). China aims to shine in space-based solar power tech. Retrieved from https://global.chinadaily.com.cn/a/202311/28/WS65660bc5a31090682a5f073f.html

Uzay Ekonomisi: Ekonomik Büyüme ve İnovasyon İçin Yeni Bir Sınır

Year 2025, Volume: 7 Issue: 1, 15 - 31

Aras Yolusever

https://doi.org/10.47899/ijss.1654411

Abstract

Uzay ekonomisi, uzayla ilgili geniş bir faaliyet yelpazesini ve kaynak kullanımını kapsayarak, küresel piyasalar, teknolojik ilerleme ve uluslararası politika çerçeveleri üzerinde derin etkileri olan dönüştürücü ve yenilikçi bir sektör olarak kendini göstermektedir. Uzaya erişim maliyetinin azalması ve özel sektörün artan katılımı, uydu hizmetleri, uzay turizmi, asteroit madenciliği ve yörünge içi üretim gibi çeşitli alanlarda yatırım ve inovasyonda kayda değer bir artışı tetiklemiştir. Bu makale, uzay ekonomisinin karmaşık dinamiklerini inceleyerek, bu yenilikçi alanın temel sektörlerini, ekonomik uygulanabilirliğini ve karşı karşıya olduğu sorunlarını analiz etmektedir. Çalışmanın ilk bölümünde uzay ekonomisi kapsamlı bir şekilde tanımlanacak, ardından uzay ekonomisinin temel bileşenleri ele alınacaktır. Daha sonra, uzay ekonomisi ile ilgili mevcut literatürün bir incelemesi sunulacaktır. Son bölümlerde ise uzay ekonomisindeki gelişmelerin ekonomik etkileri ile gelecekteki riskler ve fırsatlar değerlendirilecektir.

Keywords

Uzay Ekonomisi Ekonomik Büyüme İnovasyon Uzay Turizmi

References

  • Allied Market Research. (2023, November). Sharing Economy Market Expected to Reach $827.1 Billion by 2032. Retrieved from https://www.alliedmarketresearch.com/sharing-economy-market-A230672
  • Astroscale. (2024, August 20). Astroscale Japan Secures Contract for Phase II of JAXA’s Commercial Removal of Debris Demonstration Program. Retrieved from https://astroscale.com/astroscale-japan-secures-contract-for-phase-ii-of-jaxas-commercial-removal-of-debris-demonstration-program/
  • Axiom Space. (n.d.). Axiom Station. Retrieved from https://www.axiomspace.com/axiom-station
  • Bhattacharjee, N. (2024, December). Global push for cooperation as space traffic crowds Earth orbit. Retrieved from https://www.reuters.com/science/global-push-cooperation-space-traffic-crowds-earth-orbit-2024-12-02/
  • Blue Origin. (n.d.). New Shepard. Retrieved from https://www.blueorigin.com/new-shepard
  • Colvin, T. J., & Locke, J. (2024, May 6). Exploring the Use of a Ground-Based Laser System to Deorbit Small Orbital Debris. Retrieved from https://ntrs.nasa.gov/citations/20240005687
  • Corrado, L., Cropper, M., & Rao, A. (2023). Space exploration and economic growth: New issues and horizons. Proc Natl Acad Sci, 120(43).
  • Davidian, K. (2024). Understanding How Change Happens: Process Research and the New Space Economy. Mary Ann Liebert, 12(4), 231-232.
  • dearMoon Project. (n.d.). dearMoon Project. Retrieved from https://dearmoon.earth
  • ESA. (2023a, November 2). In Orbit Servicing Mission RISE. Retrieved from https://earth.esa.int/eogateway/news/aeolus-data-and-lessons-learned-what-happens-next-for-esa-s-wind-mission-
  • ESA. (2023b, August 17). Off-Earth manufacturing: using local resources to build a new home. Retrieved from https://www.esa.int/Enabling_Support/Preparing_for_the_Future/Discovery_and_Preparation/Off-Earth_manufacturing_using_local_resources_to_build_a_new_home
  • ESA. (2024a, October 14). ESA to build first in-orbit servicing mission with D-Orbit. Retrieved from https://www.esa.int/Space_Safety/ESA_to_build_first_in-orbit_servicing_mission_with_D-Orbit
  • ESA. (2024b, September 20). Space Debris by the Numbers. Retrieved from https://www.esa.int/Space_Safety/Space_Debris/Space_debris_by_the_numbers
  • Froehlich, A. (2018). Overview. In: Froehlich, A. (Eds.), Space Resource Utilization: A View from an Emerging Space Faring Nation. Springer: Cham.
  • Grand View Research. (2023). Satellite Communication Market Size, Share & Trends Analysis Report By Component, By Satellite Constellations, By Frequency Band, By Application, By Vertical, By Region, And Segment Forecasts, 2024 - 2030. Retrieved from https://www.grandviewresearch.com/industry-analysis/satellite-communication-market
  • Irish Astronomy. (n.d.). Asteroid Mining : Unlocking the Cosmic Treasure Troves. Retrieved from https://stargazingireland.com/asteroid-mining-unlocking-the-cosmic-treasure-troves/
  • JAXA. (n.d.). Space Debris Removal Project Underway. Retrieved from https://global.jaxa.jp/activity/pr/jaxas/no092/03.html
  • Kessler, D. J., & Cour-Palais, B. G. (1978). Collision Frequency of Artificial Satellites: The Creation of a Debris Belt. Journal of Geophysical Research, 83(A6), 2637–2646.
  • Khlystov, N., & Markovitz, G. (2024, April 8). Space is Booming. Here's How to Embrace the $1.8 Trillion Opportunity. Retrieved from https://www.weforum.org/stories/2024/04/space-economy-technology-invest-rocket-opportunity/
  • Kohnstamm, T. (2024, November 11). Everything you need to know about Project Kuiper, Amazon’s satellite broadband network. Retrieved from https://www.aboutamazon.com/news/innovation-at-amazon/what-is-amazon-project-kuiper
  • Kongsberg NanoAvionics, (2023, May). How Many Satellites are in Space?. Retrieved from https://nanoavionics.com/blog/how-many-satellites-are-in-space/
  • Leolabs. (2024, December 10). LeoLabs Enhances Ability To Discover And Respond To Adversarial Space Activities With Next-Gen Radar In Arizona. Retrieved from https://leolabs.space/article/uhf-radar-arizona-operational/
  • Leon, A. M. (2018). Mining for Meaning: An Examination of the Legality of Property Rights in Space Resources. Virginia Law Review, 104 (3), 497-546.
  • Liou, J. C. (2024). Orbital Debris and the NASA Orbital Debris Program Office. TRISMAC 2024, Rome.
  • Marks & Clerk. (2025, January). 2024 launch statistics show an active space industry. Retrieved from https://www.lexology.com/library/detail.aspx?g=7d158459-5c1d-4a58-943c-5051e83b5eec#:~:text=Over%2095%25%20of%20US%20launches,midair%20using%20%22chopsticks%22
  • Maximize Market Research. (2024, March). Space Technology (SpaceTech) Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Sports, Categories, and Region. Retrieved from https://www.maximizemarketresearch.com/market-report/space-technology-spacetech-market/215567/
  • McKinsey & Company. (2024, April 8). Space: The $1.8 Trillion Opportunity for Global Economic Growth. Retrieved from https://www.mckinsey.com/industries/aerospace-and-defense/our-insights/space-the-1-point-8-trillion-dollar-opportunity-for-global-economic-growth
  • Morgan Stanley. (2022, May 19). 5 Key Themes in The New Space Economy. Retrieved from https://www.morganstanley.com/ideas/space-economy-investment-themes
  • NASA. (2023a, October 13). The Psyche Mission: Mission to a Metal-Rich World. Retrieved from https://science.nasa.gov/mission/psyche/
  • NASA. (2023b, Jun 12). Gateway Space Station. Retrieved from https://www.nasa.gov/reference/gateway-about/
  • National Space Society. (2016, August 9). Deep Space Industries Announces First Commercial Interplanetary Mining Mission. Retrieved from https://nss.org/deep-space-industries-announces-first-commercial-interplanetary-mining-mission/
  • OECD. (2023, December 15). The Space Economy in Figures: Responding the Global Challenges. Retrieved from https://www.oecd.org/en/publications/the-space-economy-in-figures_fa5494aa-en.html
  • Pelton, J. N. (2019). Space 2.0: Revolutionary Advances in the Space Industry. Springer Praxis Book. Planet Labs. (n.d.). Satellite Imaging and Daily Earth Insights to Take Action. Retrieved from https://www.planet.com
  • Punnala, M., Punnala, S., Ojala, A., & Kuusniemi, H. (2024). The Space Economy: Review of the Current Status and Future Prospects. In: Ojala, A., Baber, W.W. (Eds.), Space Business. Palgrave Macmillan.
  • Redwire. (2024, October 4). Redwire’s Innovative Manufacturing Technology Could Pave the Way for NASA’s Moon Missions. Retrieved from https://redwirespace.com/newsroom/redwires-innovative-construction-technology-could-pave-the-way-for-nasas-moon-missions/
  • Simberg, R. (2012). Property Rights in Space. The New Atlantis, 37, 20-31.
  • Sirieys, E. (2022, May). Environmental Impact of Space Launches and Societal Response (Master Thesis, MIT, USA). Retrieved from https://dspace.mit.edu/bitstream/handle/1721.1/144846/Sirieys-elwyn-MS-AeroAstro-2022-thesis.pdf?sequence=1&isAllowed=y
  • Space Foundation. (2024, October). The Space Report 2024 Q3 Shows Significant Private Workforce Growth in Europe, a Push for Commercial Space Stations, and Space Force Surpassing Guardian Recruiting Goals. Retrieved from https://www.spacefoundation.org/2024/10/22/the-space-report-2024-q3/
  • SpaceX. (n.d.). Mars & Beyond. Retrieved from https://www.spacex.com/humanspaceflight/mars/
  • TransAstra. (n.d.). Sutter Telescope Technology. Retrieved from https://transastra.com/capabilities/ U.S. Department of Defense. (2023). Cyberstrategy of The Department of Defense. Retrieved from https://media.defense.gov/2023/Sep/12/2003299076/-1/-1/1/2023_DOD_Cyber_Strategy_Summary.PDF
  • UBS. (2021, July 20). Future of Space Tourism: Lifting off? Or has COVID-19 stunted adoption?. Retrieved from https://www.ubs.com/global/en/investment-bank/insights-and-data/2021/space-tourism.html
  • UNOOSA. (n.d.). Treaty on Principles Governing the Activities of States in the Exploration and Use of Outer Space, including the Moon and Other Celestial Bodies. Retrieved from https://www.unoosa.org/oosa/en/ourwork/spacelaw/treaties/introouterspacetreaty.html
  • Virgin Galactic. (n.d.). Go Beyond Zero-Gravity. Retrieved from https://www.virgingalactic.com/spaceflight-experience
  • Zhao, L. (2023, November 28). China aims to shine in space-based solar power tech. Retrieved from https://global.chinadaily.com.cn/a/202311/28/WS65660bc5a31090682a5f073f.html
There are 44 citations in total.

Details

Primary Language English
Subjects Growth, Macroeconomics (Other)
Journal Section Original Research Articles
Authors

Aras Yolusever 0000-0001-9810-2571

Early Pub Date April 14, 2025
Publication Date
Submission Date March 11, 2025
Acceptance Date April 10, 2025
Published in Issue Year 2025 Volume: 7 Issue: 1

Cite

APA Yolusever, A. (2025). The Space Economy: A New Frontier for Economic Growth and Innovation. İzmir Sosyal Bilimler Dergisi, 7(1), 15-31. https://doi.org/10.47899/ijss.1654411
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