How can we create new economies in space?

At Space-Comm Expo 2023, I featured on a panel session about the complexities of creating an in-orbit economy that will accelerate the development of new space capabilities. The discussion focused on the huge opportunities that lie ahead for the space sector in terms of innovation and economic development.

Space is our adjacent economic sphere, and we already have a thriving space economy here in the UK. The UK’s space sector income grew by £1 billion in 2021 – as well as adding approximately 1,800 jobs – and added £7bn in value to the UK economy in 2022.

We are seeing increasing investments in space from organisations of all sizes, new ways of working across the ecosystem, and a constant stream of innovation. However, there is still so much yet to come. The question is, how can we foster an environment to power the next era of the space economy?

Embracing collaboration

As with most industries, the biggest step change in space will come when everyone in the ecosystem embraces a collaborative mindset. From a technological perspective, we have already seen great progress in areas such as power exchange and close-proximity operations. Now it is time for organisations to start to come together, to interact with each other and collaborate, to take these technologies and their potential applications to the next level.

If we as an industry can get the collaboration aspect right, it will enable so much more – both in-orbit and here on Earth. It will make it easier and more cost-effective to build large-scale infrastructure, keep space clean for future generations, and develop the technologies that will enable the next paradigm shift.

This does not just mean collaborating with our usual partner companies. We should be looking outside of the traditional space family, and tapping into technologies and expertise from other sectors. We have been doing space the same way for a long time, but bringing non-space actors and industries into orbit is what will help create future economies.

We have a wealth of expertise here in the UK and we could deliver so much more for the benefit of our nation if we had an environment of collaboration over constant competition.

Building for the future

This feeds into the commercial aspect of creating new economies – building things that customers will buy. Adopting a customer-first approach to space development will generate the economic drive required to support a growing space industry.

The things we build in space can impact life on Earth and that is the angle we must always be thinking about. For example, healthcare offers a huge financial opportunity. There is already work being done to create new drugs and grow organs in space, which could revolutionise the healthcare industry.

Similarly, the defence sector will be a key customer of space technologies. With the ability to deliver multi-sensor data and operational intelligence in real time to anywhere in the world, satellites can provide a step-change in military capabilities. Take a look at our Azalea programme to learn more about this area.

Of course, building in space is also critical for enabling more advanced space missions. If we want to go to the moon and beyond, we are going to have to learn how to build things along the way. That could mean constructing new components in-orbit, recycling parts from existing satellites, or using reprogrammable satellites that can be updated for new missions.

The role of regulations

It may not be the most exciting discussion point, but regulations will have a key role to play in the future of the space economy. The challenge we are facing at the moment is that regulations are lagging behind. This is largely due to the pace of change within the industry, making it difficult for governments and regulators to understand where the next wave of innovation or compliance issues will come from.

There is also a clear divide between what is happening among collaborative nations in the Western world and countries that do not interact as well with others. How do we manage those complex political interactions without hindering progress?

Ultimately, regulation is a serious problem in space. The growing space debris issue is a manifestation of this. With an increasing number of launches comes a rise in space debris, but who is responsible for bringing back the material that goes into orbit? How can the industry regulate that in an effective way? This calls for clear dialogue between all industry stakeholders, as well as the right expertise within government to help shape legislation.

At the same time, we also have to be careful not to over-regulate in a way that stifles innovation. It is a careful balancing act – securing a sustainable future while providing an environment that empowers technological advancement.

All things considered, it is an exciting time to be involved in space. There are huge opportunities ahead for the space sector to establish new commercial avenues and impact economies here on Earth. If Space-Comm Expo 2023 was anything to go by, the UK is well positioned to be a leading player in the future of space.