The Space industry

The term “space industry” refers to the economic activities that are associated with the production of components that go into Earth’s orbit or beyond, the delivery of those components to those regions, and services that are related to those activities. Because of the prevalence of operations that are connected to satellites, several sources use the terms space industry and satellite industry interchangeably.

Additionally, the term “space business” has been utilized. Only hardware vendors are included in a definition that is too restricted (primarily related to launch vehicles and satellites). This concept does not rule out the possibility of engaging in some activities like space tourism. Therefore, in a broader sense, the term “space industry” refers to the businesses that are active participants in the space economy and those supply goods and services that are related to space. According to one definition, the “space economy” consists of “all public and commercial players involved in producing and selling products and services that are space-enabled.” It is made up of a lengthy value-added chain that begins with players involved in research and development and manufacturers of space gear and ends with providers of space-enabled goods and services to end users.

The economy of space is growing and becoming more global as a result of the proliferation of governmental space programs around the world, the proliferation of commercial actors in value chains, the continued trend toward digitalization, and the maturation of new space systems.
Today, the space infrastructure that has been deployed makes the development of new services possible. This, in turn, enables the development of new applications, which can lead to additional economic and societal benefits in fields such as meteorology, energy, telecommunications, insurance, transportation, maritime, aviation, and urban development.

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