The space economy

Summary:

The “space economy” is the full range of activities and the use of resources that create value and benefits to human beings in the course of exploring, researching, understanding, managing, and utilising space. The space economy will be one of the themes discussed during the Annual Meeting in presence of the Banking and Financial Services Law Commission, that will be organized on 30 October 2026 during the “70th UIA Congress”, that will take place in Marrakech (Morocco) from October 28 to November 01, 2026.

What is the “space economy”?

The “space economy” is the full range of activities and the use of resources that create value and benefits to human beings in the course of exploring, researching, understanding, managing, and utilising space. The definition, applied by the European Space Agency (ESA), and developed through the work of the Organisation for Economic Co-operation and Development (OECD) Space Forum, includes the value of the space sector itself, comprising space upstream and downstream companies, as well as the value of impacts that space activities have on the economy, society and environment. The sector provides critical infrastructure (transport, water, power, communications) on Earth, contributes fundamental scientific data for decision-making, and supports societal well-being.

In particular, the space-based systems:

• support critical infrastructures and services in sectors such as transportation, energy, food supply and law enforcement;
• are also vital in addressing global challenges. For instance, space-based observations provide more than half of the key climate variables used in monitoring climate change, such as sea surface temperatures, ocean colour, land cover and ice caps.

In developing countries, space technology is instrumental in monitoring the environment, forests and food production, and contributes to disaster prevention and emergency response. It also plays a vital role in providing communication services via satellite TV and radio.

But challenges abound from the sustainability of the current use of space and the threat posed by space debris, to ethical implications of space exploration and the need for international cooperation to ensure equitable access and use of space resources.

The increase in space activity has environmental repercussions on earth and in space, including atmospheric pollution, an increase in space debris, brightening of the night sky and the growing carbon footprint of the space sector. The growing accumulation of debris in Earth’s orbits also poses a critical problem for the future of the space sector. The density of this debris could reach levels where it triggers an irreversible chain reaction of collisions. This could render certain orbits of great socio-economic value unusable.

The advancement of space capabilities has been largely driven by decades of public investment, complemented increasingly by the private sector’s role in proposing innovative products and services.

Major banks offer specialized financing, supply chain support, and advisory services for aerospace and satellite firms.

The space economy is growing and evolving, together with the development and profound transformation of the space sector and the further integration of space into society and economy. The space sector is not only a growth sector itself but is the vital enabler of growth in other sectors.

The space industry could become the next trillion-dollar industry by 2040.

2026 UIA Marrakech Congress – Annual Meeting of the Banking Commission

Topics in current discussions on space economy will be object of the Annual Meeting in presence of the Banking and Financial Services Law Commission, that will be organized on 30 October 2026 during the “70th UIA Congress”, that will take place in Marrakech (Morocco) from October 28 to November 01, 2026. All the Congress participants are invited to attend the Annual Meeting of the Banking and Financial Services Law Commission! See you in Marrakech!

Barbara BANDIERA
President of the UIA Banking and Financial Services Law Commission
Lawyer, Milan, Italy