The impact of Space Economy in Creating Value into Spacefaring Nations

The Space Economy refers to "the full range of activities and the use of resources by human beings in the course of exploring space, to make new applications in economic areas, such as meteorology, energy, telecommunications, insurance, transport, maritime, aviation and urban development, leading to additional socio-economic benefits". The main current trends, impacting the Space Economy growth and development comprise increase in public interest to invest in space activities, high level of private investment in space ventures, expected profitability, growth of space industry revenues. development of commercial activities, and further integration of space into the society and economy.Credible reports revealed that,144 orbital launches were successfully carried out in 2021, accompanied by a record number of 1,843 satellites and space ships being launched. Public investments represent the bulk of funding in space activities, with the G20 governments' space budgets amounting to about USD 79 billion in 2019.