Opportunities and Challenges facing the Commercialisation of Outer Space

Abstract

The space industry is rapidly expanding, and the potential market is estimated to be worth $1 trillion by 2040. With the emergence of private actors in space enabled by innovations such as re-usable rocket technology, the industry is poised for significant growth. Increased privatisation of the commercial space industry will free up funds of national space agencies for exploration and scientific research for the betterment of humankind. However, there are issues that need to be addressed before space can be accessible to all, including monopolisation, the creation and monitoring of space junk, and the lack of policy regarding the use, ownership, and maintenance of outer space and its resources. A legal framework needs to be implemented to prevent the creation of debris and to prevent accidental or purposeful collisions in outer space and to be able to govern the safe use of space for everyone. The ambiguity surrounding the possibility of private entities to own resources found in outer space needs to be clarified by the international community, and a legislative framework must be constructed to ensure the orderly development of space operations to prevent international disputes. If the international community were to take a proactive approach towards space policy, actors operating in the space industry would be protected from having to deal with inconsistent national laws.