Space exploration's impact on economic growth

Baltezarević, Radoslav (2024) Space exploration's impact on economic growth. In: SILK ROAD 3. International Scientific Research Congress, Samarkand, Uzbekistan, 6-8 March, 2024. IKSAD Publications, pp. 831-837. ISBN 978-625-367-663-6

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Abstract

Space research can have a profound effect on Earth's challenges, provide solutions in a variety of industries, and promote economic growth and development. The space economy is concerned with the use of resources and the implementation of actions (during the exploration, understanding, and use of space) that provide value and advantages for humans. The space economy generates half a billion dollars in global income, and it is expected to grow dramatically in the coming years. One of the primary reasons for this optimism is that space technology, such as satellites, are being employed to support internet infrastructure. Space technology enables global positioning systems (GPS) (which makes traditional maps obsolete), mobile banking, weather forecasting (which assists farmers in adequately preparing for potential weather problems), broadcasting television programs, maintenance video conferencing, and device interconnection. Above all, space exploration can boost GDP and create new jobs. The data gathered by researchers via multiple space missions about human survival in extremely severe environments (how to grow food or survive with very limited natural resources, for example) gave solutions to many problems on Earth. Countries battling drought and food shortages can now experiment with new space technologies. Acknowledging the potential of space technology, numerous businesses, including pharmaceutical companies, are testing their products in the International Space Station's microgravity. The creation of inventions that can directly support sustainable development is another growing application for these technologies. These innovations can lessen the consequences of climate change or enhance the handling of natural disasters on a worldwide scale. Less developed nations will be able to participate in space research, which will directly boost their economies, as a result of the state and private sectors working together in this field and ultimately reducing costs associated with space exploration.

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