Global Macro Research
Macro BytesThe new economics of space
From falling launch costs to surging satellite numbers, space is rapidly becoming a critical economic and strategic frontier.
Authors
Paul Diggle
Chief Economist
Luke Bartholomew
Deputy Chief Economist
ระยะเวลา: 26 นาที
วันที่: 21 พ.ค. 2569
Cheaper launches, more satellites and a surge in private investment are turning space into a fast growing part of the global economy - with implications that now reach well beyond science and exploration.
Space is no longer just the domain of governments and astronauts. In the latest episode of Macro Bytes, Paul Diggle and Luke Bartholomew are joined by JP Morgan thematic researcher Hannah Lee to explore how falling launch costs - down by more than 90% over the past two decades - are opening the door to private companies, new business models and a wave of innovation. What was once a prestige-driven “space race” is rapidly evolving into a commercial and strategic frontier.
As activity accelerates, space is becoming increasingly relevant to businesses, investors and policymakers alike - not just as a site of exploration, but as a core part of the global economic system with expanding opportunities and growing risks.
As activity accelerates, space is becoming increasingly relevant to businesses, investors and policymakers alike - not just as a site of exploration, but as a core part of the global economic system with expanding opportunities and growing risks.
Key themes from the episode:
- A commercial space economy is taking off
Private capital and competition are transforming the sector, with tens of billions of dollars invested in space ventures. As costs fall and access improves, space is shifting from a government-led endeavour to a dynamic, market-driven ecosystem — opening the door to entirely new industries.
- Satellites are becoming critical economic infrastructure
A rapid acceleration in satellite launches is underpinning essential services such as communications, navigation and real-time data. In effect, space-based systems are becoming part of the backbone of the modern global economy.
- New technologies are expanding the opportunity set
Advances in AI, data processing and engineering are unlocking new applications - from earth observation to more speculative ideas such as in-space manufacturing or data centres. As use cases multiply, space begins to resemble a ‘general-purpose technology’ with far-reaching spillovers.
Listen to the full episode of Macro Bytes to explore what this next phase of the space economy could mean in practice.
