When people think about space, they often picture rockets, astronauts, or missions to Mars. But today, space is much more than exploration. It is central to our security, resilience, and economy and it represents one of the largest business opportunities of our time. Currently valued at around $600 billion, the space economy is projected to reach $1 trillion within the next couple of decades.
Old Space vs. New Space
Over the past decade, there has been a fundamental shift in how we think about space. What used to be “Old Space”, government-led programs managed by a handful of large contractors, has evolved into what we now call New Space.
Digital transformation, lower launch costs, miniaturisation of technology, and the development of low-cost small satellites have dramatically broadened access to space. What was once the domain of governments and large agencies such as ESA and NASA has now opened up to non-governmental actors, entrepreneurs, and private investors.
In Old Space, it was the public sector that defined both the what and the how. In New Space, private industry has taken a more active role. Startups and companies are now defining not only the how but, in some cases, even the what. This shift can be seen as a new procurement model, one that enables innovative business models and stronger public–private partnerships.
New Space is more agile, service-oriented, and focused on applications and data rather than hardware alone. At the same time, space itself has become a strategic domain, with governments and regions competing for autonomy in satellites, launch capacity, and data. This urgency is fueling investment and creating opportunities for private companies and entrepreneurs to step in.
In short: New Space is not just a buzzword. It is a new reality with more actors, faster innovation, and space becoming a critical part of both business and security worldwide.
Why Space Matters
Space is already shaping solutions to some of the world’s biggest challenges, even if we don’t always notice it. When it comes to climate change, satellites are our most important eyes in the sky. They measure emissions, track deforestation, and provide early warnings for disasters such as wildfires or floods.
Furthermore, Space is also central to resilience and defense. Satellites provide secure communication, navigation, and situational awareness; capabilities that are critical in times of crisis. From monitoring borders and infrastructure to ensuring that societies can withstand cyberattacks, natural disasters, or geopolitical disruptions, space has become a strategic domain. In this way, New Space is not only about business opportunities, but also about protecting our societies and securing the foundations we all rely on.
Beyond climate and security, space technologies find applications across nearly every industry. From agriculture to healthcare, from energy to urban planning, proving that space is not a sector apart, but a driver of innovation everywhere.
The sector is often divided into three parts:
- Upstream: Everything that goes up (rockets, satellites, launchers)
- Downstream: The data and services we use on Earth (navigation, Earth observation, communications)
- In-orbit services: Emerging activities such as satellite servicing, debris removal, or even manufacturing in space.
Perspectives from Research
At our breakfast session, we were joined by Magnus Andersson, Associate Professor at Malmö University, who has long experience in applying satellite and remote sensing data to the field of economic geography. His point was clear: the best way to truly understand the geography of our world is from space.
Satellite data provides a unique, objective view of Earth’s surface. It allows researchers to observe land use, infrastructure, urbanisation, and environmental changes in ways that ground-level data cannot. For economic geography, this means being able to measure patterns of growth, inequality, resource use, and sustainability at a global scale; from how cities expand, to how transport networks shape regional development, to how climate change impacts food production.
Magnus stressed that this perspective is not only useful for academics. By integrating satellite insights with socioeconomic data, governments and businesses can make better decisions on infrastructure investments, urban planning, and sustainable development.
He also highlighted the importance of collaboration. The New Space community is unusually open, and there are enormous opportunities in forming unexpected partnerships between universities, startups, corporates, and public agencies. This openness can accelerate innovation and ensure that the full potential of space data is realised in addressing both economic and societal challenges.
Looking Ahead
The conversations at our Space Breakfast made one thing clear: space is no longer a distant frontier. It is already woven into our daily lives, our economy, and our ability to meet global challenges. The shift from Old Space to New Space has opened the door to new players, new ideas, and new ways of working.
Researchers, startups, corporates, and public agencies must work together, explore unexpected partnerships, and build bridges between industries. Space is not just about science or technology, it is about impact, resilience, and creating value for society.
At Ideon Science Park, through ESA BIC Sweden, we are proud to support startups that want to be part of this journey. Whether you are working with satellite data, developing space hardware, or building in-orbit services, there is room for you in this fast-growing ecosystem.
Our next ESA BIC Sweden webinar takes place on 19 September, and the next application deadline is 6 October. If you are curious about how space can accelerate your business, we invite you to join us.
The future of space innovation starts here on Earth.
