There’s one place that makes three times its budget. That place is none other than NASA, the space giant that last year drove innovation, created high-paying jobs, and produced new technologies that benefited many industries. It helped the United States earn more than $75 billion. The kind of money that could buy a big company like Spotify.

So why are we talking about NASA today? NASA is just one part of a big and interesting story brewing in the space economy. Because experts predict that the global space economy could reach $1.8 trillion by 2035, almost three times what it is today. With such large amounts and growth rates, could space be the next big thing for the world?

Let me make it simple.

Look, the “space economy” isn’t just about rockets and satellites flying through space. Sure, those are important, but the real magic happens right here on Earth. If you want to know how, let’s take a look at GPS. It helps us use apps and know the weather. It helps us plan fun weekends and hikes. And we are very dependent on it. Because by 2023, about half of the space economy was used for such things, and by 2035, that number could be two-thirds.

Countries and companies are realizing this. The US and China are spending billions of dollars on satellites, mostly for national security, surveillance, and disaster response. By 2035, it is said that most of the government money worldwide will go to satellite technology. Since the early 2000s, the number of space agencies has increased from 40 to 75. Even the UAE, which recently launched its space program, sent an astronaut into space and a probe to Mars. This is also why more countries want to be a part of this space exploration today. So yes, space is no longer an exclusive club. Today, it seems that as more and more countries get involved, this could be the next big thing for the world.

Also, an exciting part of this popularity is satellite communications. Because companies like SpaceX and Amazon want to bring internet to remote areas using satellites. By 2035, this part of the space economy could be worth $218 billion, up from about $140 billion today. Yes, more satellites could also mean cheaper and better internet for you and me. GPS helps commerce, money, and much of today’s world run smoothly.

But let’s look at some of the problems with that. Look, more satellites means more traffic in space, which can increase the risk of collisions. If satellites crash, they can create dangerous debris that can threaten other satellites, making space even riskier. Initiatives like active debris removal technologies, automated collision avoidance systems, and better tracking of space objects are being developed, and the European Space Agency and private companies are already working on missions to actively clean up space debris. Still, much more needs to be done. There are currently more than 34,000 pieces of space debris larger than 10 cm, and an estimated 128 million pieces smaller than 1 cm, all posing significant collision risks.

Regulation is also inadequate. Because space is becoming more demanding, but the rules are not evolving fast enough to meet this rapid growth. To ensure a safe and sustainable space environment, robust regulations for space debris management, launch coordination, and international cooperation are needed. Without the right frameworks, new companies may struggle to compete if regulations favor established giants.

Moreover, the increasing use of satellites means that cybersecurity is a critical concern. Satellites are central to our communications, financial systems, and even our defenses, making them attractive targets for cyberattacks. A single breach could have catastrophic consequences that could disrupt the internet, banking, and even national security.

Then there’s the issue of equity. As more countries and companies enter space, it’s important to ensure that the benefits of space technology are accessible to everyone, not just the wealthiest nations or companies. This requires fair policies and collaborative efforts to share knowledge, resources, and opportunities.

The bottom line? Space could be the next big thing for global growth. But it won’t be easy. There are things that need to be addressed, rules that need to be created, and laws that need to be changed to make sure that the world has a space policy that provides a safer world for today and tomorrow.

Still, as humans continue to work together, space technology can change the world for the better. Who knows, in the coming years we will see industries and technology for space debris management, launch coordination, and international cooperation rules that help the entire space economy operate efficiently. So space could be the key to the future.