1st Edition
The Space Industry of the Future Capitalism and Sustainability in Outer Space
The Space Industry of the Future consists of the first instance of guidance for the space industry on how value creation in space can occur for the greater benefit of humanity using principles of capitalism and sustainability. The timing of this book is ideal given (1) sustainability challenges facing humanity and (2) that the growth of the commercial space economy is now occurring at a rate never seen before. This book presents an opportune guide written for technical, business, and policy practitioners alike that frames how this industry growth should occur from an integrated values and commercial perspective. This perspective is presented in the context of the modern technical capabilities of space systems relative to the world’s greatest problems.
The guidance contained in this book for the growing commercial space industry includes considerations beyond profit seeking alone. This guidance is founded on a bespoke value creation criteria to apply in the context of for-profit outer space activities that, if used, will result in the maximum value creation that a company is capable of. The criteria are developed and presented through a rigorous discussion on capitalism, economics, value theory, the circular economy, stakeholder management, and ethics. The value creation criteria are then discussed at length in relation to the space industry.
The primary audience for this book is practitioners within the space industry; this includes investors, business managers, policy makers, engineers, and scientists. The secondary audience includes students and researchers, as well as a growing range of parties interested in space policy and entrepreneurship.
Preface
Introduction
Unique Value from Space Systems
Space Industry Commercialization: A Brief Introduction
The Space Industry Today
What Should be Done in Space?
Capitalism Today
Capitalism + Space: Next Steps
Look Ahead
Capitalism
Capitalism: The Basics
History of Capitalism
Merchant Trade Caravans
Industrialization
Shareholder Primacy
History of Capitalism: Reflecting on the Space Industry
Externalization
The Future of Capitalism
Building Momentum
Business as a Solution
Stakeholder Management
Circular Economy
Value Creation
History of Value Theory
Building on Multiple Value Perspectives
Intrinsic Value
Intrinsic vs. Instrumental
Goodness
Intrinsic Value in Practice
Stakeholder Intrinsic Value
Degrees of Stakeholder Intrinsic Value
Role of Profitability and Stakeholders
Stakeholder Intrinsic Value: Defined
Stakeholder Intrinsic Value Creation in Space
Remote Sensing, Telecommunications, and GNSS for Value Creation
Increasing Value Creation in Space
Spin-off Technology
Commercialization of Space Systems
Government vs. Commercial
Commercialization Criteria
Excludability and Rivalry of Space Industry Activities
Commercialization of Mir, the Space Shuttle, and the International Space Station
Commercialization (or not) of Remote Sensing Data
Commercialization of Meteorological Data
Commercialization of Climate Data
Remote Sensing Commercialization Case Study: Landsat
Commercialization of Remote Sensing Data: Summary
Commercialization of Telecommunications Data
Commercialization of Space Systems: Closing Remarks
Sustainability in the Space Industry
Defining Sustainability for the Space Industry
Sustainability of Space Industry Activities on Earth
Space Hardware Production Environmental Impacts: An Overview
Life Cycle Assessment Overview
Life Cycle Assessments in the Space Industry
Environmental Impacts from the Space Industry
Sustainability of Space Industry Activities on Earth: Summary
Sustainability of Space Industry Activities in Orbit
More Spacecraft Than Ever
Space Debris: The Problem
Space Debris: Mitigations
Other Space Debris Mitigation Approaches
Radiofrequency Allocation
Sustainability of Space Industry Activities in Orbit: Summary
Sustainability Solutions for Humanity Supported by the Space Industry
UN Sustainable Development Goals: Introduction
SDGs and Stakeholder Intrinsic Value
SDG 1: No Poverty
SDG 2: Zero-Hunger
SDG 3: Good Health and Well Being
SDG 4: Quality Education
SDG 5: Gender Equality
SDG 6: Clean Water and Sanitation
SDG 7: Affordable and Clean Energy
SDG 8: Decent Work and Economic Growth
SDG 9: Industry, Innovation and Infrastructure
SDG 10: Reduced Inequalities
SDG 11: Sustainable Cities and Communities
SDG 12: Responsible Consumption and Production
SDG 13: Climate Action
SDG 14: Life Below Water
SDG 15: Life on Land
SDG 16: Peace, Justice, and Strong Institutions
SDG 17: Partnerships
The Business of Human Space Exploration
Why Should Humans go to Space?
Space Tourism
Space Resources
Deep Space Cargo and Telecommunications Services
Commercial Human Space Exploration?
Stakeholder Intrinsic Value Criteria in Deep Space
Harmony of the Space Economy in Deep Space
Space Environments with Instrumental Value
Space Environments with the Potential for Life
Space Environments Devoid of Life and Instrumental Value
Space Environments Devoid of Everything
Deep Space Sustainability: In Conclusion
Maximum Value Creation in Space: Some Answers
Conclusions
Achieving Maximum Value Creation in the Space Industry: A Recap
Closing Remarks
Bibliography
Biography
Mark W. McElroy Jr works as a technical manager in commercial satellite propulsion projects. Previously, he worked as an engineer at NASA for nine years. In his initial years at NASA, Dr. McElroy obtained a PhD in Aerospace Engineering and performed research on aerospace composite structures. Later, he became involved in technical management within the Artemis campaign to send humans to the Moon and Mars. Dr. McElroy’s roles in the Artemis campaign included system management in the Orion exploration vehicle program, technical consulting in the next generation space suit program, and serving as the Assistant Chief Engineer in the Gateway lunar space station program. Through Dr. McElroy’s tenure at NASA, he has gained a broad exposure to the space industry in both the United States and Europe offering a thorough vantage point on how a diverse set of modern space companies operate, manage projects, innovate, and create value. Prior to his time working in the space industry, Dr. McElroy was a structural engineer in the naval shipbuilding and gas turbine industries.
"McElroy has come to this subject through curiosity. With an engineering career that has spanned naval shipbuilding, nearly a decade at NASA working on Artemis and Gateway, and now working as a Technical Manager in satellite propulsion, he has a wide view of the industry, and has researched the subject in depth."
Libby Jackson FRAeS, Royal Aeronautical Society, UK
