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Since ancient times, humans have dreamed of conquering the skies. Today, that vision is closer to reality than ever, as space presents promising commercial opportunities. A drastic drop in costs—driven by a surge in private investment over the past 20 years—has accelerated this shift.
"We enjoy the benefits of space each and every day," says Nina Armagno, a retired US Air Force general who served as the first director of staff of the US Space Force from 2020 to 2023, speaking in February at a Washington conference hosted by the Council on Foreign Relations (CFR).
Once deemed excessively costly and unproductive, space exploration has surged in the past decade. Governments and private companies alike are pouring billions into new ventures, and the number of commercial missions and satellite deployments has skyrocketed. More importantly, there is growing recognition that space is not only a scientific endeavor; it's an industry with enormous financial potential.
Examples of space-powered industries include navigation-based applications—such as the American GPS, Europe's Galileo satellite system, and Russia's Glonass—that drive many businesses, even ride-hailing services like Uber and on-demand delivery platforms like DoorDash. Similarly, satellite communication services such as Starlink are unlocking new revenue streams by expanding internet access to remote and war-affected regions.
Some experts think space-based manufacturing and resource extraction could soon become reality, opening new markets for advanced materials and pharmaceuticals that cannot be produced on Earth.
"The American economy is booming because mostly American companies are just doing phenomenal things: cutting-edge technologies, making access to space easier and then putting commercial capabilities where only governments prevailed in the past. And so the promise of space for Americans and for the world is absolutely incredible," Armagno said at the February CFR symposium.
