1 Department of Finance, Hult International Business School, Boston, USA.
2 Department of Economics, University of Manitoba, Winnipeg, Canada.
3 Ulster University, United Kingdom.
4 Department of Information Management, Ahmadu Bello University, Zaria Nigeria.
5 Department of Finance, Hult International Business School, Boston, USA.
Review Article
World Journal of Advanced Research and Reviews, 2023, 20(03), 952-965
Received on 28 October 2023; revised on 04 December 2023; accepted on 06 December 2023
This study provides a comprehensive analysis of the commercialization of space and its economic implications for the United States. The primary objective was to assess the scope, significance, and dynamics of space commerce, focusing on its historical evolution, current status, and future prospects. The methodology involved a systematic review of literature from academic journals, reports, and publications, employing a strategic search approach with specific inclusion and exclusion criteria. The selection of literature was based on relevance to the study's objectives, encompassing economic contributions, challenges, and potential policy recommendations for space commerce. Key findings indicate that space commerce has become a significant contributor to the U.S. economy, offering substantial revenue generation, job creation, and technological advancements. However, the sector faces challenges, including technological complexities, regulatory uncertainties, and economic risks. The study also highlights the transition from government-led space exploration to a more commercialized and competitive industry, opening new economic frontiers for the U.S. The study concludes that space commerce presents both significant opportunities and notable challenges for the U.S. economy. Strategic insights for U.S. stakeholders emphasize embracing technological innovation, fostering public-private partnerships, and developing strategies to mitigate inherent risks. Recommendations for future research include exploring the direct and indirect economic impacts of space commerce, the evolving role of policy and regulation, and the long-term sustainability of the sector. This study contributes to a deeper understanding of the economic implications of space commerce and offers guidance for future strategic planning and policy-making in this dynamic field.
Space Commerce; Economic Implications; U.S. Economy; Commercialization of Space
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Prisca Ugomma Uwaoma, Emmanuel Osamuyimen Eboigbe, Nsisong Louis Eyo-Udo, Donald Obinna Daraojimba and Simon Kaggwa. Space commerce and its economic implications for the U.S.: A review: Delving into the commercialization of space, its prospects, challenges, and potential impact on the U.S. economy. World Journal of Advanced Research and Reviews, 2023, 20(3), 952-965 . Article DOI: https://doi.org/10.30574/wjarr.2023.20.3.2494