The Space Economy

The Italian aerospace sector is the 7th worldwide and the 4th in Europe by turnover (ICE, 2020).

The importance goes far beyond the economic value because this industry has always had a role as the driver of innovation: many products, materials e technologies that we cannot live without today, were invented in the aerospace industry.

The Digital Catalyst

As we know, digital transformation impacts all industries – just as the aerospace industry always has.

This makes the innovation that “digital + aerospace” integration can enable even more strategic.

There is talk of a completely new market – the Space Economy – which already sees extraordinary growth figures. The fact that the Space Economy is often referred to as the only industry capable of “solving” the climate crisis further increases the already high expectations to this industry.

Lowering technology costs, big data solutions and availability of capital all enabled by digitalization contribute to a rapid consolidation of a private aerospace industry with companies, investors and startups ready to support (or replace) initiatives that until now have only been public. The recent launches into orbit by Besos and Branson, in addition to the space activities already underway by Elon Musk’s SpaceX, are proof that something has changed forever.

The opportunity for Italy

Italy is very well positioned to take advantage of the potential of the Space Economy:

  • more than half of the Italian regions have an aerospace cluster with universities, research centers, multinational companies and startups;
  • various italian companies  are already international market leaders in this industry;
  • Italy is investing in its first spaceport in Grottaglie, in the Puglia region.

In short, the foundation for carving out an important role in this innovative and growing market certainly exists.

Photo credits: NASA, Creative Commons.

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