From equipment manufacturing to data analysis and financing, countries big and small are getting into the new space race

“For smaller economies, leadership may be defined by regional relevance rather than global scale. Providing critical equatorial climate data, for example, could represent a meaningful and strategic contribution,” added Prof Lansard.

Yet the expansion of space activity brings new risks. As more satellites are launched, particularly large commercial constellations, Earth’s orbit is becoming increasingly crowded. 

The risk of collisions grows with every new deployment. A single accident can generate thousands of pieces of debris travelling at high speeds, threatening other spacecraft in a cascading effect. 

The lack of universal agreements on the deployment and decommissioning of space objects such as satellites leaves the space environment open to exploitation and potential degradation, said Asst Prof Cole. 

In developing complex national space plans, governments often seek ethical input in “piecemeal fashion”, with issues considered in isolation rather than in an integrated way, he added.

Mr Munro cautioned that without inclusive rules and well-designed governance, the space economy could become uneven, with concentration in a few powerful states and major enterprises.

Cybersecurity presents another vulnerability, since satellites and ground stations can be hacked, jammed or disrupted.