Space business is evolving fast—a new book provides much-needed insight

Space Business: Emerging Theory and Practice, a new book edited by Professor Arto Ojala, Professor of International Business at the University of Vaasa, Finland, and Professor William W. Baber, University of Kyoto, examines the space business, its business models, actors, ecosystems and networks, and opens up new perspectives and research opportunities for the future of the industry.

“Space business is a relatively new field, both from a research and a business perspective. The sector is changing rapidly and new space companies are emerging all the time. The book is important now because there is still little research in the field and some of the existing knowledge is already outdated,” says Professor Arto Ojala.

The book Space Business focuses in particular on the space boom, the so-called New Space phenomenon, where private companies have entered the space business alongside government actors. This development has created new business opportunities such as the commercialization of satellite data, satellite imagery and remote sensing services.

Ojala predicts that the space business will continue to grow strongly in the future.

“The number of companies operating in the sector will increase as there is a great need for new innovations. Regulatory and technological standardization will also have a significant impact on the sector. At the same time, business opportunities will expand as new products and services are introduced to the market,” says Ojala. “I hope the book will stimulate more research.”

The book is aimed at an academic audience, researchers and students, but also at entrepreneurs and companies operating in the space sector.

“I hope that this book will inspire further research in the space industry and increase interest in its potential. It is a broad subject. Space business is an ecosystem with many players. This ecosystem can be examined and studied from many angles,” says Ojala.

The book is divided into three sections on the space business ecosystem, business models and future prospects. The book includes chapters on commercial aspects of navigation satellites, value chains of business models, regulation of ground stations, business use of space data and the development of space tourism. The Kvarken Space Center has been included in the book as a case study.

“It is great that such a book on the growth and future of the space economy has been written and published, as there has not been one before. I am particularly pleased that so many researchers from the University of Vaasa and Kvarken Space Center have contributed to the book, even though we have only been involved in the new space economy research for five years, says Professor Heidi Kuusniemi, Director of the University of Vaasa Digital Economy Research Platform and Kvarken Space Center,” they add.

In addition to Professor Ojala and Professor Kuusniemi, the University of Vaasa researchers involved in writing the book include Professor Marko Kohtamäki, university lecturer Minna-Maarit Jaskari, post-doctoral researcher Hafiz Haq, project researcher Sofia Hassinen, doctoral students Khaled Abed Alghani, Mikko Punnala and Jari Ratilainen, who is also project manager at the Vaasa University of Applied Sciences.