The Space Industry of the Future

The Space Industry of the Future consists of the first instance of guidance for the space industry on how value creation in space can occur for the greater benefit of humanity using principles of capitalism and sustainability. The timing of this book is ideal given (1) sustainability challenges facing humanity and (2) that the growth of the commercial space economy is now occurring at a rate never seen before. This book presents an opportune guide written for technical, business, and policy practitioners alike that frames how this industry growth should occur from an integrated values and commercial perspective. This perspective is presented in the context of the modern technical capabilities of space systems relative to the world’s greatest problems.

The guidance contained in this book for the growing commercial space industry includes considerations beyond profit seeking alone. This guidance is founded on a bespoke value creation criteria to apply in the context of for-profit outer space activities that, if used, will result in the maximum value creation that a company is capable of. The criteria are developed and presented through a rigorous discussion on capitalism, economics, value theory, the circular economy, stakeholder management, and ethics. The value creation criteria are then discussed at length in relation to the space industry.

The primary audience for this book is practitioners within the space industry; this includes investors, business managers, policy makers, engineers, and scientists. The secondary audience includes students and researchers, as well as a growing range of parties interested in space policy and entrepreneurship.

Mark W. McElroy Jr works as a technical manager in commercial satellite propulsion projects. Previously, he worked as an engineer at NASA for nine years. In his initial years at NASA, Dr. McElroy obtained a PhD in Aerospace Engineering and performed research on aerospace composite structures. Later, he became involved in technical management within the Artemis campaign to send humans to the Moon and Mars. Dr. McElroy’s roles in the Artemis campaign included system management in the Orion exploration vehicle program, technical consulting in the next generation space suit program, and serving as the Assistant Chief Engineer in the Gateway lunar space station program. Through Dr. McElroy’s tenure at NASA, he has gained a broad exposure to the space industry in both the United States and Europe offering a thorough vantage point on how a diverse set of modern space companies operate, manage projects, innovate, and create value. Prior to his time working in the space industry, Dr. McElroy was a structural engineer in the naval shipbuilding and gas turbine industries.