SUSTAINABLE DEVELOPMENT IN THE SPACE ECONOMY: CONCEPTUAL FOUNDATIONS AND FUTURE CHALLENGES

The purpose of this study is to provide a comprehensive analysis of the conceptual foundations of the formation and development of the space economy in a global dimension, to determine its contribution to sustainable development, and to identify the key challenges that may constrain this process in the future. Methodology. The research methodology includes: the application of a systemic approach to defining the conceptual foundations and categorical framework of the examined phenomenon; identification of development trends in the space economy at the level of global actors and, specifically, the European Union and its competitiveness in this sector, which involves the use of statistical analysis of official data, comparative methods for cross-country benchmarking, and content analysis of analytical and academic sources to assess and determine developmental trajectories; an assessment of the orientation of the space economy towards sustainable development through frame analysis, which enables the identification of boundaries for the integration of sustainable development goals into the sector’s evolution; and predictive analysis to evaluate future directions of growth and potential barriers. Results. The study systematizes approaches to defining the concept of the space economy, distinguishing resource-based, structural, responsibility-oriented, goal-oriented, and balanced approaches. It identifies the stages of global development of the space economy, namely: the emergence of the space sector under government leadership (1950s–1960s); the commercialization of space activities through public–industrial partnerships (1970s–2000s); the "New Space" stage characterized by the interaction of entrepreneurship, state, and industry (2000s–2022); and the stage of renewed international competition in space technologies and exploration at the state level (from 2022 to the present). The findings reveal that technological and scientific advances in the space economy facilitate the implementation of sustainable development goals within the EU, supported by the modernization of the sector’s regulatory framework. Moreover, during the period 2010–2024, investment volumes and industry sales exhibited steady growth despite crises in global and national economies, with the EU space economy demonstrating particular resilience. This suggests that the sector is currently in the growth stage of its life cycle. The research also outlines a set of threats and risks to the development of the EU space economy, the mitigation of which will strengthen its competitive position in the global market. Practical implications. The recommendations developed in this study may serve as a foundation for programmatic frameworks of global partnerships as well as partnerships at the level of Ukraine and EU space economy stakeholders. Value/originality. The scientific novelty of this study lies in the advancement of the conceptual foundations of the space economy and in identifying the specific features of its evolutionary, economic, technological, and organizational development, with particular attention to its role in fostering the achievement of sustainable development goals.