Padua shows interest in the space economy

Efforts in developing it will center around the city’s Astronomic Observatory

At the end of April, the Mayor of Padua Sergio Giordani had a meeting with Roberto Rogazzoni, director of the local Astronomical Observatory where they discussed possibilities and activities related to the space economy. Supporting and investing in this area, it was decided, could contribute to opportunities for economic growth in the future as this is one of the most promising and value-added macro trends in the world currently.

What is the space economy?

It is fairly self-evident space economy refers to activities and resources related to the processes of exploring, researching, understanding, managing and utilizing outer space. This field is experiencing a resurgence in recent years after the comparative lull that followed the Space Race between the USA and the USSR.

Clearly, this time around the private sector is taking the lead role and this leads in its wake increased demand for research, development, investments and competition. The space infrastructure that has already been deployed is also making the development of new services possible, as well as the introduction of space technology into different fields down here on Earth.

The above means that the space economy is at once a growth sector and also the enabler of growth for many other industries. In fact, the European Space Agency reported that analysts had predicted for this sector to become the next trillion-dollar industry by 2040.

The development of the space economy will likely follow significant market expansion which will open space for new actors, stakeholders and ideas.

The Astronomical Observatory in Padua is part of INAF, the Italian National Institute for Astrophysics. Housed in part of a 13-century medieval castle, the institute contributes to scientific research and education in the field of Astronomy. The observatory itself is located on the Asiago plateau, 90 kilometres from Padua.