To realise opportunities, Australia’s space sector must also address a number of challenges.
- Australia is entering a rapidly growing and competitive market. There are a growing number of global participants vying for market share of the space sector.
- Australia needs to open doors internationally to access opportunities. Opening doors internationally for industry and researchers requires national coordination.
- Australian space businesses will need to build capability and capacity to enter international supply chains. This will include internationally recognised certifications and qualifications, for example quality or technical certification of hardware or processes to meet the stresses of launch or the space environment.
- It will be necessary to create industry scale and focus to demonstrate Australia can play a significant role in the growing space economy, for example by focussing on areas of competitive advantage.
- Strong space economies like the US and Europe are underpinned by large aerospace industries, while Australia will need to grow capabilities through its start-up and growing space businesses, and attract international partnerships.
- Start-ups and growing space businesses face challenges accessing investment and venture capital markets. As an emerging market, limited information is available to support investors to evaluate investment decisions in the growing space economy.
- Australian space businesses face a range of market barriers that limit growth, for example physical distance from markets, and limited or incomplete local value chains.
- Australia will need to address national security, meet international obligations, have a clear understanding of our national interests, and manage safety while fostering the growth of the space industry.
- The rapid advance of space technology, including cyber security, artificial intelligence, optical communications, and other emerging technologies creates opportunities, but also risks for Australia’s growing space industry and government regulation.
- To support Australia’s future space industry it will be important that the workforce is equipped with the necessary skills and children are engaged in STEM education.
-  Bryce Space and Technology, LLC, Global Space Strategies and Best Practices – Research Paper for Australian Government 2018