## 1 Introduction
To gain a general overview and assessment of any sector, industrial organization economists developed the Structure-Conduct-Performance (S-C-P) paradigm (cf. the bottom part (blue) of Figure 2). S-C-P paradigm originates from [PERSON]'s work [13]. Traditionally, structure refers to enduring industry traits such as \"number and size distribution of (...) rival sellers and the manner in which their products are differentiated from one another\" as well as \"condition to entry\" to the industry [13] (p. 2). The structure defined in such a way guides intra-sectoral  
Figure 2: Modified S-C-P framework. Source: own modification based on [11] (p. 5) and [12] (p. 4). Conduct, namely firms' strategic behaviors and competitive interactions. These behaviors then influence Performance. The correlations between Structure and Performance measures are looked for in empirical research, while the Conduct part of the S-C-P model is typically omitted as a mediating factor. [PERSON]'s work flourished in the development of plenty of IO follow-up research. Over time, IO scholars introduced refinements that acknowledge dynamic feedback loops and contingencies. For example, [PERSON] proposed feedback loops and \"Basic Conditions\", namely supply and demand, as the extension of the model [11] (p. 5). This extension is adopted by [PERSON] and [PERSON], who additionally extend the model by the \"Government Policy\" as an additional driver of firm structure, Conduct, and Performance, as well as basic conditions [12] (p. 4). The economic literature about the space economy is still limited. It usually takes the form of \"grey\" literature, such as market reports published by consulting firms, etc., or focuses mainly on business, finance, and management aspects. There is a gap regarding a broader view of the space economy from a socio-economic point of view. The S-C-P paradigm could help fill this gap due to the broad definition of Performance, typically measured through efficiency and social welfare. This paper advances the lineage of the S-C-P approach in three ways that address a gap in space-economy research. First, it disaggregates [PERSON]'s basic conditions by mapping supply and demand separately across the space value chain--upstream (launch, manufacturing), midstream (operators), and downstream (user services). Second, it replaces the domestic \"Government Policy\" box with a broader rubric of geopolitical conditions, reflecting the sector's global reach and its strategic, dual-use character shaped by great-power rivalry, export controls, and defense spending. Third, it introduces astrophysical conditions--gravity wells, orbital regimes, and radiation--as a foundational layer determining the sector's operation, including launch costs, satellite lifetimes, and market entry barriers. By integrating these astrophysical, geopolitical, and segmented market aspects as factors that impact every tier of the S-C-P model, the study offers a multidisciplinary framework that aligns industrial-organization theory with the unique realities of the space sector. This extension fills a conceptual gap and provides researchers and policymakers with a coherent tool to analyze current dynamics and anticipate future developments. This paper aims to assess both the current state and the future prospects of the space economy by considering its economic and social dimensions based on a modified framework of the Structure-Conduct-Performance (S-C-P) paradigm (see Figure 2). Concretely, it asks the following three guiding research questions:  
* **RQ1:** How do the astrophysical environment, geopolitical conditions, and governments' dominance in the midstream create the specificity of the space economy? * **RQ2:** How does the structural change triggered by the rise in \"New Space\" shape intra-sectoral Conduct and, in turn, Performance? * **RQ3:** In what ways does this sectoral specificity alter conventional notions of performance and welfare? Answering these questions draws on scientific as well as \"grey\" literature, including secondary industry and policy data.