International legal, technical and financial challenges for implementing the concept of space traffic management

Focuses on the concept of Space Traffic Management (STM), the matter which has been of high interest for many space actors in the last three decades. With the emergence of the NewSpace era, and flourishment of commercial and economic incentives for space activities, this topic has gained the attention of many space actors in the preceding decades, thus turning into a separate agenda item in the Legal Subcommittee of the United Nations Committee on the Peaceful Uses of Outer Space. However, establishing and implementing such regulations is a challenging task, especially for new space actors. This article aims to assess the existing challenges of STM and provide solutions to overcome them. Firstly, this article provides the necessity of establishing such a regulation: it is evaluated and discussed while describing the requirements for achieving this goal. Secondly, the paper studies definitions provided by governmental and non-governmental entities regarding this concept and the measures taken towards its realising. Finally, the research discusses the challenges that space actors face regarding implementing this concept, both legal and practical. In conclusion, the authors highlight the importance of promoting endeavours and coordination among all current and potential space actors with due considerations for their relevancy.