The global space economy is experiencing remarkable growth, presenting lucrative economic prospects as it surpasses the half-a-trillion-dollar milestone in 2022, just a few decades after the concept of the “space economy” emerged.
Various studies conducted by prominent global institutions indicate that the global space sector is poised to exceed $1 trillion in value in the coming years.
According to the Space Report by the Space Foundation, a nonprofit organization advocating for space exploration and space-inspired industries, the space economy expanded by 8% in 2022, reaching a total value of $546 billion. The report projects a 41% growth rate over the next five years.
Thomas Dorame, Senior Vice President at the Space Foundation, commented, “The Space Report anticipates sustained growth in the space economy, and based on our conservative estimates, we expect it to approach the $800 billion mark within five years. This forecast is reinforced by the surge in space launch activity in 2023, which is on track to surpass the annual record set in 2022.”
These findings align with studies published by renowned global institutions such as BWC, Bank of America, and McKinsey & Company.
In the 1960s, space exploration was predominantly limited to the world’s two superpowers. However, today, over 90 countries are actively involved in this field. The increasing interest in space exploration stems from a growing recognition of its significance and the rapid advancements that have made space missions more accessible and cost-effective.