The Space Foundation, a leading nonprofit organization in the global space ecosystem, unveiled its Q2 2023 Space Report, revealing significant growth in the space economy. The report showcases an 8% increase in the global space economy, reaching a staggering $546 billion.
Key Takeaways:
- The global space economy witnessed an 8% growth, touching $546 billion.
- The commercial sector experienced a growth of nearly 8%, amounting to $427.6 billion.
- International defense spending constituted 45% of government space budgets, marking a notable rise.
Despite challenges such as inflation, the space economy has shown remarkable resilience, growing from an estimated $505 billion in 2021. The report, which analyzed spending by 51 governments and 11 commercial space industry subsectors, highlighted a growth of $260 billion (91%) in the space economy over the past decade.
Thomas Dorame, Senior Vice President at Space Foundation, expressed optimism about the future, stating, “Based on our conservative modeling, we anticipate the space economy nearing the $800 billion mark within five years.” This prediction is supported by the surge in space launch activities in 2023, expected to break the 2022 record.
The commercial sector, contributing 78% to the total space economy, saw some of its fastest growth in the communications sector. Demand for satellite broadband services led to this sector’s growth from $24 billion in 2021 to $28 billion, a rise of over 17%. Additionally, satellite manufacturing for the commercial sector witnessed a 35% increase in satellites launched from 2021 to 2022.
On the government front, increased space spending globally aligned with broader revenue gains. The U.S. played a significant role, with its budget for civil and military space programs reaching $69.5 billion, accounting for nearly 60% of global government space spending.
For a comprehensive view of the report: www.thespacereport.org
