The global space economy is on track to approach a valuation of $1tn within the next decade, according to the 11th edition of Novaspace’s Space Economy Report. The consulting firm forecasts that the market will grow to $944bn by 2033, up from just under $600bn in 2024.
The report reveals that, in 2024, $596bn in revenues stemmed from the space economy. Of this, $308bn was attributed to “enabled solutions,” which encompass services and applications leveraging space-based infrastructure, such as satellite signals and data. This category includes PNT (positioning, navigation, and timing) value-added services. The remaining $224bn came from the space market itself, which includes satellite services, operations, ground infrastructure, launch systems, and manufacturing. Notably, satellite services alone contributed $137bn.
Government investment is anticipated to play a crucial role in driving future growth, with global military space budgets exceeding $64bn. Defence spending continues to surpass civilian expenditures, highlighting space’s growing strategic importance in national security and global competitiveness.
“Downstream applications are the main driver behind the projected $348bn growth over the next decade. Satellite-enabled services, such as navigation, Earth observation, and communications, are becoming increasingly integral across diverse industries, including agriculture, logistics, and urban planning,” Lucas Pleney, Novaspace senior consultant and report lead author, said in a statement.
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