Global Space Economy Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

Global Space Economy Market Analysis

The Space Economy Market size is expected to be valued at US$ US$ 518.48 billion in 2023 and is expected to reach US$ 1,110.84 billion by 2030, grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030.

Global Space Economy Market Analysis

The space economy encompasses a wide range of space-enabled products and services including satellite manufacturing and launching, ground stations, space launch services, satellite services, space insurance, space tourism, space mining and more. The increasing adoption of space-based services like broadband internet, real-time earth observation, and satellite navigation is driving the growth of the global space economy.

Key drivers include Declining Cost of Space Access, Growth in Commercial Space Industry, Satellite Mega-Constellations,The Space Economy Market is segmented by by type, orbit, end-user, application, payload, and region By Type, the satellite manufacturing & launching segment accounted for the largest share. The increasing deployment of small satellites for remote sensing, communication, and other applications is driving the growth of this segment.

• Declining Cost of Space Access: The cost of accessing space has been declining steadily over the past decade thanks to innovations in rocket and launch technologies. The introduction of reusable rocket systems by private companies has been a game changer, bringing down launch costs by over 50% compared to expendable systems. Reusable systems such as SpaceX's Falcon 9 and Blue Origin's New Shepard have enabled more frequent and affordable launches. The lower launch costs are catalyzing growth across downstream segments of the space economy like satellite manufacturing, space-based services, space tourism etc.
• Growth in Commercial Space Industry: The space sector has witnessed surging private investments and emergence of commercial space companies providing launch vehicles, satellites and space-based services. Companies like SpaceX, Blue Origin, RocketLab, Planet Labs, OneWeb have driven innovation and expanded capabilities in the commercial space domain. The NewSpace companies have increased launch cadence and fostered competition. More companies are now accessing space driven by its potential commercial benefits, further propelling growth of the space economy.
• Satellite Mega-Constellations: Companies have begun deploying large networks of hundreds to thousands of satellites in low and medium earth orbits, called satellite mega-constellations. Examples include SpaceX's Starlink, OneWeb, Amazon's Project Kuiper. These constellations can provide cost-effective global services like high-speed broadband internet connectivity, IoT connectivity and real-time earth observation. The satellite mega-constellations represent a multi-billion dollar revenue opportunity and are a significant driver for the space economy.
• Applications of Space Technology: Advancements in space technology have enabled new applications on earth across sectors like communications, agriculture, maritime, environment monitoring etc. Other applications like space tourism, in-space manufacturing, space resource utilization are also gaining traction. The expanding practical utility of space-based assets across public and commercial domains is a key driver. Integration of space technology into broader economic activities will continue to drive market growth.