What the numbers say: The global space economy is projected to grow by 41% over the next five years, per a new report published by a space non-profit organization Space Foundation. The global space economy was worth $546B in 2022, registering an 8% growth over the previous year. The sector is expected to defy the current economic and VC funding slump. Relevance: Global space industry reported $427.6B in revenue in 2022, up from $396.2B in the preceding year. One-third of the total funding was deployed into infrastructure and support activities in space. The surge in revenue was caused by a substantial uptick in commercial launches in 2022. Global governments earmarked $119B of budget towards space programs last year, up 8% over the previous year. Where to see the impact: The U.S. accounted for nearly 60% of the total global civil and defense budgets. China took the second largest share, accounting for 14% of the global share. With several nations increasing their space budgets, the sector is expected to see a boost in spending over the next few years. |
