Written by: Space Foundation Editorial Team
- The global space economy grew by 7.4% to $570 billion in 2023
- Commercial revenues exceeded $445 billion, 78% of the space economy
- Government spending on space maintained double-digit growth for third year
COLORADO SPRINGS, Colo. — July 18, 2024 — Space Foundationa nonprofit organization founded in 1983 that provides education, collaboration and information for the global space ecosystem, today announced the size of the global space economy in 2023, a total that represents continued industry growth across both the public and private sectors.
The global space economy is expected to total $570 billion in 2023, up 7.4% from the revised $531 billion in 2022. This growth is consistent with the industry’s five-year compound annual growth rate (CAGR) of 7.3% and is nearly double the size of the space economy a decade ago.
“Our annual analysis of the global space economy highlights the growing importance of the space industry in both the public and private sectors,” he said. Heather PringleCEO of the Space Foundation. “Established sub-sectors and emerging markets cover an ever-widening range of space applications in our daily lives and push the boundaries of what is possible on and off Earth.”
The Space Foundation's analysis of the global space economy, published annually in The space report It examines commercial revenues from 11 space sectors and government spending, which this year included 54 nations and international organizations. Commercial revenues continued to account for 78% of the economy's total figure, while U.S. space budgets accounted for 13% and non-U.S. spending accounted for the remaining 9%.
Commercial space sector revenues totaled $445 billion in 2023, up 5.4% from 2022. The positioning, navigation and timing (PNT) sector remained the largest commercial subsector, with $209 billion in revenues, up $11 billion from 2022. Ground stations and equipment, the next largest category, grew $17 billion (19%) last year. Commercial satellite manufacturing and launch revenues, while comparatively smaller in magnitude, doubled over the two years as the global launch pace accelerated.
International government spending on space programs in 2023 rose 11% to $125 billion. Nine of the top-spending governments increased their budgets by double digits last year: the United States, China, Japan, Russia, the European Union, France, Germany, Italy and South Korea. Of the 54 countries, 42 (78%) increased space spending in 2023. While preliminary 2024 budgets from 44 countries show a smaller share (64%) increasing spending, the average change was a 35% increase as many countries dramatically increased their space budgets.
Governments are also increasingly recognizing the importance of space to national security. Global military space budgets grew by 18% to $57 billion, or 46% of total government spending on space. The majority (80%) of defense spending comes from the United States, but other countries, such as Japan and Poland, dramatically increased spending on space defense last year.
The full analysis of the global space economy will be published in the second quarter issue of The Space Report on July 30. For subscription options, visit www.thespacereport.org/subscriptions/.
About The Space Report
As an information leader, Space Foundation produces one of the most authoritative sources on the global space ecosystem — The space report — provides up-to-date information and perspectives on the global space economy and its activities. First published in 2006, The Space Report is an unrivaled resource for policy analysts, congressional staff, investors, researchers, and space industry practitioners and novices.
With timely research, analysis, interactive data and white papers, The Space Report provides greater insight and knowledge into space exploration, global space spending, defense programs, commercial space trends, workforce development, payload launch and deployment, space innovation and other key industry indicators.
The Space Report is available as an online subscription to access regularly updated and expanded resources and datasets, and also as a quarterly digital publication. For more information about the Space Report, visit www.thespacereport.org/subscriptions/.
About the Space Foundation
Space Foundation Space Foundation is a nonprofit organization founded in 1983 that provides education, collaboration, and information for the global space ecosystem. Driven by partnerships, Space Foundation brings together the full spectrum of stakeholders—business, government, education, and local communities—through the support of corporate members, sponsors, fundraising, and grants. Visit Space Foundation at www.FundaciónEspacial.organd follow us on Facebook, X, Instagram, LinkedIn and Youtube.
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