Director ASIM Sandro VR, jul 31
The Space Foundation, a nonprofit dedicated to advancing the global space ecosystem, revealed that the global space economy reached $570 billion in 2023, marking a 7.4% increase from the $531 billion reported in 2022. This growth aligns with the sector’s five-year compound annual growth rate (CAGR) of 7.3% and signifies nearly double the size of the space economy a decade ago. Heather Pringle, CEO of the Space Foundation, emphasized the expanding significance of the space industry in both public and private sectors, highlighting its growing influence on various aspects of daily life and its role in pushing the boundaries of space exploration.
The Space Foundation’s analysis, detailed in The Space Report, reviewed commercial revenues across 11 space sectors and government spending from 54 nations and international organizations. Commercial space revenues totaled $445 billion in 2023, representing a 5.4% increase from the previous year. The largest subsector, Positioning, Navigation, and Timing (PNT), earned $209 billion, followed by Ground Stations and Equipment with a $17 billion increase. Despite being smaller, commercial satellite manufacturing and launch revenues saw significant growth due to the accelerated global launch pace.
Government spending on space programs also saw substantial growth, reaching $125 billion in 2023, an 11% increase from the previous year. Notably, nine major space-faring nations increased their budgets by double digits, and 42 of the 54 nations involved raised their space expenditures. Preliminary 2024 budgets indicate that while fewer nations are increasing their space budgets, those that are have significantly boosted their spending. Additionally, military space budgets rose 18% to $57 billion, with the U.S. contributing the majority, although other countries like Japan and Poland also increased their defense spending significantly.
