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Space - Industry - Global Market, Share and Trends 2023-2028

Report ID:

SPIND1G

|

Industry:

Summary of Space

The Global Space industry has seen tremendous growth in the recent years and the growth is expected to be the same for coming years. The global space industry was valued at a whopping $447 billion in the past few years. Increasing demand for satellite-based applications across sectors such as telecommunication, earth observation and navigation drives the commercial space industry. Commercial applications now account for over-- 50% of the total space economy.

Rapid growth in the commercial space industry stems from rising demand for satellite applications and services in telecommunications, earth observation, navigation and other sectors. Commercial applications now make up over--half of the total space economy. Based on our estimates, we can say that the global space industry is forecasted to be a $772.15 billion industry in 2029 from $470 billion in 2023 with a CAGR of 8.39%.

Many intelligence reports and research supports the argument that the global space economy reached $546 billion in 2022. The commercial space sector contributed $426.6 billion of this total amount through growth in areas like PNT services, ground stations and launches. Government spending globally was $119 billion on space.

The United States remains the largest investor in space - with the US government investing $69.5 billion in space in 2022 - nearly 60% of the global total. Much of this funding goes toward national security and defense programs.

Recent Trends and Insights

Reusable rockets help lower launch costs. SpaceX proves that reusing rocket parts works well. Their Falcon 9 and Falcon Heavy boosters now fly 10 or more times! This opens space up to more people and companies.

Satellite groups are growing. Companies like SpaceX, OneWeb and Amazon launch thousands of satellites to provide internet from space worldwide. This could transform how people access the internet globally.

Keeping satellites in orbit longer. Companies develop spacecraft that refuel, repair and upgrade satellites without replacing the whole satellite. This means fewer new rocket launches are needed.

More teamwork between industry and agencies. NASA works with private businesses more through contracts and partnerships. This helps the commercial space industry grow.

Space tourism is starting up. Companies like SpaceX, Blue Origin and Virgin Galactic plan short spaceflights for rich people. Space stations also want to host tourists in the future.

Mining asteroids and the moon could find new materials. Companies develop ways to explore and extract minerals from space rocks and our moon. These materials could be used in space or sent back to Earth.

Product Insights

Satellite makers stay busy. Satellite manufacturing continues to form the core of the space business. Companies build large fleets of satellites to provide global internet access and observe Earth. For example, SpaceX, OneWeb and Amazon launch many satellites into low-Earth orbit. This allows them to offer internet services from space.

Reusable rockets change the game. SpaceX proves that reusing rocket parts lowers costs. Their Falcon 9 and Falcon Heavy rockets fly back to Earth for reuse. Other new players like Blue Origin and Relativity Space now develop reusable launch vehicles too. Over 100 rocket launches could take place in 2023 as the market expands.

Satellite servicing extends satellite lifetimes. Northrop Grumman develops spacecraft that refuel, repair and upgrade satellites in orbit. This keeps existing satellite fleets operating longer without replacing the whole satellite. It also reduces the need for new rocket launches to put up replacements.

Key Companies

Some major players within this vast domain of industry are

  • Boeing
  • Lockheed Martin
  • SpaceX
  • Northrop Grumman
  • Airbus
  • Thales Alenia Space
  • Leonardo
  • OneWeb
  • SpaceBelt
  • Rocket Lab
  • Exotrail
  • Virgin Galactic

Regional Analysis

North America leads the way. The US and Canada make up over half of the worldwide space market estimated at $447 billion in 2022. Last year, America alone spent $85 billion on space activities. NASA received $24 billion from the government. Private companies in the US also greatly increased their investments in the new space economy. They put $14.5 billion into over 200 space deals in 2021.

Europe ranks second. Through ESA, European nations spent more than $8 billion on space programs in 2022. Countries like France and Germany are the biggest contributors to ESA, spending $3.2 billion and $2.5 billion respectively. The commercial space sector in Europe grows rapidly too. It attracted $5.2 billion in private funding in 2021.

Asia Pacific grows steadily. The region's space industry is projected to reach $120 billion by 2027. It will expand 7.5% each year. China spends over $11 billion annually through CNSA. It has ambitious goals like building a permanent lunar base by 2036. India also emerges as a major player with its $2 billion annual budget for ISRO. ISRO launched a record 22 missions in 2022.

Emerging nations increase investments. Countries like Brazil, Israel and the UAE work to develop their own space capabilities. They also want to participate in the global space economy estimated to reach $1 trillion by 2040. Brazil invests $1 billion, Israel $1.2 billion, and the UAE $2 billion each year. The entire Middle East saw $1.5 billion in space investments in 2022.

Market Segmentation

By Type:

  • Satellite Services
  • Satellite Manufacturing
  • Satellite Launch Services
  • Space Exploration

By End User:

  • Commercial Sector
  • Government Sector
  • Military & Defense Sector
  • Scientific research Sector

By Enterprise Size:

  • Large Industries
  • Small & Medium Industries

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the Space Industry market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Space Industry is USD 470 Billion in 2023 and is expected to grow to USD 772.15 Billion by 2029

The CAGR of the Space Industry Market in the Global Region is 8.39%

The APAC region accounts for 35% of the total market share of the Space Industry Market

The key players in the Space Industry Market in the Global Region are SpaceX, Blue Origin, NASA, Airbus and ISRO. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Space Industry Market in the Global Region are Technology, Private sector investment, Space data, National security and Scientific discovery. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Space

The Global Space industry has seen tremendous growth in the recent years and the growth is expected to be the same for coming years. The global space industry was valued at a whopping $447 billion in the past few years. Increasing demand for satellite-based applications across sectors such as telecommunication, earth observation and navigation drives the commercial space industry. Commercial applications now account for over-- 50% of the total space economy.

Rapid growth in the commercial space industry stems from rising demand for satellite applications and services in telecommunications, earth observation, navigation and other sectors. Commercial applications now make up over--half of the total space economy. Based on our estimates, we can say that the global space industry is forecasted to be a $772.15 billion industry in 2029 from $470 billion in 2023 with a CAGR of 8.39%.

Many intelligence reports and research supports the argument that the global space economy reached $546 billion in 2022. The commercial space sector contributed $426.6 billion of this total amount through growth in areas like PNT services, ground stations and launches. Government spending globally was $119 billion on space.

The United States remains the largest investor in space - with the US government investing $69.5 billion in space in 2022 - nearly 60% of the global total. Much of this funding goes toward national security and defense programs.

Recent Trends and Insights

Reusable rockets help lower launch costs. SpaceX proves that reusing rocket parts works well. Their Falcon 9 and Falcon Heavy boosters now fly 10 or more times! This opens space up to more people and companies.

Satellite groups are growing. Companies like SpaceX, OneWeb and Amazon launch thousands of satellites to provide internet from space worldwide. This could transform how people access the internet globally.

Keeping satellites in orbit longer. Companies develop spacecraft that refuel, repair and upgrade satellites without replacing the whole satellite. This means fewer new rocket launches are needed.

More teamwork between industry and agencies. NASA works with private businesses more through contracts and partnerships. This helps the commercial space industry grow.

Space tourism is starting up. Companies like SpaceX, Blue Origin and Virgin Galactic plan short spaceflights for rich people. Space stations also want to host tourists in the future.

Mining asteroids and the moon could find new materials. Companies develop ways to explore and extract minerals from space rocks and our moon. These materials could be used in space or sent back to Earth.

Product Insights

Satellite makers stay busy. Satellite manufacturing continues to form the core of the space business. Companies build large fleets of satellites to provide global internet access and observe Earth. For example, SpaceX, OneWeb and Amazon launch many satellites into low-Earth orbit. This allows them to offer internet services from space.

Reusable rockets change the game. SpaceX proves that reusing rocket parts lowers costs. Their Falcon 9 and Falcon Heavy rockets fly back to Earth for reuse. Other new players like Blue Origin and Relativity Space now develop reusable launch vehicles too. Over 100 rocket launches could take place in 2023 as the market expands.

Satellite servicing extends satellite lifetimes. Northrop Grumman develops spacecraft that refuel, repair and upgrade satellites in orbit. This keeps existing satellite fleets operating longer without replacing the whole satellite. It also reduces the need for new rocket launches to put up replacements.

Key Companies

Some major players within this vast domain of industry are

  • Boeing
  • Lockheed Martin
  • SpaceX
  • Northrop Grumman
  • Airbus
  • Thales Alenia Space
  • Leonardo
  • OneWeb
  • SpaceBelt
  • Rocket Lab
  • Exotrail
  • Virgin Galactic

Regional Analysis

North America leads the way. The US and Canada make up over half of the worldwide space market estimated at $447 billion in 2022. Last year, America alone spent $85 billion on space activities. NASA received $24 billion from the government. Private companies in the US also greatly increased their investments in the new space economy. They put $14.5 billion into over 200 space deals in 2021.

Europe ranks second. Through ESA, European nations spent more than $8 billion on space programs in 2022. Countries like France and Germany are the biggest contributors to ESA, spending $3.2 billion and $2.5 billion respectively. The commercial space sector in Europe grows rapidly too. It attracted $5.2 billion in private funding in 2021.

Asia Pacific grows steadily. The region's space industry is projected to reach $120 billion by 2027. It will expand 7.5% each year. China spends over $11 billion annually through CNSA. It has ambitious goals like building a permanent lunar base by 2036. India also emerges as a major player with its $2 billion annual budget for ISRO. ISRO launched a record 22 missions in 2022.

Emerging nations increase investments. Countries like Brazil, Israel and the UAE work to develop their own space capabilities. They also want to participate in the global space economy estimated to reach $1 trillion by 2040. Brazil invests $1 billion, Israel $1.2 billion, and the UAE $2 billion each year. The entire Middle East saw $1.5 billion in space investments in 2022.

Market Segmentation

By Type:

  • Satellite Services
  • Satellite Manufacturing
  • Satellite Launch Services
  • Space Exploration

By End User:

  • Commercial Sector
  • Government Sector
  • Military & Defense Sector
  • Scientific research Sector

By Enterprise Size:

  • Large Industries
  • Small & Medium Industries

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Our Methodology

We have offered a well-founded review of the Space Industry market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Global Size of the Space Industry is USD 470 Billion in 2023 and is expected to grow to USD 772.15 Billion by 2029

The CAGR of the Space Industry Market in the Global Region is 8.39%

The APAC region accounts for 35% of the total market share of the Space Industry Market

The key players in the Space Industry Market in the Global Region are SpaceX, Blue Origin, NASA, Airbus and ISRO. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Space Industry Market in the Global Region are Technology, Private sector investment, Space data, National security and Scientific discovery. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

About Us

We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

RFC Mentorship

At RFC, we believe that every great idea deserves a chance to shine. With our expert guidance, cutting-edge strategies, and meticulous attention to detail, we’ll work hand in hand with you to create strategies and guidance that helps you scale, build and develop your idea into a ready product in the market.