Commercial Space Industry Projected to Experience 41% Growth Over Next Five Years Written 25 July 2023

SpaceX CRS-22 Liftoff-1200

SpaceX Falcon 9 rocket carrying the Dragon cargo capsule lifting off from Launch Complex 39A at NASA’s Kennedy Space Center in Florida on June 3, 2021 | Credit: NASA

Fortune reports that the global space economy “grew 8% to $546 billion in 2022 and is projected to climb another 41% over the next five years, according to a leading space nonprofit.” The sector is expected “to show resiliency in the coming years, despite uncertainty about the global economy and a recent slowdown in space investment.” Companies are seeing “continued revenue growth from commercial space assets and governments around the world boosting expenditures, according to a report from the Space Foundation, a Colorado Springs, Colorado-based space flight advocacy group.” The analysis “considered spending from 51 governments, as well as commercial revenue from companies in 11 space industry sub-sectors.” Space Foundation Director of Research and Digital Programming Lesley Conn said, “Commercial space is the vital growing sector of the overall space economy. Within five years, certainly you’re going to see a real acceleration and an expansion of space and space assets.”
Full Story (Fortune)