Space Foundation, a nonprofit advocate organization founded in 1983 for the global space ecosystem, released The Space Report 2022 Q2, compiling data from nations around the planet to calculate the $469 billion space economy, which grew at a brisk 9% clip from 2020.
Most of the money generated by the space industry came in the commercial sector, which saw a 6.4% boost in revenues, with more than $224 billion coming from products and services delivered by space firms and nearly $138 billion spent on infrastructure and support for commercial space enterprises. Part of the increase comes from an overall 19% boost in government spending on military and civil space programs, including an 18% increase by the U.S., an estimated 23% increase by China, and a 36% boost by India.
“The incredible growth of the global space economy is a testament to the talented professionals who innovate new ideas for space every day to help humanity and the ever-growing reliance on those benefits from space for all the people of Earth,” said Space Foundation CEO Tom Zelibor.