---
title: "Euroconsult estimates that the global space economy totaled $370 billion in 2021"
id: 17561
type: "post"
slug: "euroconsult-estimates-that-the-global-space-economy-totaled-370-billion-in-2021"
author: "NSE"
published: "2022-08-22T11:30:00+00:00"
modified: "2024-05-09T15:14:59+00:00"
canonical: "https://newspaceeconomy.ca/2022/08/22/euroconsult-estimates-that-the-global-space-economy-totaled-370-billion-in-2021/"
markdown_url: "https://newspaceeconomy.ca/2022/08/22/euroconsult-estimates-that-the-global-space-economy-totaled-370-billion-in-2021.md"
description: "Euroconsult's 2022 edition of “Space Economy Report” estimates that the global space economy totaled $370 billion in 2021."
language: "en-US"
category:
  - "Archived"
  - "Communications Market"
  - "Industry Reports, Papers And E-books"
  - "Space Economy"
post_tag:
  - "Global Space Economy"
  - "Satcom"
  - "Satellite Navigation"
  - "Space Activities"
  - "Space Markets"
---

# Euroconsult estimates that the global space economy totaled $370 billion in 2021

Euroconsult’s 2022 edition of “[Space Economy Report](https://digital-platform.euroconsult-ec.com/product/space-economy-report/)” estimates that the global space economy totaled $370 billion in 2021.

This number consists of:

- The space market ($337B in 2021) which includes commercial space revenues and government procurement for their space activities contracted to the private sector.
- Other spending from government organizations ($33B) to conduct their space activities (internal costs and R&D).

The space economy is expected to grow by 74% by 2030 to reach $642B (6.3% CAGR) renewing its strong growth pattern following a 4% decrease in 2020 under the effect of the covid crisis impact on commercial space services.

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2022/08/img_8178.jpg?resize=696%2C274&ssl=1)

The global space market is valued at $337B in 2021 up 6% v. 2020, i.e., a market value comparable to 2019 prior to covid crisis which impacted satellite service revenues in 2020. The largest revenue drivers remain satellite navigation and communications which account for 50% and 41% of the total market value respectively, driven by B2C applications. In comparison, EO still accounts for a marginal 5% of the total value but with a much higher proportion upstream. Satnav has surpassed satcom, growing from about 37% of the total revenues in 2016 to over 50% in 2021, largely due to services enabled by GNSS services and their related devices.

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2022/08/img_7600.jpg?resize=696%2C297&ssl=1)

Source: [Euroconsult press release](https://www.euroconsult-ec.com/press-release/euroconsult-estimates-that-the-global-space-economy-totaled-370-billion-in-2021/)