Euroconsult’s 2022 edition of “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.
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.
Source: Euroconsult press release