---
title: "Report: The New Space Era – Expansion of the Space Economy (Bank of America 2023)"
id: 36500
type: "post"
slug: "report-the-new-space-era-expansion-of-the-space-economy-bank-of-america-2023"
author: "NSE"
published: "2023-05-10T23:10:50+00:00"
modified: "2023-05-10T23:11:54+00:00"
canonical: "https://newspaceeconomy.ca/2023/05/10/report-the-new-space-era-expansion-of-the-space-economy-bank-of-america-2023/"
markdown_url: "https://newspaceeconomy.ca/2023/05/10/report-the-new-space-era-expansion-of-the-space-economy-bank-of-america-2023.md"
description: "Bank of America's 2023 report on the space economy current status and trends."
language: "en-US"
category:
  - "Communications Market"
  - "Earth"
  - "Industry Reports, Papers And E-books"
  - "Launch Market"
  - "Market Data And Analysis"
  - "Space Economy"
  - "Space Exploration"
  - "Space Tourism Market"
post_tag:
  - "Commercial Market"
  - "European Union"
  - "NASA"
  - "Research"
  - "United States"
---

# Report: The New Space Era – Expansion of the Space Economy (Bank of America 2023)

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2023/05/img_3759-1.jpg?resize=696%2C421&ssl=1)

*Source: [Bank of America](https://business.bofa.com/content/dam/flagship/bank-of-america-institute/transformation/expansion-of-the-space-economy-january-2023.pdf)*

## Key takeaways

- As with many novel concepts in their early stages, the term “commercial space economy” has been used frequently without a clear definition of its boundaries, yet this multifaceted industry is more than just space tourism and is only expanding.
- In 2021, the total global space economy was estimated at $469 billion – up over 60% from estimates just a decade prior – and in BofA Global Research’s view, it will likely continue to grow to ~$1.1 trillion by 2030.
- What’s propelling this growth? While it’s clear that governments across the globe no longer have a monopoly over space, they do remain a driver of investment. In fact, the European Union (EU) announced in early 2022 that it will be investing ~$15 billion through the next five years in space exploration, earth monitoring, and satellite launch programs.
- And in the United States, the National Aeronautics and Space Administration ([NASA](https://www.nasa.gov/)) has become a major proponent for advances in commercial space. [NASA](https://www.nasa.gov/) contracts awarded to public and private companies are often offered to broaden technological boundaries in space for applications such as communications, security and climate monitoring.

![](https://i0.wp.com/newspaceeconomy.ca/wp-content/uploads/2023/05/img_3759.jpg?resize=696%2C901&ssl=1)

[Download document](https://business.bofa.com/content/dam/flagship/bank-of-america-institute/transformation/expansion-of-the-space-economy-january-2023.pdf)