Global Space Economy Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)
Global Space Economy Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)
Global Space Economy Market is Segmented By Type (Satellite Manufacturing & Launching, Ground Stations & Equipment, Space Launch Services, Satellite Services, Space Insurance, Others), By Orbit (LEO, MEO, GEO, Beyond GEO), By End User (Commercial, Government & Military, Consumer, Others), By Application (Communications, Earth Observation & Remote Sensing, Technology Development, Navigation & Space Science, Others), By Payload (Communication, Imaging, Navigation, Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa). The report offers the value (in USD Billion) for the above-mentioned segments.
Global Space Economy Market is Segmented By Type (Satellite Manufacturing & Launching, Ground Statio...
Global Space Economy Market Size - Analysis
The Space Economy Market size is expected to be valued at US$ US$ 518.48 billion in 2023 and is expected to reach US$ 1,110.84 billion by 2030, grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2030.
Global Space Economy Market Analysis
The space economy encompasses a wide range of space-enabled products and services including satellite manufacturing and launching, ground stations, space launch services, satellite services, space insurance, space tourism, space mining and more. The increasing adoption of space-based services like broadband internet, real-time earth observation, and satellite navigation is driving the growth of the global space economy.
Key drivers include Declining Cost of Space Access, Growth in Commercial Space Industry, Satellite Mega-Constellations,The Space EconomyMarket is segmented by by type, orbit, end-user, application, payload, and region By Type, the satellite manufacturing & launching segment accounted for the largest share. The increasing deployment of small satellites for remote sensing, communication, and other applications is driving the growth of this segment.
Declining Cost of Space Access: The cost of accessing space has been declining steadily over the past decade thanks to innovations in rocket and launch technologies. The introduction of reusable rocket systems by private companies has been a game changer, bringing down launch costs by over 50% compared to expendable systems. Reusable systems such as SpaceX's Falcon 9 and Blue Origin's New Shepard have enabled more frequent and affordable launches. The lower launch costs are catalyzing growth across downstream segments of the space economy like satellite manufacturing, space-based services, space tourism etc.
Growth in Commercial Space Industry: The space sector has witnessed surging private investments and emergence of commercial space companies providing launch vehicles, satellites and space-based services. Companies like SpaceX, Blue Origin, RocketLab, Planet Labs, OneWeb have driven innovation and expanded capabilities in the commercial space domain. The NewSpace companies have increased launch cadence and fostered competition. More companies are now accessing space driven by its potential commercial benefits, further propelling growth of the space economy.
Satellite Mega-Constellations: Companies have begun deploying large networks of hundreds to thousands of satellites in low and medium earth orbits, called satellite mega-constellations. Examples include SpaceX's Starlink, OneWeb, Amazon's Project Kuiper. These constellations can provide cost-effective global services like high-speed broadband internet connectivity, IoT connectivity and real-time earth observation. The satellite mega-constellations represent a multi-billion dollar revenue opportunity and are a significant driver for the space economy.
Applications of Space Technology: Advancements in space technology have enabled new applications on earth across sectors like communications, agriculture, maritime, environment monitoring etc. Other applications like space tourism, in-space manufacturing, space resource utilization are also gaining traction. The expanding practical utility of space-based assets across public and commercial domains is a key driver. Integration of space technology into broader economic activities will continue to drive market growth.
Market Size in USD Bn
CAGR11.5%
Study Period
2023 - 2030
Base Year of Estimation
2022
CAGR
11.5%
Fastest Growing Market
Asia-Pacific
Larget Market
North America
Market Concentration
High
Major Players
SpaceX, Boeing, Lockheed Martin , Northrop Grumman , Airbus and Among Others
*Disclaimer: Major players are listed in no particular order.
*Source: Coherent Market Insights
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Global Space Economy Market Trends
Private Sector Partnerships: Space agencies like NASA, ESA, JAXA are increasingly entering partnerships with private space companies for missions and technology development. For instance, SpaceX and Boeing were contracted for providing commercial crew transportation to ISS under NASA's CCP program. Such public-private partnerships leverage the capabilities of both entities and foster greater innovation in the space sector. More partnerships models will emerge, benefitting space economy players.
Space Startups: The space industry has witnessed a surge in new startups in recent years developing new technologies, launch vehicles, satellite constellations and space-based services. The startups are attracting significant venture capital, private equity funding given the strong growth prospects. Space infrastructure and transportation have been key startup focus areas. According to Bryce Tech, space startups raised $25 billion in funding from 2020-2022 reflecting the sector potential.
Ground Segment Infrastructure: As satellite networks grow, substantial investments are being made to upgrade ground infrastructure including ground stations, data processing facilities and terrestrial connectivity needed to fully leverage space-based capabilities. According to Euroconsult, over $72 billion is forecast to be invested in ground infrastructure over the next decade. The ground segment upgrades provide significant opportunities for a wide range of players from subsystem suppliers to terrestrial network providers.
Sustainability Practices: With growing debris in orbits from old satellites and rocket bodies posing collision risks, participants across the supply chain are adopting standards and best practices for space sustainability. This includes deorbiting satellites post-mission, avoiding debris release events, limiting deployments in crowded orbits, optimizing satellite designs for demise etc. Adoption of norms like the Space Safety Coalition's Space Sustainability Rating can build confidence among various actors and stakeholders.
Global Space Economy Market Regional Insights:
North America: North America is the largest space economy in the world, with a market share of over 50%. This is due to the presence of major space companies such as Boeing, SpaceX, and Lockheed Martin, as well as NASA, the world's leading space agency.
Europe: Europe is the second-largest space economy in the world, with a market share of around 20%. The European Space Agency (ESA) is a major player in the European space sector, and European companies such as Airbus and Thales are also leading players in the global space industry.
Asia-Pacific: The Asia-Pacific region is the fastest-growing space economy in the world, with a CAGR of over 10%. This growth is being driven by China, which is rapidly developing its space capabilities. Other countries in the region, such as India, Japan, and South Korea, are also investing heavily in the space sector.
Figure 1. Global Space Economy Market Share (%), By Region, 2023
Competitive overview of Global Space Economy Market
Major Players operating in the Global Space Economy Market SpaceX, Boeing, Lockheed Martin, Northrop Grumman, Airbus, Maxar Technologies, Planet Labs, OneWeb, Rocket Lab, Virgin Orbit, Relativity Space, Blue Origin, Sierra Nevada Corporation, AST & Science, Spire Global, Momentus Space, Firefly Aerospace, Astranis, Redwire, Made in Space
Global Space Economy Market Leaders
SpaceX
Boeing
Lockheed Martin
Northrop Grumman
Airbus
*Disclaimer: Major players are listed in no particular order.
Global Space Economy Market - Competitive Rivalry
Global Space Economy Market
Market Consolidated (Dominated by major players)
Market Fragmented (Highly competitive with lots of players.)
*Source: Coherent Market Insights
Recent Developments in Global Space Economy Market
The space economy, also known as the space industry, refers to all the economic activity related to outer space. This includes a wide range of sectors such as satellite communication, earth observation, space exploration, space tourism, and the manufacturing of spacecraft and related equipment.
This includes the manufacturing of satellites, ground equipment, and launch services, as well as satellite services such as broadcasting, earth observation, and telecommunications.Space exploration and space tourism are also emerging sectors in the space economy. Companies like SpaceX, Blue Origin, and Virgin Galactic are pioneering efforts in these areas, offering commercial space travel and launching missions to explore the moon, Mars, and beyond.
The space economy is expected to continue its growth in the coming years, driven by advancements in technology, increasing investments in space exploration, and the growing commercialization of space activities.
In September 2022, SpaceX launched its Falcon Heavy rocket carrying satellites for the US Space Force. Falcon Heavy is currently the world’s most powerful operational rocket.
In March 2022, Rocket Lab successfully launched its Electron rocket carrying a satellite for Hawk Eye 360’s space-based radio frequency monitoring constellation.
Global Space Economy Market Report - Table of Contents
Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
Market Purview
Report Description
Market Definition and Scope
Executive Summary
Market Space Economy, By Type
Market Space Economy, By Orbit
Market Space Economy, By End User
Market Space Economy, By Application
Market Space Economy, By Payload
Coherent Opportunity Map (COM)
Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Drivers
Increasing internet penetration
Restraints
Copyright and piracy issues
Opportunities
Evolving Monetization Pathways
Impact Analysis
Key Highlights
Regulatory Scenario
Product launch/Approvals
PEST Analysis
PORTER’s Analysis
Merger and Acquisition Scenario
Global Space Economy Market – Impact of Coronavirus (COVID-19) Pandemic
COVID-19 Epidemiology
Supply Side and Demand Side Analysis
Economic Impact
Global Space Economy Market , By Type, 2018-2030, (US$ Mn)
Introduction
Market Share Analysis, 2023 and 2030 (%)
Y-o-Y Growth Analysis, 2019 – 2030
Segment Trends
Satellite Manufacturing & Launching
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Ground Stations & Equipment
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Space Launch Services
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Satellite Services
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Space Insurance
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Global Space Economy Market , By Orbit, 2018-2030, (US$ Mn)
Introduction
Market Share Analysis, 2023 and 2030 (%)
Y-o-Y Growth Analysis, 2019– 2030
Segment Trends
LEO (Low Earth Orbit)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
MEO (Medium Earth Orbit)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
GEO (Geosynchronous Orbit)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Beyond GEO
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Global Space Economy Market , By End User, 2018-2030, (US$ Mn)
Introduction
Market Share Analysis, 2023 and 2030 (%)
Y-o-Y Growth Analysis, 2019– 2030
Segment Trends
Commercial
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Government & Military
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Consumer
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Global Space Economy Market , By Application, 2018-2030, (US$ Mn)
Introduction
Market Share Analysis, 2023 and 2030 (%)
Y-o-Y Growth Analysis, 2019– 2030
Segment Trends
Communications
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Earth Observation & Remote Sensing
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Technology Development
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Navigation & Space Science
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Global Space Economy Market , By Payload, 2018-2030, (US$ Mn)
Introduction
Market Share Analysis, 2023 and 2030 (%)
Y-o-Y Growth Analysis, 2019– 2030
Segment Trends
Communications
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Imaging
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Navigation
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2018-2030,(US$ Mn)
Space Economy Market , By Region, 2018-2030, (US$ Mn )
Introduction
Market Share Analysis, By Country, 2023 and 2030 (%)
Y-o-Y Growth Analysis, For Country 2019 –2030
Country Trends
North America
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Type of Space Economy 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Orbit, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By End User, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Application, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Payload, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2018-2030,(US$ Mn)
U.S.
Canada
Europe
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Type of Space Economy, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Orbit, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By End User, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Application, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Payload, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2018-2030,(US$ Mn )
Brazil
Argentina
Mexico
Rest of Latin America
Asia Pacific
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Type of Space Economy, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Orbit, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By End User, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Application, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Payload, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2018-2030,(US$ Mn )
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Latin America
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Type of Space Economy, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Orbit, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By End User, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Application, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Payload, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2018-2030,(US$ Mn )
China
India
Japan
Australia South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa
Introduction
Market Size and Forecast, and Y-o-Y Growth, By Type of Space Economy, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Orbit, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By End User, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Application, 2018-2030,(US$ Mn )
Market Size and Forecast, and Y-o-Y Growth, By Payload, 2018-2030,(US$ Mn)
Market Size and Forecast, and Y-o-Y Growth, By Country, 2018-2030,(US$ Mn )
GCC Countries
Israel
South Africa
North Africa
Central Africa
Rest of Middle East.
Competitive Landscape
SpaceX
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Boeing
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Lockheed Martin
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Northrop Grumman
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Airbus
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Maxar Technologies
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Planet Labs
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
OneWeb
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Rocket Lab
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Virgin Orbit
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Relativity Space
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Blue Origin
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Sierra Nevada Corporation
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
AST & Science
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Spire Global
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Momentus Space
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Firefly Aerospace
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Astranis, Redwire
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Made in Space
Company Highlights
Product Portfolio
Key Highlights
Financial Performance
Strategies
Global Space Economy Market Segmentation
By Type
Satellite Manufacturing & Launching
Ground Stations & Equipment
Space Launch Services
Satellite Services
Space Insurance
Others
By Orbit
LEO (Low Earth Orbit)
MEO (Medium Earth Orbit)
GEO (Geosynchronous Orbit)
Beyond GEO
By End User
Commercial
Government & Military
Consumer
Others
By Application
Communications
Earth Observation & Remote Sensing
Technology Development
Navigation & Space Science
Others
By Payload
Communication
Imaging
Navigation
Others
By Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
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About author
Suraj Bhanudas Jagtap is a seasoned Senior Management Consultant with over 7 years of experience. He has served Fortune 500 companies and startups, helping clients with cross broader expansion and market entry access strategies. He has played significant role in offering strategic viewpoints and actionable insights for various client’s projects including demand analysis, and competitive analysis, identifying right channel partner among others.
Frequently Asked Questions :
How big is Space Economy Market?
The Space Economymarket size is expected to be valued at US$ 518.48 Bn in 2023.
What are the key factors hampering growth of the Market?
The regulatory environment and legal considerations related to copyright and intellectual property rights pose challenges for content creators and platforms alike.
What are the major factors driving the growth?
Declining Cost of Space Access, Growth in Commercial Space Industry, Satellite Mega-Constellations, Applications of Space Technology.
Which is the leading component segment in the Market?
The Communication segment accounted for the largest share in 2022.
Which are the major players operating in the Market?