Space Foundation Announces $570B Space Economy in 2023, Driven by Steady Private and Public Sector Growth
The global space economy grew 7.4% to $570 billion in 2023
/EIN News/ -- COLORADO SPRINGS, Colo., July 18, 2024 (GLOBE NEWSWIRE) -- Space Foundation, a nonprofit organization founded in 1983, offering education, collaboration and information for the global space ecosystem, today announced the size of the 2023 global space economy, a total that represents the continued growth of the industry in the public and private sectors.
The global space economy totaled $570 billion in 2023, 7.4% higher than 2022’s revised sum of $531 billion. This growth is consistent with the industry’s five-year compound annual growth rate (CAGR) of 7.3% and is nearly double the size of the space economy a decade ago.
“Our annual global space economy analysis highlights the increasing importance of the space industry across both public and private sectors,” said Heather Pringle, CEO of Space Foundation. “Established subsectors and emerging markets cover an expanding range of space applications in our daily lives and push the boundary of what's possible on and off Earth.”
Space Foundation’s global space economy analysis, published annually in The Space Report examines commercial revenues for 11 space sectors and government spending, which this year included 54 nations and international organizations. Commercial revenues continued to account for 78% of the total economy number, while U.S. space budgets made up 13% and non-U.S. spending accounted for the final 9%.
Commercial space revenues totaled $445 billion in 2023, 5.4% higher than 2022. Positioning, Navigation, and Timing (PNT) remained the largest commercial subsector with $209 billion in revenues, $11 billion more than 2022. Ground Stations and Equipment, the next largest category, grew $17 billion (19%) last year. Commercial satellite manufacturing and launch revenues, while comparatively smaller in magnitude, doubled in the two years as the global launch pace quickened.
International government spending on space programs in 2023 grew 11% to $125 billion. Nine of the top-spending governments increased their budgets by double-digits last year: the United States, China, Japan, Russia, the European Union, France, Germany, Italy, and South Korea. Out of all 54 nations, 42 (78%) increased space spending in 2023. While preliminary 2024 budgets for 44 nations show that a smaller proportion (64%) increased spending, the average change was a 35% increase as many nations sharply grew their space budgets.
Governments also are increasingly recognizing the space domain’s importance to national security. Global military space budgets grew 18% to $57 billion, 46% of total government space spending. The majority (80%) of defense spending comes from the United States, but other nations, including Japan and Poland, increased space defense spending sharply last year.
The full global space economy analysis will be published in The Space Report Q2 edition on July 30. To view subscription options, visit www.thespacereport.org/subscriptions/.
About The Space Report
As an information leader, Space Foundation produces one of the most authoritative sources on the global space ecosystem — The Space Report — offering news-making information and insight on the global space economy and its activities. First published in 2006, The Space Report is an unparalleled resource for policy analysts, congressional staff, investors, researchers, and space industry professionals and newcomers. With timely research, analysis, interactive data, and white papers, The Space Report provides greater understanding and insight on space exploration, global space spending, defense programs, commercial space trends, workforce development, launch and payload deployment, space innovation, and other key industry indicators. The Space Report is available as an online subscription for regularly updated and expanded resources and datasets and also as a quarterly digital publication. To learn more about The Space Report, visit www.thespacereport.org.
About Space Foundation
Space Foundation is a nonprofit organization founded in 1983, offering education, collaboration and information for the global space ecosystem. Driven by partnerships, Space Foundation unites the entire spectrum of stakeholders — business, government, education and local communities — through support from corporate members, sponsors, fundraising and grants. Visit Space Foundation at www.SpaceFoundation.org, and follow us on Facebook, X, Instagram, LinkedIn and YouTube.
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Rich Cooper
Space Foundation
202-596-0714
rcooper@spacefoundation.org
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