Strategic Intelligence: The Space Economy
Summary
Space launches used to be rare, memorable events of global significance. Today, the launch of rockets carrying multiple satellites into orbit is increasingly commonplace. SpaceX alone launched 138 rockets in 2024.
GlobalData estimates the space economy market was worth $421.0 billion in 2024 and will reach $511.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 4% over the five-year period.
Key Highlights
Space is no longer the sole domain of governments and incumbent aerospace and defense companies. Technological advances in manufacturing, propulsion, and the launch of rockets have made it much easier and less expensive to venture into space. Those businesses that pursued emerging opportunities have gained a first-mover advantage. SpaceX was the first private company to launch a spacecraft into orbit and return it safely to Earth. Today, it charges clients $69.5 million per launch of the Falcon 9, its partially reusable medium-lift launch vehicle.
- The sector has become incredibly competitive, with various start-ups developing similar concepts for cost-effective rockets and satellites to rival the aerospace giants. The large satellite groups continue to consolidate to compete with Starlink and the future Amazon Kuiper mega-constellations. Eutelsat and OneWeb merged in 2022, Viasat acquired Inmarsat in 2023, and SES acquired Intelsat in 2024. This market consolidation will continue.
- The space economy can be broadly defined as the full range of activities that create value and benefits for humans while exploring, researching, understanding, managing, and using space.
- Space is an extensive industry, and a vast number of companies are helping drive this new economy. From equipment manufacturers to space operations, applications, and services, these comprise many of the world’s most technologically advanced and innovative organizations.
- Understand the impact of the space economy theme. Access the latest data on the space economy theme across all sectors. Identify the leading technological advancements increasing investment into the space economy theme. Understand what leading players are doing in the space economy theme.
- Executive Summary
- Players
- Technology Briefing
- Government space agencies
- Equipment manufacturers
- Launch systems
- Propulsion
- Satellites and satellite terminals
- Space operations
- Space-based operations
- Launch operations
- Ground-based operations
- Space applications
- Earth observation
- Synthetic aperture radar provides centimeter-level Earth imaging
- Space services
- Communications, networking, and data
- Cybersecurity
- Trends
- Technology trends
- Macroeconomic trends
- Regulatory trends
- Industry Analysis
- Space is no longer the sole domain of governments
- Partnerships are at the core of the space economy
- Market size and growth forecasts
- In 2024, the space economy market was worth $421 billion
- Space applications revenue will reach $334.8 billion by 2029
- Timeline
- Value Chain
- Equipment manufacturers
- Launch systems
- Propulsion
- Satellites and satellite terminals
- In-space transportation systems
- Space operations
- Space-based operations
- Launch operations
- Ground-based operations
- Space applications
- Communications
- Navigation
- Earth observation
- Research and exploration
- Space tourism
- Space services
- Space regulation
- Professional services
- Deep space communications
- Cybersecurity
- Companies
- Public companies
- Private companies
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Technology trends
- Table 2: Macroeconomic trends
- Table 3: Regulatory trends
- Table 4: Public companies
- Table 5: Private companies
- Table 6: Glossary
- Table 7: GlobalData reports
- List of Figures
- Figure 1: Who are the leading players in the space economy theme, and where do they sit in the value chain?
- Figure 2: From the space race to the space economy
- Figure 3: Intergovernmental cooperation is at the core of space exploration
- Figure 4: The space economy can be divided into four core business areas
- Figure 5: SpaceX Falcon 9 launch
- Figure 6: SpaceX’s Falcon Heavy flight profile
- Figure 7: Sputnik I
- Figure 8: The three common types of satellite orbits: LEO, MEO, and GEO
- Figure 9: CubeSat
- Figure 10: Ground infrastructure is used to communicate with spacecraft in space
- Figure 11: Copernicus’ Earth observations
- Figure 12: Synthetic aperture radar provides ultra-precision mapping of terrain and urban centers
- Figure 13: Lost in space: How NASA lost and found its Voyager 2
- Figure 14: The global space economy market was worth $421.0 billion in 2024
- Figure 15: The space economy story
- Figure 16: The space economy value chain
- Figure 17: The space economy value chain - Equipment manufacturers – launch systems
- Figure 18: The space economy value chain - Equipment manufacturers – propulsion
- Figure 19: The space economy value chain - Equipment manufacturers – satellites and satellite terminals
- Figure 20: The space economy value chain - Equipment manufacturers – in-space transportation systems
- Figure 21: The space economy value chain - Space operations – space-based operations
- Figure 22: The space economy value chain - Space operations – launch operations
- Figure 23: The space economy value chain - Space operations – ground-based operations
- Figure 24: The space economy value chain - Space applications – communications
- Figure 25: The space economy value chain - Space applications – navigation
- Figure 26: The space economy value chain - Space applications – Earth observation
- Figure 27: The space economy value chain - Space applications – research and exploration
- Figure 28: The space economy value chain - Space applications – space tourism
- Figure 29: The space economy value chain - Space services – regulation
- Figure 30: The space economy value chain - Space services – professional services
- Figure 31: The space economy value chain - Space services – deep space communications
- Figure 32: The space economy value chain - Space services – cybersecurity
- Figure 33: Our five-step approach for generating a sector scorecard
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