Space Economy - Thematic Intelligence
Summary
Space launches used to be rare, memorable events of global significance, such as the Apollo 11 mission that landed on the Moon in 1969. In the future, the launch of rockets capable of taking satellites into orbit will become much more commonplace. SpaceX alone will launch around 90 rockets in 2023.
In 2022, the space economy was worth approximately $450 billion. Market estimates suggest it will be worth between $760 billion and $1 trillion by 2030, growing at a compound annual growth rate (CAGR) of between 6% and 10% between 2022 and 2030.
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, SpaceX is charging clients $67 million per launch of the Falcon 9, its partially reusable medium-lift launch vehicle.
Investor interest, evident gaps in the market, and advancements in space technologies have led to a surge in start-ups entering the space economy in the last five years. Governments, too, see space as an opportunity and are investing in it. In August 2023, India’s Chandrayaan-3 was the world’s first spacecraft to land on the south pole of the Moon. In India, the successful landing led to a collective national celebration. Such events are rare. The unforgiving environment of space exploration is matched by the harsh financial reality of developing space technologies, which has made acquisitions of complementary companies, strategic suppliers, and partners more likely. The sector has become incredibly competitive, with various start-ups developing similar concepts for cost-effective rockets and satellites to rival the aerospace giants. In 2022, Eutelsat and OneWeb merged, while Viasat acquired Inmarsat in 2023. Market consolidation will continue.
Scope
- 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
- Space operations
- Space-based operations
- Launch operations
- Ground-based operations
- Space applications
- Earth observation
- 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
- Further market consolidation can be expected
- Market size and growth forecasts
- In 2022, the space economy market was worth approximately $450 billion
- Timeline
- Signals
- M&A trends
- Venture financing trends
- Patent trends
- Company filing trends
- Hiring trends
- Value Chain
- Equipment manufacturers
- Launch systems
- Propulsion
- Satellites
- In-space transportation systems
- Space operations
- Space applications
- Communications
- Navigation
- Earth observation
- Research and exploration
- Space tourism
- Space services
- Space regulation
- Professional services
- Communications, networking, and data
- Cybersecurity
- Companies
- Public companies
- Private companies
- State-owned 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: M&A trends
- Table 5: Key venture financing deals associated with the space economy theme since January 2021
- Table 6: Public companies
- Table 7: Private companies
- Table 8: State-owned companies
- Table 9: Glossary
- Table 10: 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: There are three types of satellites: 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: Lost in Space: How NASA lost and found its Voyager 2
- Figure 13: Euclid: in search of dark matter
- Figure 14: The global military satellite market will be worth $9.2 billion in 2030
- Figure 15: The space economy story
- Figure 16: The venture capital financing activity in the space economy peaked in 2021
- Figure 17: In the last three years, China is leading the way in patent publication
- Figure 18: Space systems are the main focus of innovation
- Figure 19: There was an acceleration in space economy mentions between 2018 and 2021
- Figure 20: Space economy-related hiring peaked in July 2022
- Figure 21: Northrop Grumman is the top recruiter in the space economy
- Figure 22: The space economy value chain - An overview
- Figure 23: The space economy value chain - Equipment manufacturers – launch systems
- Figure 24: The space economy value chain - Equipment manufacturers – propulsion
- Figure 25: The space economy value chain - Equipment manufacturers – satellites
- Figure 26: The space economy value chain - Equipment manufacturers – in-space transportation systems
- Figure 27: The space economy value chain - Space operations – space-based operations
- Figure 28: The space economy value chain - Space operations – launch operations
- Figure 29: The space economy value chain - Space operations – ground-based operations
- Figure 30: The space economy value chain - Space applications – communications
- Figure 31: The space economy value chain - Space applications – navigation
- Figure 32: The space economy value chain - Space applications – navigation
- Figure 33: The space economy value chain - Space applications – research and exploration
- Figure 34: The space economy value chain - Space applications – space tourism
- Figure 35: The space economy value chain - Space services – regulation
- Figure 36: The space economy value chain - Space services – professional services
- Figure 37: The space economy value chain - Space services – communications, networking, and data
- Figure 38: The space economy value chain - Space services – cybersecurity
- Figure 39: Our five-step approach for generating a sector scorecard
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