CAMBRIDGE, Mass., Jan. 27, 2022 (GLOBE NEWSWIRE) -- NSR’s newly released NSR’s Global Space Economy, 2nd Edition (NGSE2) projects strong revenue potential across all key segments, underpinned by record setting investment and both public and private sector demand for space products and services. With over $1.25T in cumulative revenue projected by 2030, the space industry growth trajectory trends upwards at a 6.25% CAGR.
Satellite & Space Infrastructure is the largest segment today, with burgeoning demand from the Crew & Cargo market as the leading revenue source. Close behind are key infrastructure markets such as Satellite Communications, Earth Observation, Situational Awareness and Science & Technology. Altogether, the Satellite & Space Infrastructure market will generate over $570B in revenue by 2030.
However, by decade’s end, NGSE2 observes Satellite Communications Services overtaking Infrastructure to become the dominant market in terms of annual revenues. From segments such as Mobility (aero, maritime, land) to Enterprise Data and Gov/Mil, the upside for Satellite Communications Services is significant as more/flexible satellites are launched and an increasingly virtual, 5G-enabled and cloud-based ground segment is enabled. At an impressive CAGR of nearly 13%, this segment is a key revenue driver going forward.
The third category, Satellite & Space Applications, also contributes well to global space revenues. EO Information Products, Data Analytics, Data Downlink and Space Tourism & Travel are all key applications driving long term demand. Revenue of $140B by 2030 and a 14.6% CAGR show this diverse category also is a critical revenue source.
“Software-ification of the Satellite & Space markets is here,” states report co-author Brad Grady. “In nearly all markets, the shift from hardware-centric thinking to software-enabled agility is unlocking new revenues and driving a migration from infrastructure towards application-centric use-cases.”
This mirrors trends found elsewhere in the technology sectors where ‘hardware’, and ‘ownership’ are rapidly changing. “In the Crew & Cargo Markets,” adds Hannah Currivan co-author, “commercialization models are gaining traction alongside the ‘big programs’ like NASA’s Artemis.”
About the Report
NSR’s Global Space Economy Report, 2nd Edition (NGSE2) is the industry’s leading resource assessing Space & Satellite Markets Economy opportunity. Contextualizing the major trends and drivers impacting the Space and Satellite markets, the report allows readers to benchmark segment competition developments through the decade. The study details essential insights across segments and sub-segments fueling “Infrastructure”, “Applications”, and “Communications” space market opportunity both near and long-term.
For additional information on this report, including a full table of contents, list of exhibits and executive summary, please visit www.nsr.com or call NSR at +1-617-674-7743.
Companies and Organizations Mentioned in NGSE2
Amazon, AWS, Axiom Space, BAE Systems, Blue Origin, Boeing, Google, IBM, Intelsat, Lockheed Martin, Microsoft, NASA, One Web, SES, Sierra Nevada Corporation, SpaceX, Speedcast, Viasat (Inmarsat), and Virgin Galactic.
About NSR
NSR is the leading global market research and consulting firm focused on the satellite and space sectors, NSR’s global team, unparalleled coverage and anticipation of trends with a high degree of confidence and precision than the competition is the cornerstone of all NSR offerings. First to market coverage and a transparent, dependable approach sets NSR apart as the key provider of critical insight to the satellite and space industries.
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