Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Space Economy Market: Analysis By Client Type, By Application, By Value Chain, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global space economy market, valued at USD 454.06 billion in 2022, is on a trajectory to reach USD 750.26 billion by 2028, with an expected Compound Annual Growth Rate (CAGR) of 8.73% during the forecasted period of 2023-2028. Space has not only become crucial for scientific exploration but is also a strategic domain for national defense, security, climate change, and connectivity.
Defined by the Organization for Economic Cooperation and Development (OECD) as "the full range of activities and the use of resources that create value and benefits to human beings in the course of exploring, researching, understanding, managing and utilizing space," the global space industry is witnessing significant growth. An increasing number of countries and commercial enterprises are participating in space programs, contributing to this dynamic landscape.
Key Highlights of the Global Space Economy Market
- Client Type: The commercial space segment is the largest, driven by private sector agility, technological innovations, and dynamic customer needs. Private companies are launching satellites, venturing into space tourism, and exploring extraterrestrial colonization, reshaping the space economy.
- Application: Satellite communication is the fastest-growing segment, meeting the rising demand for robust communication technology in remote regions, emergency response, defense, and maritime trade.
- Value Chain: Consumer broadband is poised for unprecedented growth, driven by the increasing reliance on the Internet for work, education, and entertainment, particularly in regions with limited terrestrial connectivity.
- Region: North America dominates the Earth Observation Space Economy Market due to research initiatives, substantial investments, and advanced infrastructure. In contrast, Africa & the Middle East's Satellite Navigation Space Economy Market is emerging, driven by technology collaborations between Africa and the EU.
Key Players in the Global Space Economy Market
- Space Exploration Technologies Corp.
- Blue Origin, LLC
- Virgin Galactic Holdings, Inc.
- National Aeronautics and Space Administration (NASA)
- Boeing Company
- Relativity Space
- Northrop Grumman Corporation (Orbital Sciences Corporation)
- Astra Space, Inc.
- Firefly Aerospace Inc.
- Rocket Lab
Emerging Players
New entrants like Astra, Blue Origin, Relativity, Rocket Labs, SpaceX, and Virgin Orbit are driving transformation in the space industry. With over 10,000 firms, 5,000 investors, and an expected 100,000 jobs by 2030, the sector is diversifying and expanding.
Market Dynamics
- Growth Drivers: Development of Global Governmental Space Programs, Infrastructure Development, Demand for Cargo Spacecraft, Multiplication of Commercial Actors, Rise in Orbital Launches, Deep Space Exploration, and Falling Satellite Manufacturing Costs.
- Challenges: Space Debris Management and the Need for Appropriate Regulatory Framework.
- Market Trends: Growing Demand for Uninterrupted Internet, Rising Popularity of Space Tourism, Advancement of Micro-launcher Systems, Asteroid Mining, Space Resource Utilization (SRU), In-Space Manufacturing, Growing Space-Climate Change Relationship, Rising Demand for Earth Observer (EO) Data, Interplanetary Transportation, and Payload & Telemetry Data.
This robust growth is fueled by venture capital and private equity investments into space-related products and services. The sector attracted USD 272 billion in private equity investments into 1,791 unique companies by the end of 2022, leading to an influx of innovation and competition, creating opportunities for established and new players alike.
The global space economy is undergoing a transformation, with private companies and startups playing a significant role. India, for instance, has seen a surge in space-tech startups, catalyzed by the government's decision to open the sector to private enterprise.
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