Space Foundation Releases The Space Report 2023 Q2, Showing Annual Growth of Global Space Economy to $546B
COLORADO SPRINGS, Colo., July 25, 2023 (GLOBE NEWSWIRE) -- Space Foundation , a nonprofit organization founded in 1983, offering information, education and collaboration for the global space ecosystem, today released The Space Report 2023 Q2.
COLORADO SPRINGS, Colo., July 25, 2023 (GLOBE NEWSWIRE) -- Space Foundation, a nonprofit organization founded in 1983, offering information, education and collaboration for the global space ecosystem, today released The Space Report 2023 Q2.
Highlights include:
- Global space economy grew 8%, reaching $546 billion in 2022
- Commercial growth climbed nearly 8%, reaching $427.6 billion
- International defense spending rose to 45% of government space budgets in 2022
Space Economy Forecast
Despite inflation and other factors, the space economy grew from a revised estimate of $505 billion in 2021. The Space Report examined spending by 51 governments worldwide based on actual, not projected, budgets and evaluated 11 subsectors of the commercial space industry to ascertain the global value of the space economy, which has grown by $260 billion (91%) in the past decade.
“The Space Report forecasts continued growth in the space economy, and based on our conservative modeling, we anticipate nearing the $800 billion mark within five years,” said Thomas Dorame, senior vice president at Space Foundation. “This forecast is bolstered by the increase in 2023 space launch activity, which is well on pace to surpass the annual record set in 2022.”
Commercial Sector Outlook
Commercial revenue constitutes 78% of the total space economy, consistent with previous years. The continued vitality of the global space economy was driven by $427.6 billion in revenue for commercial space ventures. Some of the fastest growth came in the communications sector, which saw rising demand for satellite broadband services. This sector grew to $28 billion from $24 billion in 2021, an increase of more than 17%. Satellite manufacturing for the commercial sector also boomed with a 35% increase in satellites sent to orbit from 2021 to 2022.
Government Sector Outlook
Increased government space spending across the globe tracked with the wider revenue gains. Governments spent an additional $9 billion on space, raising the percentage of defense spending in government budgets to 45% in 2022 compared to 41% in 2021. Much of that increase came as the United States increased its budgets for civil and military space programs to $69.5 billion, accounting for nearly 60% of global government space spending.
Military space spending also increased around the globe amid rising tensions stemming from the Russian invasion of Ukraine and growing rivalries with China in the western Pacific. While U.S. space defense spending increased in the wake of international tensions, civil space spending may not fare as well. The Space Report examined how planned increases in U.S. federal space budgets for 2024 are imperiled as lawmakers in the House and Senate debate proposed budget cuts.
Space Infrastructure and Innovation
In space infrastructure, this edition of The Space Report investigated how the growing popularity of low Earth orbit for large satellite constellations has driven concern over orbiting debris as firms work to improve awareness of junk that could disrupt missions and destroy spacecraft. The Space Report reviewed how lessons learned on Earth — after a Texas launchpad was severely damaged during a test of SpaceX’s Starship — are being applied to planned missions to the Moon and Mars.
The Space Report further explored how innovations in space are improving humankind’s understanding of the cosmos as space-based telescopes probe deeper into the universe. The new views of the universe could settle questions that have lingered over Einstein’s theory of general relativity. The Space Report also highlighted how satellite-enabled emergency beacons, first envisioned in the 1970s, have saved 57,000 lives and how modern technology promises faster rescues for a growing number of users.
For the full report, please visit www.thespacereport.org.
About The Space Report
The Space Report, published by Space Foundation since 2006, is the authoritative report on the global space ecosystem, covering space exploration and space-to-Earth industries. Available on a subscription basis, The Space Report provides policy analysts, congressional staff, investors, media, and space industry newcomers with research and insight on a quarterly basis. Highlighting each report is an overview of the latest data available on the space economy, space infrastructure, and other key industry indicators as well as analysis of commercial, government and educational events impacting business, workforce and our daily lives. To learn more about The Space Report, visit www.thespacereport.org.
About Symposium 365
Symposium 365 is the premier source for information and events in the global space ecosystem, offering authoritative news and insight as well as opportunities for networking and conducting business via Space Symposium and The Space Report. Serving commercial, government and education sectors, programs and resources are delivered in-person and online around the globe. To learn more about Symposium 365, visit www.spacesymposium 365.org.
About Space Foundation
Space Foundation is a nonprofit organization founded in 1983, offering information, education and collaboration 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, Twitter, Instagram, LinkedIn and YouTube.
Attachments
Rich Cooper, Vice President, Strategic Communications & Outreach Space Foundation (202) 618-3065 [email protected]