The Space Economy, which is defined by OECD, is continually growing and has reached $423.8 billion worldwide, according to the Space Foundation’s report.
The chart below depicts that the space economy in 2019 grew more than $9 billion in comparison with the previous year.
Activities in the space industry shape the way we use earthly technology such as: improvements in agriculture equipment, faster communications, enhanced medical instruments and other inventions in daily life. All of these is through researching, exploring and utilising space.
As the space infrastructure expands, it is not only growing itself, but is enabling the growth of other sectors. The field of space in question is expected to become a trillion-dollar industry by 2040.
The global space economy has grown to over $420 billion and reached $423.8 billion in 2019.
ESA shares eight factors that impact the Space Economy:
- Public interest and investment in space activities worldwide,
- Unprecedented level of private investment in space ventures,
- Increasing number of actors,
- Still growing space industry revenues,
- Further development of commercial activities worldwide, including smallsats/cubesats, micro-launchers and space flight,
- Traditional space industry,
- Further development of the New Space, which refers to the recent commercialisation of the space sector,
- Further integration of space into the society and economy
Write to Cahid Atik at cahid.atik@orbitinside.com
