Topline
The space industry grew at its fastest pace in years to reach a record $469 billion in annual global spending in 2021, according to a report from the Space Foundation published Wednesday, as government and commercial space ventures continue to soar.
A SpaceX Falcon 9 rocket lifts off from Kennedy Space Center on April 8, 2022 in Cape Canaveral, … [+]
Key Facts
The global space economy grew 9% year-over-year in 2021, marking the fastest rate of growth since 2014, the report found.
Commercial space ventures accounted for a whopping 77% of spending, as a record number of civilians launched into space last year.
More than $224 billion came from products and services delivered by space firms in 2021, and nearly $138 billion was spent on infrastructure and support for commercial space enterprises, according to the report.
Government spending increased by 19% and added $107 billion to the space economy last year, with the U.S. government and military spending $59.6 billion alone, a 12% share of global space spending.
Countries across the world are investing in both military and civil space spending, such as new defense systems that protect against hypersonic missiles–like those used in Ukraine–as well as preparing for manned space missions to the moon and Mars.
What To Watch For
Despite 2022’s economic slowdown, the report projects space spending will continue to rise, and the Space Foundation expects the space economy will grow beyond $634 billion by 2026.
Big Number
1,022. That’s how many spacecraft were launched in the first six months of 2022, according to the report. The vast majority–958–were from the commercial sector.
Key Background
The Space Foundation is a nonprofit that advocates for the space industry. Once almost exclusively made up of government entities, most space flights are now launched by companies. Megabillionaire backers like SpaceX’s Elon Musk, Virgin Galactic’s Richard Branson and Blue Origin’s Jeff Bezos have led to a new wave of space tourism dubbed the “billionaire space race,” and companies like SpaceX and Boeing are vying to transport crew and cargo for NASA.
Further Reading
Eutelsat, OneWeb Plot Merger That Will Challenge Billionaires Elon Musk, Jeff Bezos In Space Race (Forbes)
Russia Says It Will Quit International Space Station (Forbes)
Source: https://www.forbes.com/sites/carlieporterfield/2022/07/27/space-industry-grew-to-record-469-billion-last-year-report-finds/