Space Foundation has released The Space Report 2023 Q2, revealing that the global space economy grew 8%, reaching $546 billion in 2022. Commercial growth climbed nearly 8%, reaching $427.6 billion, while international defence spending rose to 45% of government space budgets.
Thomas Dorame, senior vice president at Space Foundation, commented, “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. 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.”
The report examined spending by 51 governments worldwide based on actual budgets and evaluated 11 subsectors of the commercial space industry to ascertain the global value of the space economy. According to the report, the space economy has grown by $260 billion (91%) in the past decade, driven by $427.6 billion in revenue for commercial space ventures.
According to the 2023 Q2 report, some of the fastest growth came in the communications sector, which saw rising demand for satellite broadband services. This sector grew by more than 17% to $28 billion in 2022 and there was a 35% increase in satellites sent to orbit from 2021 to 2022.
Defence spending in government budgets rose to 45% in 2022 compared to 41% in 2021, with much of that increase coming from the USA, which increased its budgets for civil and military space programs to $69.5 billion – accounting for nearly 60% of global government space spending.
The 2023 Q2 report also investigated how the growing popularity of low Earth orbit for large satellite constellations has driven concern over orbiting debris and further explored how innovations in space are improving humankind’s understanding of the cosmos as space-based telescopes probe deeper into the universe.
The 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 and for more exciting news from the space sector, check out FINN’s exclusive content including interviews from Space-Comm Expo 2023.
