Space Foundation sizes global space economy, boosted by gov spending

Author: EIS Release Date: Aug 3, 2022

Research published by the United States-based Space Foundation suggests that the global space economy is now worth $469 billion.

 

Space Foundation sizes global space economy

 

Its Space Report 2022 Q2 calculates the economic value of space developments to have grown 9% since last year’s total of $431 billion.

 

Other headline figures include a 19% increase in government spending, as the geopolitical implications of space development get more urgent, and a 6.4% growth in the commercial space sector (90% of today’s spacecraft are commercial vehicles, the Foundation notes).

 

Major players in that government spending on military and civil space programmes include the U.S. (seeing an 18% increase in spending), China (an estimated 23% increase) and India (a 36% boost).

 

In terms of getting to space, 1,022 spacecraft were placed in orbit in the first six months of 2022, following 72 successful launches, with ninety nations in total operating in space to some degree.

 

“The booming space industry will need to expand its workforce to sustain this kind of growth,” said Space Foundation CEO Tom Zelibor.

 

“That means delivering the message to everyone, from kindergarten on up, that they have a place in space at one of the most exciting times since we first reached for the stars.”