Space Foundation Announces $570B Space Economy in 2023, Driven by Steady Private and Public Sector Growth
18 Julio 2024 - 8:00AM
Space Foundation, a nonprofit organization founded in 1983,
offering education, collaboration and information for the global
space ecosystem, today announced the size of the 2023 global space
economy, a total that represents the continued growth of the
industry in the public and private sectors.
The global space economy totaled $570 billion in 2023, 7.4%
higher than 2022’s revised sum of $531 billion. This growth is
consistent with the industry’s five-year compound annual growth
rate (CAGR) of 7.3% and is nearly double the size of the space
economy a decade ago.
“Our annual global space economy analysis highlights the
increasing importance of the space industry across both public and
private sectors,” said Heather Pringle, CEO of Space Foundation.
“Established subsectors and emerging markets cover an expanding
range of space applications in our daily lives and push the
boundary of what's possible on and off Earth.”
Space Foundation’s global space economy analysis, published
annually in The Space Report examines commercial revenues for 11
space sectors and government spending, which this year included 54
nations and international organizations. Commercial revenues
continued to account for 78% of the total economy number, while
U.S. space budgets made up 13% and non-U.S. spending accounted for
the final 9%.
Commercial space revenues totaled $445 billion in 2023, 5.4%
higher than 2022. Positioning, Navigation, and Timing (PNT)
remained the largest commercial subsector with $209 billion in
revenues, $11 billion more than 2022. Ground Stations and
Equipment, the next largest category, grew $17 billion (19%) last
year. Commercial satellite manufacturing and launch revenues, while
comparatively smaller in magnitude, doubled in the two years as the
global launch pace quickened.
International government spending on space programs in 2023 grew
11% to $125 billion. Nine of the top-spending governments increased
their budgets by double-digits last year: the United States, China,
Japan, Russia, the European Union, France, Germany, Italy, and
South Korea. Out of all 54 nations, 42 (78%) increased space
spending in 2023. While preliminary 2024 budgets for 44 nations
show that a smaller proportion (64%) increased spending, the
average change was a 35% increase as many nations sharply grew
their space budgets.
Governments also are increasingly recognizing the space domain’s
importance to national security. Global military space budgets grew
18% to $57 billion, 46% of total government space spending. The
majority (80%) of defense spending comes from the United States,
but other nations, including Japan and Poland, increased space
defense spending sharply last year.The full global space economy
analysis will be published in The Space Report Q2 edition on July
30. To view subscription options, visit
www.thespacereport.org/subscriptions/.About The Space
ReportAs an information leader, Space Foundation produces one
of the most authoritative sources on the global space ecosystem —
The Space Report — offering news-making information and insight on
the global space economy and its activities. First published in
2006, The Space Report is an unparalleled resource for policy
analysts, congressional staff, investors, researchers, and space
industry professionals and newcomers. With timely research,
analysis, interactive data, and white papers, The Space Report
provides greater understanding and insight on space exploration,
global space spending, defense programs, commercial space trends,
workforce development, launch and payload deployment, space
innovation, and other key industry indicators. The Space
Report is available as an online subscription for regularly updated
and expanded resources and datasets and also as a quarterly digital
publication. To learn more about The Space Report,
visit www.thespacereport.org.
About Space Foundation Space Foundation is a
nonprofit organization founded in 1983, offering education,
collaboration and information 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, X, Instagram,
LinkedIn and YouTube.
- Global space activity by category
- The Space Report 2024 Q2
Rich Cooper
Space Foundation
202-596-0714
rcooper@spacefoundation.org