Global space industry grew 6% despite COVID

Reporter

The global space industry grew by 6 per cent last year to be worth US$337 billion – despite COVID lockdowns and restrictions.

Global space industry grew 6% despite COVID
nestegg logo

Market intelligence firm Euroconsult, which analysed the data, said the primary revenue earners remained satellite navigation systems, at 50 per cent of the market, and communications systems, at 41 per cent.

It also predicted the global space economy would grow 74 per cent until 2030, reaching an estimated US$642 billion.

“Satnav has surpassed SATCOM, growing from about 37 per cent of the total revenues in 2016 to over 50 per cent in 2021, largely due to services enabled by GNSS services and their related devices,” it said.

Advertisement
Advertisement

Of the space market value chain, service providers generated US$285 billion, while manufacturers and satellite operators generated US$25 billion and US$15 billion, respectively.

The release of the data comes days after Euroconsult revealed governments worldwide spent $123 billion on space programs in 2021, an increase of 8 per cent compared to the previous year.

It argued the increase was being driven by ambitious exploration programs and new military rivalries, estimating total expenditure could exceed a trillion by the end of the decade.

“Civilian space budgets, totalling $74 billion in 2021, continue to receive more funding than defense space programs, at 58 per cent of total spending, though the share going to defense, $54 billion in 2021, is increasing,” said Euroconsult.

PROMOTED CONTENT

“Geopolitical tensions, increasing rivalry between leading space powers and the value of space as the ultimate high ground drive the militarisation of space trend, with leaders increasing their investments in defense space assets and technologies.”

The data shows the United States spent $75 billion on its government space programs, compared to $450 million in Australia, $14.3 billion in China, $3.6 billion in the EU, $5 billion in Russia and $5.9 billion in Japan.

Australia ranks just 18th among the G20 countries for government investment in space as a percentage of GDP, a comparable amount to Turkey and far lower than the US, UK or Canada.

Receive the latest developments and updates on Australia’s space industry direct to your inbox. Subscribe today to Space Connect here.

Tags:
Category
Receive the latest developments and updates on Australia’s space industry direct to your inbox. Subscribe today to Space Connect.

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.