Space economy surpasses $600 billion mark for the first time globally
The Space Foundation recently unveiled a report at the Innovate Space: Global Economic Summit, detailing the growth and composition of the global space economy. According to the report, the space economy grew to an impressive $613 billion in 2024, representing an 8% increase.
The commercial sector accounted for over three-quarters of this total, with revenues reaching $480 billion. Commercial Positioning, Navigation, and Timing (PNT) services emerged as the top commercial space sector, generating $231.4 billion in revenue. Ground stations, direct-to-home TV, and satcom followed as the next top commercial space sectors.
The US civil space budget was the largest global government spending on space in 2024. The US was followed by China, Europe, and Japan, in that order. The remaining 22% of the space economy was tied to government spending.
FCC Space Bureau Chief Jay Schwarz stated that they are setting up the dominoes for future actions, suggesting that the FCC will take more action on space-related matters. The focus will be on things they can change within their existing authorities before drafting a new framework for future commercial space operations.
The Innovate Space: Global Economic Summit, held near DC on Tuesday, also saw the announcement of Senegal as the new member of the Artemis Accords. The Artemis Accords, a set of principles aimed at ensuring the long-term sustainability of outer space activities, are expected to add a 56th member this week.
Gen. Michael Guetlein expects a Golden Dome plan to be unveiled in 60 days, which he believes will face challenges in breaking down barriers between technology built in stovepipes.
The State Department's Valda Vikmanis-Keller has met with over 100 companies to discuss the potential consequences of the EU Space Act initiative. Janice Starzyk, the acting director of OSC, is seeking to be a repository of information on the potential effects for US space companies. She has urged American industry to reach out with feedback regarding the EU Space Act initiative.
Vikmanis-Keller expressed concerns about the potential protectionist nature of the EU Space Act initiative. She emphasised the importance of maintaining an open and collaborative approach to space exploration and economic development.
These developments underscore the growing importance of the space sector and the need for continued collaboration and dialogue between governments and the private sector. As the space economy continues to grow, it is crucial that all stakeholders work together to ensure its sustainable and equitable development.
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