The worldwide house economic system market is forecast to develop at a compound annual progress fee (CAGR) of 4 % from $421.0 billion in 2024 to $511.2 billion in 2029, in accordance with GlobalData, a knowledge and analytics firm.
The expansion will likely be pushed by a rise within the deployment of low Earth orbit (LEO) satellites, productiveness enhancements in satellite tv for pc tools manufacturing, the aggressive launch companies panorama, and demand for companies round information communications, navigation, and Earth commentary.
GlobalData’s newest Strategic Intelligence report, “The Space Economy” reveals that house purposes, which embody satellite tv for pc communications, navigation, and Earth commentary, is the biggest section of the house economic system and can develop at a CAGR of two.9 % to achieve $334.8 billion by 2029.
Falling manufacturing and launch prices, non-Western corporations’ entrance into the house economic system market, elevated house militarization, and new makes use of for information from house are the opposite progress drivers of the house economic system.
William Rojas, analysis director, strategic intelligence at GlobalData, says: “Completely different situations point out completely different progress charges for the house economic system market over the approaching decade.
“Points that will prohibit progress embody a continuation of the at present difficult international financial setting, Russia’s everlasting exit from the house economic system, and whether or not Chinese language corporations can fulfill the nation’s house ambitions.
“The unsure monetary viability of younger satellite tv for pc and rocket corporations and the market’s low return on funding within the brief time period, mixed with the present international financial setting, may result in a pause in investor confidence within the house economic system past 2025.”
Future market progress will even rely on the event of reusable rockets and extra reasonably priced and frequent ride-sharing companies that may enhance payload slots on launch missions.
The house tourism and colonization subsectors are unlikely to considerably contribute to the general house economic system market till after 2030.
Rojas provides: “Area is not the only real area of governments and incumbent aerospace and protection corporations. Technological advances in manufacturing, propulsion, and the launch of rockets have made it a lot simpler and cheaper to enterprise into house.
“These companies that pursued rising alternatives have gained a first-mover benefit. SpaceX was the primary personal firm to launch a spacecraft into orbit and return it safely to Earth. At present, it costs shoppers $69.5 million per launch of the Falcon 9, its partially reusable medium-lift launch car.”
The sector has turn out to be extremely aggressive, with numerous start-ups creating ideas for cost-effective rockets and satellites to rival the aerospace giants. The big satellite tv for pc teams proceed to consolidate to compete with Starlink and the long run Amazon Kuiper mega-constellations.
Eutelsat and OneWeb merged in 2022, Viasat acquired Inmarsat in 2023, and SES acquired Intelsat in 2024. This market consolidation will proceed.
Rojas says: ”Satellite tv for pc broadband communications has turn out to be the brand new strategic crucial impacting nationwide sovereignty, nationwide safety, and nationwide digital infrastructure.
“Nations lagging in terrestrial broadband residential and enterprise infrastructure can use satellite tv for pc broadband to assist fill the hole with superior international locations and appeal to extra overseas direct funding and the digitalization of trade sectors.”
