The global space economy has experienced significant growth, reaching a value of $570 billion in 2023, according to the Space Foundation's Space Report Q2. This represents a 7.4% increase from the previous year's total of $531 billion. Commercial revenues account for 78% of the space economy, amounting to $445 billion, which is a 5.5% increase from 2022. The space economy has doubled in size over the past decade, with a compound annual growth rate of 7.3% over the last five years [c9640a54].
The growth of the global space economy has been driven by government spending. Governments around the world have been investing heavily in space exploration and technology, contributing to the expansion of the space industry. This increased government spending has created opportunities for commercial entities to participate in the space economy and has fueled the growth of the sector. The Space Foundation's report highlights the significant role that government spending plays in the development and growth of the global space economy [c9640a54].
The Space Foundation's Space Report Q2 provides valuable insights into the current state and future prospects of the global space economy. The report analyzes various factors, including government spending, commercial revenues, and the compound annual growth rate of the sector. It serves as a comprehensive resource for understanding the dynamics and trends of the space industry [c9640a54].