Global Space Economy Continuing Five-Year Growth: Report
The global space economy rose to $447 billion in 2020, an increase of 4.4% from a revised 2019 total of $428 billion according to new data released by the Space Foundation.
“The global space ecosystem is an emerging force for continued growth and expanded opportunity worldwide. The Space Report’s Q2 findings verify that the global space economy not only weathered but actually emerged stronger from the worldwide pandemic that spanned three quarters of the year."
Space Foundation CEO Tom Zelibor.
“The Space Report 2021 Q2” examines growth and trends in 2020, the continuing growth of commercial space activity, notable shifts in the global space economy, and U.S. military space spending in 2020.
This $447 billion global space economy is 55% higher than a decade ago and part of a five-year trend of uninterrupted growth. Commercial space activity grew 6.6% to nearly $357 billion in 2020, still representing close to 80% of the total space economy. Global government space spending fell 1.2% in 2020 to $90.2 billion from a revised 2019 peak of $91.4 billion. Nearly 58% of this total was allocated to space activities by the U.S.
“The global space ecosystem is an emerging force for continued growth and expanded opportunity worldwide. The Space Report’s Q2 findings verify that the global space economy not only weathered but actually emerged stronger from the worldwide pandemic that spanned three quarters of the year," said Space Foundation CEO Tom Zelibor. "It also validates the strength and resilience of the space ecosystem and illustrates why it’s well positioned for growing investment, market development, and employment opportunities across multiple sectors.”
Globally, the top three investors in the global space economy remained the same in 2020: the United States, China and the European Space Agency. Collectively, these three entities constituted more than 81% of government space spending in 2020.
This year’s analysis also revealed notable shifts in the global space economy. Japan’s 3% space budget increase in 2020 played opposite Russia’s 37% reduction to make Japan the fourth-highest contributor to the global space economy. France increased its domestic funding by more than 40% in 2020, leapfrogging Germany and India to become the seventh-largest contributor to the global space economy in 2020 after Russia and the European Union. Lastly, Italy’s 37% budget reduction shifted its 2019 ranking of 11 down to 12 in 2020, beneath Canada.
“The Space Report 2021 Q2” edition also investigates changing trends in global space spending between 2019 and 2020, revealing surprising spending decreases in traditionally dominant and developing space nations.
The Q2 edition also delves into military space spending in 2020, estimated at $31.4 billion, which constituted the smallest share of global government space spending in a decade — only 35%. Military space spending in the United States, however, increased by 6.1% in 2020, reaching a new height of $26.6 billion and comprising more than 80% of global military space spending for the first time since 2011.
Also Featured in ‘The Space Report 2021 Q2’
Trends in global space workforce employment
Analysis of President Biden’s FY2022 space budget
Midyear update on 2021 launch activity
Q2 investment and market analysis
(Source: Space Foundation news release)