Growth Forecast in the Space Exploration Market
Novaspace Predicts Investment will Increase to $31 Billion by 2034
The latest Novaspace market intelligence report, Prospects for Space Exploration, provides a detailed outlook on government and commercial space initiatives through 2034. The report finds that global government investment in space exploration totaled $27 billion in 2024 and is projected to grow to nearly $31 billion by 2034. Lunar exploration will lead this expansion, with funding expected to rise from $12 billion to $15 billion, while Mars exploration is projected to grow at an 11% annual rate, fueled by upcoming sample-return missions.
“While the Moon remains the immediate focus, particularly through programs such as Artemis, Mars exploration is rapidly gaining momentum."
Lily Shaw, Novaspace
Novaspace’s Prospects for Space Exploration offers a strategic and economic forecast of global space exploration through 2034. The report examines mission pipelines, government funding allocations, commercial initiatives, and geopolitical drivers across five domains: LEO human spaceflight, Moon exploration, Mars exploration, other deep space exploration, and astronomy/astrophysics.
“Governments worldwide continue to recognize the strategic and scientific value of space exploration, even amid evolving budget priorities,” said Maria Lily Shaw, lead author of the report and Senior Consultant at Novaspace. “While the Moon remains the immediate focus, particularly through programs such as Artemis, Mars exploration is rapidly gaining momentum and will define the next phase of deeper space initiatives.”
In addition to investment trends, the report forecasts nearly 330 lunar missions between 2025 and 2034, driven by a mix of government programs and private sector ventures. A substantial share of these missions is expected to fall under NASA’s Artemis program, reflecting a growing global ambition for sustained lunar presence and infrastructure.