Port Canaveral is poised for a significant transformation with a proposed $2 billion expansion to support the rapidly growing commercial space industry.

A feasibility report released Thursday, part of the Florida Spaceport System Maritime Intermodal Transportation Study, outlines the need for extensive development to handle an expected increase in space launches.

Space Florida President and CEO Rob Long emphasized the industry’s trajectory. “This has been on the horizon for some time,” Long remarked. “The industry’s demand is a clear indicator of the growth we’re anticipating from launch providers.”

The report predicts a leap from 72 launches in 2023 to more than 500 annually by 2053, with numbers potentially surpassing 1,000 by 2073. To accommodate this growth, the proposed expansion includes over 9,000 linear feet of dedicated wharf space, which will serve current industry leaders like SpaceX and United Launch Alliance, as well as upcoming players such as Blue Origin, Firefly, Relativity, Vaya, and ULA’s Vulcan rocket.

The expansion along the Banana River and Cape Canaveral Space Force Station will require significant infrastructure changes, including adapting the middle turning basin, relocating the Sands Space History Center, and realigning State Road 401.

Despite the ambitious plans, Port Canaveral faces a challenge with limited land space, with companies indicating a need for 5 to 15 acres each for operational equipment

Funding for the project is expected to be sourced from federal, state, and industry partnerships. “Addressing this now positions us to smartly navigate future demands,” Long stated.

The next steps include an environmental analysis and collaboration with other Florida seaports to bolster the space industry’s maritime capabilities.

“Port Canaveral has a long history of engagement with our nation’s space program. We have supported the maritime operations of commercial space since its onset in our region nearly ten years ago, and the dynamic growth we’re seeing today is evidence of its success,” said Capt. John Murray, Canaveral Port Authority CEO. “We appreciate Space Florida taking on this study and support the comprehensive effort to address the industry’s growing maritime needs. We look forward to continued collaboration with federal and state partners to realize solutions to ensure the industry’s continued success.”

This expansion marks a significant milestone for Port Canaveral, setting the stage for the Space Coast to remain a key player in space exploration and commerce.